Want to make money online but don’t know where to begin or which niche to go for? Or if you currently have a successful blog or online company but aren’t enjoying it? If you identify with either of these scenarios, it may be time to locate – or re-evaluate – your specialty.
This essay will guide you through a 5-step process for discovering a lucrative niche that you can also become excited about.
1. Assess your interests and abilities.
This may seem insignificant, yet it makes a significant effect. Don’t just pick a niche because you’re “kind of interested” in it; it needs to be something you can picture yourself being enthusiastic about for at least 5 years in order to be sustainable.
It’s also crucial to consider the sectors you have specialized knowledge or expertise in. What do people tell you you’re good at on a frequent basis? What kind of schooling or training do you have? What unique skills or expertise have you acquired as a result of your work?
Finding a topic about which you are both knowledgeable and passionate is the sweet spot for determining your specialty. This is something I implemented with my productivity calendar, and it has worked quite well for me.
This rule is not without exceptions. One of my earliest companies, for example, was selling Christmas tree storage boxes. While I wasn’t really enthusiastic about the goods, I was enthusiastic about operating a great company and assisting my audience in finding the ideal product.
2. Determine whether or not your niche has a market.
It isn’t enough to have a passion for a certain specialty (though I wish it were!). You should also ensure that there is a need for it; else, your work will remain a pastime rather than a successful enterprise.
Basic keyword research is a good place to start when trying to figure out the market. This is when the Google Keyword Planner comes in handy.
Enter a few keywords related to your specialty to see what words and phrases come up. Reduce the number of options by monthly search volume, degree of competition, and suggested bid.
Low-medium is a good choice for competition. While this only shows you how competitive a term or phrase is in AdWords (not organic search), it might still give you an indication of how competitive organic search is.
Higher bids for proposed bids frequently imply a strong level of business purpose. As a result, larger bids generally imply that individuals will pay more since they earn more when their keywords rank.
3. Focus on a certain specialization.
You might wish to limit your specialization even further at this point. For example, you may have discovered that “freelance writing” is a popular topic, but you want to see if you can restrict your niche anymore.
Visiting similar forums, Facebook groups, and subreddits is one of the greatest methods to achieve this. To discover which subtopics or sub-niches you might wish to investigate, use a program like Redditlist. Simply enter in your primary keywords and browse the most popular subreddits to see if any catch your attention.
Visit these subreddits, as well as specialty groups and forums, to observe which subjects or queries are often discussed. This can help you narrow down your niche (for example, “freelance science fiction authors”) and come up with new sub-niches or blog subject ideas in the future.
For such keywords, there is already a slew of well-known websites ranking. This market may be saturated, so it’s best to go for one that isn’t as well-known. There are no websites that rank for those terms. This might imply that there is a lot of opportunities, but it’s more probable that others have already realized there isn’t a market for this area.
There are some sites that rank for certain keywords, but they tend to be smaller or of worse quality. This is usually an indication that a specialty is worthwhile to pursue. This niche is likely to have a market, and the competition won’t be too fierce.
Congratulations! You’ve decided on a niche and researched the competitors. Now is the time to evaluate if this specialty is as popular and profitable as you had hoped.
5. Put your specialty to the test
While your previous market research is beneficial, evaluating the industry in real-time can really show you if you’re on the correct road. Create a landing page that offers a free info product relating to your niche as a method to test your topic before you put up a complete website. Using a program like Leadpages makes this simple.
Then, using AdWords, send traffic to that landing page. This will help you to gauge the level of interest in your niche and/or product, both in terms of traffic and downloads. Remember that if you’re getting a lot of traffic from AdWords but little conversions, it’s more than likely a problem with your landing page text, not the niche!
A survey of your target market is another approach to confirm your specialty. Promote your survey in your guest posts, industry-related groups, social media, Google surveys (you can pay Google to promote them for you), and other places where you have interaction with your target market.
You should now feel secure (or not!) in putting up your niche website and social media accounts, based on what you’ve learned from your PPC testing and surveys.
Finally, some thoughts.
While following this 5-step method won’t ensure you’ll be successful in your area, it will offer you some ideas and a good place to start. It will also help you reduce the risk of creating a specialized site, which will save you time, money, and irritation.
Are you attempting to figure out what your specialty is right now? Will you utilize the methods outlined above to narrow down your choices? Please share your ideas in the comments section!
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