One of your first steps to becoming a successful online entrepreneur is to pick a profitable niche. Luckily, there are thousands of niches out there that you can choose. Unfortunately, not all niches are profitable, and not all will appeal to you. However, here's how you can find a profitable niche for your online business and get on the path to success.
Step #1 – Research
If you want to find the right niche for your online business, then you’re going to have to spend some time researching keywords based on your interests and the demand in the market. So, the first thing that you should do is write down a list of all the possible ideas you have for your business. Write down anything that comes to your mind. Once you’ve written everything down, choose your top five niches. Focus on those ideas that you would most enjoy doing for a living.
Step #2 – Narrow Down Your Niche
For each of the five niche topics that you choose, you're now going to do some keyword research to determine the number of searches conducted every month that are related to your business. Start by doing a Google search of the keywords that are related to your top five ideas. Make sure to search not only the broad topic, but also the more specific aspects as well.
Once you’ve found a handful of keywords, you can do a keyword search with Google Ads Keyword Planner to determine the monthly search volume for each keyword. When you enter your keywords into the tool, it will show you how many searches were conducted per month for that particular keyword. If it shows more than 10,000 searches per month, it’s usually a good indication that the niche is a profitable one.
Step #3- Pick Your Online Niche
After you've researched your keywords, the final step is deciding which niche you will choose. Look at the five top topics that you research and make your decision. You want to make sure that you choose a niche that will be both viable and profitable, based on your keyword research, as well as one that interests you. If you aren't interested in the niche you choose, chances are you won't last very long in the business.
Once you’ve chosen a niche market, you can start to create the products you want to sell and identify and build your audience. Finding your niche is just the first step to running a profitable online business.
Interested in learning How to Find Your Niche in 20 Minutes or Less? Be sure to read the next article.