How To Choose Your Online Business Niche?
Regardless the best of intentions, many people interested in running their own online business never actually get around to it, and a common excuse is they simply do not know which niche market to base it around. The answer is simple – each online entrepreneur has their own ideal Internet Business. I'll explain …
If you're going to put the effort in to setting up and indeed running an Internet based business, it would be very wise to center it on a topic or niche that you have a particular interest in yourself, something that you already spend time on because you enjoy it. The main reason for this is because you will be a lot more enthusiastic about your new venture, you will find it much easier to run and in time expand to a range of products, – and surely you should make more money.
For example, for my sins I have a long standing interest in the Bull Terrier breed of dog which led to me creating and publishing the 'Bull Terrier Monthly' mini-magazine worldwide, in both printed and digitally downloadable formats. Now you may be thinking that is an extreme niche, and you'd be correct it is, but but my point is you do not need to operate in a fairly general market that has 'mass' appeal, you'd be better off in a smaller market that appeals to you and other fanatics. Even in the smaller niche's, there's still more than enough interested people worldwide to support a business.
Of course you can make money from a market that you have no particular interest or skill in, but ask yourself this, – 'Which one of the two businesses would you be most passionate about, which one would actually enjoy getting stuck in to – one that you have a huge fervour for or one that you're just running for the money? '
I've just used a very key word when it comes to planning an Online Business – the word Passion – and it's one of three words that you should have imprinted on your mind …
Passion, Potential and Profit !!
Think of it like this, you supply the passion to your business, you do your research to check for its potential, and your customers bring you the profits, three very basic but essential things that will help in any business venture.
Here's a simple exercise for you to do, grab a sheet of paper and draw a line down the middle. On one side jot down all the various hobbies and interests you have, things that you tend to spend a lot of your free time (and money) on by choice. On the other side write down the skills you have acquainted over the years with regards to your employment history, along with qualifications, awards and such like.
Study your sheet of paper very carefully because somewhere on it is the market or subject on which your very own 'ideal business' will be built upon. Is there one in specific that jumps out and grabs you, an interest or skill that you'd really love to earn a living from? Remember, it does not need to be a subject that has millions of millions of potential customers. If it does then fair enough, but do not worry if you feel your niche is too extreme, do your homework on it first to find out – you'll probably find your chosen subject is not so extreme after all!
If you can narrow your choice down to one particular niche market, and that market covers all of the three previously mentioned 'P' words, then you're well on your way to having a successful Online or Internet based business.