Before we start looking at finding a niche market, we better decide what a niche market actually is. You can define a niche market a few ways but I like to keep it simple. For our purpose, which is to make money on the Internet, here’s how I define it:
“A niche market exists when a lot of people are searching on the Internet for information on a very specific topic, and they can’t find an answer to their questions.”
If you can answer their questions, then you have a Niche Market.
Another way of putting it is “Look for a niche an inch wide and a mile deep”. This means, look for a topic that is very specific (an inch wide). For example photography is too broad, but landscape photography isn’t. This topic must have lots of scope to provide a depth of information so you can have multiple products (a mile deep). For example you could provide information on specific techniques, using digital or SLR, night photography in the bush, how to set up a landscape photography business, how to save money on framing, how to get free publicity for photographers etc . The list goes on.
WHERE TO START
The first place to start is with your passions. If you decide to create a business around marketing and selling information products on a topic, you are going to be immersing yourself in that topic. So make sure you enjoy it or the fun will fizzle out pretty quickly. And really, life is too short to be doing something that isn’t fun!
I start with a list and I keep it on the fridge. Every time I come up with an idea or a topic that I like, I write it down before I forget it. I also ask my friends what things they think I am good at and write them down too – its always surprising what insight other people have into our strengths (and weaknesses too for that matter, but let’s not dwell there!).
Another great place to look for ideas is in magazines. Here’s a site where you can find all the magazines available in Australia, New Zealand and the UK. There will also be other sites for the USA and other countries but this will get you started. Go to http://www.isubscribe.com and have a look around. When you have found some topics that inspire you, visit your local library and spend a few hours looking at back issues. See what sort of topics they cover and what questions are asked in letters to the editor. This will give you some insight into topics you can explore.
If you’re looking for ideas, go where the buyers are. Check out http://pulse.ebay.com/. This excellent resource tells you want topics are searched for the most often on eBay. And remember, people look to buy on eBay. You can drill down through different categories and really get some valuable ideas on how to narrow down your niche.
After you have been doing this for a while, if you’re anything like me, you’ll start to see ideas and opportunities everywhere! Really, the possibilities are endless.
I now carry a note book with me so I can quickly jot down ideas as they occur. A conversation you have, something you hear on the radio, even something a child says, can trigger an idea once you are in the entrepreneurial zone. Grab them quickly and write them before you forget. When you get home, add them to that list on the fridge.
So get to work. Put that list on the fridge and start thinking of ideas. The next step will be to see if there is a demand for your ideas, but that’s for another day.
Janet Beckers is the host and founder of Wonderful Web Women, an award winning on-line community recognized for generous and honest marketing advice for women on the internet.
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