HOW TO PICK A NICHE AND GROW YOUR ONLINE BUSINESS
INTRODUCTION
So many people have asked me; 👇
"How do I find a niche for my Online Business?"
Yes! We all really need to start something meaningful ONLINE and the first thing to do is to have a NICHE.
A niche market is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to target. It is also a small market segment.
Putting pressure on yourself to find the very niche you need can be tiring most times.
The big question is where to START.
The hardest part of something worthwhile is most times, always in the beginning. To start something meaningful that will be sustainable, you have to do it in line with your passion.
Don't make the mistake of picking a niche because people are making money from it. ✖️✖️
Pick a niche because you have passion for it ☑️☑️
Try doing different things and settle for the one you are really good at. That's the best way to start. You may think you are good at A only to find out you do better at B and do best at C.
Remember to work in areas you care about only. If you dare to work on an area you don't care about, your odds of quitting will greatly increase especially if you are a first time business owner.
IMPORTANT QUESTIONS
If you find answers to these questions below, then you just found a niche to work on for the mean time.
1. How do you spend your free time?
If you are less busy, what activities comes to your mind? Your passion lies there and possibly, your niche. If I always read novels during my free time, then I can choose to pick a niche on writing summaries of novels.
2. What magazines do you subscribe to?
People subscribe to what interests them. I subscribe to blogs, magazines, YouTube channels and websites that focuses on social media marketing. That is because it is what I love.
Your niche may be in line with what you subscribe to. Find out.
3. What clubs or organizations do you belong?
You associate with like minds. The old saying is still valid; 'Show me your friends and I will...'
If you belong to an association that is centered on personal development, certainly that is what interests you and you may find your niche there.
If you are always with a group of boys who love football, maybe your niche is in football.
So answer this question and see if you will find how to make a living from it.
INVESTMENT
Next, invest these three things into what you have passion for;
1. Time ⏰
Spend time learning and practicing. Every thing worthwhile takes time to build. If you invest your time in shit, shit grows. If you invest your time in your online business, it grows. Simple!
2. Energy 💪
Time is not the only factor at play here. You also need to put in the work; Creating graphics, typing blog posts, experimenting, making videos and so on. This is where personal sacrifice is needed. Save the energy for pleasure and invest it into your online business.
3. Resources 💰
Money and Energy are not the only things that will go down the drain. Be ready to invest your resources into it too. You will have to buy books, pay for courses, buy an important device or pay for a service. One way or the other you will spend MONEY. You should be ready for that.
For anything worth having one must pay the price; and the price is always work, patience, love, self-sacrifice - no paper currency, no promises to pay, but the gold of real service. - John Bourroughs
SOLVE PROBLEMS
The next thing you should think about is solving problems in areas related to your niche. Solve problem your target audience are experiencing. Don't settle for small problems, look out for BIG ONES!
The bigger the problem, the bigger the work and the bigger the outcome (profit). Common, don't be a mediocre.
BUILD THE BUSINESS
Once you find a problem, Build a business around it. The first thing I tell people is to learn how to use Facebook and Instagram to market their business. This is King when synchronized with a great Content Marketing Strategy.
You should also know how to brand your business. This will make people trust you more. I strongly recommend you take a course on branding.
Here, I wrote for you nine great tips to brand yourself here.
RESEARCH COMPETITORS
Learn to Research your competion. Every niche has top players. For example, top players in Soccer are Lionel Messi and Christiano Ronaldo.
These people should be your competion (a healthy competition). Learn what they do and see if you can do better. It is called 'Reverse Engineering.'
Reverse engineering doesn't mean you should do everything your competition is doing. It simply means finding ways to do better. Your competion may write on a topic but using poor graphics. You can leverage on their mistake and create something better.
KEEP WORKING ON IT
'For anything worth having one must pay the price; and the price is always work, patience, love, self-sacrifice - no paper currency, no promises to pay, but the gold of real service.' - Napoleon Hill
Keep grinding until you become Great at what you do. Money will come in due time.
But first....
YOU
HAVE
TO
GRIND.
With TIME, it will make SENSE.
Let us know if you have any this unclear to you in the comment session below.
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