What is a Niche?
According to Kyle, one of Wealthy Affiliate’s co-founders, a niche is simply a group of people or an audience.
According to Wikipedia, a niche market is a “focused, targetable portion (subset) of a market sector”. So from that, a niche market would represent a specific group of people that are targeting specific products or services.
Things to Consider When Deciding on a Niche
- Who do you want to do business with – first, you must realize that you can’t do business with everyone, so it’s best to limit yourself to a smaller niche. You can’t just target teenagers, but if you narrow it down, for example, to 13 – 17 year old males who have a family income of at least $40,000, then that’s a more focused target group. Another example would be if you were to target companies that sell software. Again, this is too broad a niche, but if you narrow that down to software companies in Toronto that sell HR survey software that have sales over $10 million would be a more targeted niche. Before you make your final decision on your niche you need to do your research to try and determine your target audience, but remember that you can’t sell to everyone.
- What product(s) and/or services are you looking to provide – remember that you cannot be everything to everyone, so it’s better to consider a smaller, more targeted list of products or services. This will allow you to have a clear idea of the people who will be interested in buying your product(s) or services and you can target them.
- Your niche should evolve from your interests and experience – this was an easy decision for me. I have two sons who love sports merchandise, so I created a website called Pro Sports Caps using all the tools and training provided by Wealthy Affiliate. Your customers are going to ask you questions about the products or services you offer and you need to be able to answer those questions and show them that you know what you are talking about.
- Will you make money in whichever niche you decide on – obviously your main goal is to run a profitable and successful business, otherwise you wouldn’t be considering this opportunity. Everyone wants to earn money but you need to be able to understand that real people will need the products or services you are going to provide. Real people are going to be visiting your website and so it’s imperative that you understand the customer end of things and their wants. If you treat your customers like gold, then the money aspect will follow. If you don’t already have a niche do some research on your niche to see if you can make some money from it. In the address bar of your web browser type in the name of your niche and add “affiliate programs” at the end to find a list of good affiliate programs that you can incorporate into your website.
Click on the following image to watch an excellent training video from Kyle, one of the co-founders of Wealthy Affiliate, on how to pick a niche.
Selecting your niche is the first step and probably the most important decision you will make towards creating a successful online business. It will be the building block for your domain name and everything else moving forward. It’s time to move on and find out more information on how to build a website.