Finding the Right Niche for Your Online Business

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Sometimes the key to success is finding the right niche. In business terms, this can be like searching for the lost city of Atlantis. Finding the right niche market is the key to success when it comes to online businesses. Gone are the days of slapping a “dot com” onto something and hoping for the best. Unless you’re already established, this isn’t going to work. Before you do anything, you need to know not just what services or products you plan to offer, but who you plan to sell them to.

Have Fun

There’s no point in starting an online business if it’s not going to be something you really want to do. If you go for whatever you think is going to make money, it’s not likely going to be much of a niche business since lots of other people probably had the same idea. Plus, if it’s not something you really want to do, you’re not going to put the same effort into it. Do a little experimenting and come up with a few ideas. There are so many niches out there; you’re likely to find one that’s both productive and fun.

Establish Yourself an ‘Expert’

If you’re jumping into a niche market, you’re likely to have a smaller target audience. This can be a good thing if you establish yourself as an “expert” by creating a blog or a Facebook page for your business. Post information on topics related to your business, and considers adding some relevant video postings. Use apps and other tools to link your business-related blogs with your social networks. This makes it easier to find you online. The more people see you as a source of creditable information, the more likely they are to gravitate towards your business.

Gauge Your Success

Not every niche business is going to be a moneymaker. This is where the part about coming up with more than one idea comes into play. If you find that you’re not having success with your chosen niche, it’s likely one of three things. Your niche is either too narrow, not specific enough, or just not a good choice. There are free tools you can add to your website to record basic stats such as number of visitors, number of visitors who turn into customers, and what pages of your website are being visited the most. Use this information to either make adjustments, such as getting more specific, or to know when to bail and try something else.

Know Your Target Audience

Does your target audience hold conferences or conventions? Even if the answer is no, it’s safe to assume they have blogs and dabble in social media. Do a little searching and get involved with your clients online. If you find that your indented audience is all over the place, your niche is likely too broad. Consider narrowing it down some. The more focused and interactive you are with your core audience, the more likely you are to be successful with your online business.

There is no secret formula to finding success with an online business. However, finding the right niche can help you focus on a specific market. Once you find something enjoyable that can also turn a profit, put some serious effort into it. Establish yourself as a source of information and interact with your customers and potential customers as much as possible. You just might find yourself enjoying a new career and having fun at the same time. Who knew?

Helen Ruiz is a freelance blogger, who writes on behalf of Make Crazy Money, a website with tips on running your own business. Check out their blog for additional ideas.

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Praveen Rajarao is an Entrepreneur and in his spare time blogs on his website –http://www.dailymorningcoffee.com and http://www.pbgeeks.com. His topics range from blogging to technology to affiliate programs and making money online and how-to guides. Daily Morning Coffee is also accepting Guest Posts from Professional Bloggers at this time, take a look at “Write For DMC” page for more details on the same.

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