A niche is an area of interest or industry which offers you an opportunity to make money. Typical niches include, weight loss, hospitality, sport, finance, motoring, whatever you can put your mind to.
Wikipedia explains the definition of a niche in detail: http://en.wikipedia.org/wiki/Niche_market
Once you understand what a niche is, you need to find a niche for your new website and online business. You have to uncover a need people have that you can fulfill.
Some people think that they have to find a niche that has never been found before, but that would be difficult. Thankfully, all you have to do is find a niche in which people are already spending a lot of money, and then find a way to improve on what your competitors are already offering. You can capitalise on the weaknesses of your competitors.
Here are some of the things to look for when choosing a niche:
Do market research. Look at the main players (your competition) to find out what you are competing with and whether you have something unique to offer. There should be room to grow and opportunities to introduce more traffic streams.
Additionally, you should look for SEO opportunities. If a niche is too competitive in the areas of the main keywords, you should look for different angles for the keywords.
How easy will it be to monetise your site? What methods can you use to monetise the traffic coming into your site. Your approach should be planned ahead.
Adsense, affiliate marketing and ecommerce are all great ways to optimise a site and can be used in almost any niche.
When we find a new hobby or interest, it's common to want to start a new website and see all the opportunities available. However, you should ensure that it is something that can be monetised. If a topic is not particularly deep or interesting, it can be hard to produce content for the site and to monetise it. Find something you are passionate about.
Some niche markets are not particularly ethical, even if they can deliver huge profits, and it's a personal choice whether you're prepared to enter it or not.
It's good to have a backup plan in the event that your site doesn't work out the way you planned. If you are reliant on a third party (ecommerce merchant or an affiliate programme) and you are let down, your site will be useless. That's why you need to have a backup plan to fall back on if things don't work out. Choose your domain name carefully so that it can cater to different niches.
Consider what you can do with the site if things don't work out as planned.
Using Google Keyword Tool to determine Keywords / Key Phrases Used in Your Niche
You can use the Google Keyword tool to determine keywords or key phrases that people use to find websites in your niche of choice. These long-tail keywords should be used to optimise your website and your PPC campaigns. These popular terms are not just broad phrases that are difficult to rank for in new ventures.
This process is important when you're starting a new campaign, because it will help improve the probability of the impact of your campaign and help you set up a proper plan for your industry niche.
Learn more about Google Keyword Planner here: https://support.google.com/adwords/answer/2999770?hl=en
- Beware of niches with too much competition.
- Some websites will make money from the word go if carefully investigated, others will not even show after 2-3 years on the web.
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