How To Identify Your Niche In 5 Easy Steps make money with niche

Are you interested in earning money online, but don’t know where to begin?

Or do you already have an online business or blog that’s profitable, but you don’t feel like it?

It may be time to determine – or re-evaluate – your niche if either of these situations describes you.

You will learn how to find a niche that’s profitable and something you can feel passionate about using this post’s 5-step formula.

1. Take the time to evaluate your interests and skills

The simplest things can make all the difference. It is important to choose a niche that you will be passionate about for at least 5 years*, not just something that you are “kind of” interested in.

 Here are some great options for your niche.

Considering your special skills or experiences is also important. Are people often telling you that you are good at something? Where did you receive your education or training? How has your work equipped you with specific skills and knowledge?

Knowing what you love and what you are knowledgeable about is the key to identifying your niche. Personally, I’ve used my productivity calendar for this purpose and it’s been working well for me.

The rule does not apply to everyone. As an example, one of my first businesses was to sell boxes to store Christmas trees. In spite of the lack of passion for the product, I was passionate about running a successful business and helping my audience find the right product.

2. Determine if a niche market exists for your product

It’s not enough to be passionate about a particular niche (I wish it were!).

It’s also important to ensure that the need exists; otherwise, your work will remain a hobby, never growing into a lucrative business.

Start by doing some basic keyword research to figure out the market. A great tool for this is the Google Keyword Planner.

Plug in some keywords relevant to your niche and see what words and phrases are suggested. By using the monthly search volume, the competition level, and the suggested bid, narrow down the suggestions.

Try to keep your search volume between 1K and 10K per month. If there is less of a market for it, it may be too hard to rank in search engines; if there is more, it may be overkill.

When it comes to competition, low-medium is best. Despite this showing you how competitive a keyword or phrase is in AdWords (not organic search), it can still give you a general idea of how competitive organic search is.

The higher the suggested bid, the stronger the commercial intent. The higher the bid, the more money a business makes when it ranks for those keywords.

How To Identify Your Niche In 5 Easy Steps

3. Your niche should be narrowed

It may be a good idea to narrow your niche down even more at this stage. Suppose you find that “freelance writing” is a popular niche, but want to see if you can find a niche that is even more narrowly focused.

This can be accomplished by visiting related forums, Facebook groups and Reddit subreddits.

See if there are any subtopics or sub-niches you might want to explore using a tool like Redditlist. Browse the most popular subreddits using your main keywords, then choose one that appeals to you.

If you want to know what topics or questions are being discussed regularly, check out these subreddits and niche groups and forums. In addition to helping you further define your niche (e.g., “freelance science fiction writers”), this might also help you come up with additional sub-niches or blog topics for the future.

4. See for yourself what the competition is all about

Keyword research is important, but you should also check how competitive your niche is.

Look up some of the keywords you have found on Google to find out which websites appear on page one. Three types of websites appear on page one:

  1. well-known websites that appear on page one already. You may be better off finding a niche that’s less popular and less crowded.
  2. You won’t find any sites ranking for those keywords. It could be an indication that there’s lots of opportunity, but more likely it’s an indication that others have already discovered there is no market for this niche.
  3. Those keywords are commonly found on small or low-quality websites. The niche is generally a worthwhile one if these keywords are commonly found there. This niche is likely to have some market, and the competition will not be too fierce.

Well done! By now, you have chosen a market niche and are familiar with the competition. Let’s take a look at this niche and see if it really is as lucrative and popular as you hope.

5. Find out what your niche is

Testing the market in real-time can help you determine whether or not you’re on the right path based on the market research you’ve already conducted.

Creating a landing page promoting a free infoproduct related to your niche is one way to test your niche before setting up an entire website. The tool Leadpages is easy to use for this.

After that, drive traffic to your landing page using AdWords. By doing this, you will be able to determine the level of interest there is in your niche and/or product – both in terms of traffic and downloads. If you’re getting a lot of traffic from AdWords, but not many conversions, your landing page copy is more likely the culprit…not your niche!

Asking your target market for feedback can also help narrow down your niche. In your guest posts, industry-related groups, on social media, and via Google surveys (Google can promote these for you) are excellent places to promote your survey.

In view of what you’ve learned from your PPC and survey testing, you should now feel confident (or not!) in creating your niche website and establishing social media profiles.

Lastly, some thoughts

These five steps won’t guarantee your success in your niche, but they should spark some ideas and help you get started. Besides minimizing risk, it will also save you time, money, and frustration when starting a niche site.

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How To Identify Your Niche In 5 Easy Steps

How To Identify Your Niche In 5 Easy Steps

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