We all know the Internet is filled with millions of websites and almost any business idea you could think of. Some Internet business types are so common that the market is saturated and the competition is plentiful. But there is still hope!
How would you like to discover the ideal topics, products, or services for your business that people are actually searching for? Finding your Niche Market is the key, that will unlock the door to making money beyond your expectations!
To be successful you have to come up with a unique idea or a better solution to an idea already available online! Targeting a niche market is an ideal way to build a profitable business on the Internet, which requires less overall investment.
What is a Niche Market?
A niche market is the subset of the market on which a specific product is focused. The market niche defines as the product features aimed at satisfying specific market needs.
For example, there are all types of dolls and materials and methods used to make them, “dolls” is a small segment or niche of the toy manufacturing industry and the doll collectors industry. Instead of focusing on the Doll industry as a whole, you would build a profitable business on a small part of that industry, an example is handmade dolls. Handmade dolls are a small segment of the doll industry!
There are two important ingredients that go into finding your million-dollar niche market, it should be something you are passionate about! Your passion will keep you pumped up and energized through the ups and downs of the business. You will not want to give up so easily if it is something you are passionate about! And of course, it should be something you are knowledgeable about!
In the following example, Ms. Mary Flower-head (not a real person) researches the profit potential of her Niche business idea! Ms. Mary Flower-head is an ordinary person, just like you and I. She is a teacher by day and a hobbyist by night. Her hobby is making “handmade dolls” which she is passionate about!
One day an idea struck her so powerfully, that it almost blew her brains out! She could make and sell handmade dolls on the Internet, she thought! Ms. Mary Flower-head is actually targeting a niche market.
I think we all can agree that one of the biggest advantages of business is knowing what people want. Surveys are based on the idea of gathering information that would lead to the discovery of what people like and want.
Google Trends makes it easy to research what people are actually searching for. Simply put Google Trends- is a window into what people on the Internet want. It is a great tool for market research to identify topics to write about hot selling products and even services people are looking for.
GoogleTrends allows you to tap into Google’s database of searches. Google Search, shows how often a particular search term is entered relative to the total search volume across various regions of the world, and in various languages. To begin using Google Trends visit https://trends.google.com and enter into the search bar your desired niche business idea, topic, or product you want to sell.
In this example, I will enter handmade dolls. If there is enough interest in the search term “Handmade Dolls” Google Trends generates a report. The Google Trends report answers the following questions based on the search term entered:
The interest Over time in Handmade Dolls, by default the past 12 months is selected you can select a different time period by clicking on the drop-down arrow. If you run your mouse over the peaks in the chart you will be able to see which months have the highest interest.
Listed below, Interest by subregion answers the question of which regional areas have the most Internet users searching for handmade dolls, listed by the state. In the chart below you can see that treading right now people from the New Your State area have a big interest in handmade dolls.
Scrolling down the page under the related queries which means they are showing up for the first time. A lot of people are searching for this particular query at this time you can see Waldorf dolls are trending.
In The Related topics Section, you get an upfront advantage of knowing what related topics people are searching for. Knowing what people are interested in and searching for can trigger solid business ideas.
Is it a Profitable Business Idea?
The next step is to research the competition. Internet competition is a key factor in determining if an Internet Business idea has the potential to be profitable. Million-dollar niche ideas will be the ones with little to no competition.
We will turn to Google.com for the answer. Google.com is considered the top search engine used by millions to search the Internet.
Armed with all the information gathered on possible niche business ideas, topics to write about, and or products to sell enter your search term into the search engine. In my example, I will enter Handmade Dolls. Below you can see there’s a lot of competition for Handmade Dolls 97,900,000.
Keep in mind that a potentially profitable business idea will be the niche market idea that people are searching for, that has little or no competition on the Internet.
Continue to use this method, until you find your niche business idea that people are searching for that has low competition. Try experimenting with various search terms related to your niche idea. The lower the competition the greater the success rate!
On the Google Home Trends home page you’ll see the popular topics people are talking about. Google provides you with a list of all the hot topics and it’s a good way to stay informed about what the internet is talking about.