In the past, entrepreneurialship sometimes remained buried as the glimmer of a great idea, formulated in the mind of someone who thought they knew what but didn’t know how to go about the how and where. Then, along came the Internet and with it a global market. Suddenly, the where became the entire world, and the who became everyone who might have an interest in your product or service.
The Internet has spawned millions of would-be entrepreneurs, but many have blazed a trail for a short time and then fizzled out. After failure or lackluster success, some simply rejoin the rank and file of bricks and mortar business, whilst others enter a cycle of trying something new and web-based, trying to find the magic formula for a successful online business.
It is crucial for any business – online or off- that due consideration is given to what is going to attract customers and generate an income. Research is needed, even if you have a great idea for an online business. Here are my top tips for picking an online business niche.
1. Knowledge and Confidence
If you have a particular area of expertise, this will be an advantage. What are you good at? What do you enjoy doing? Being able to present your product with a degree of authority is the same process as brand creation. Trust in you and your product/service will generate custom.
It is important you are in this for the long haul. Unless you have a way to generate a big bang and then move on, you will need to nurture your idea, keep up with the latest trends, and respond to your customer’s needs. You will need to keep your website fresh and current, market, it and understand what is going on in the online business world to stay with the game.
The niche you choose must be able to be presented as products or services, and have longevity. They do say that everything has its price and that everything is for sale on the Internet. True that might well be, but don’t bank on the novelty factor being sustainable. Someone will always come along with a better idea, to become the new flavor of the month.
4. Market Research
All businesses need customers. Although there are no guarantees, if you can find a niche that has great interest but little competition, you stand a good chance of success. You will need to research using tools like Google Adwords to understand the potential of your idea. If no-one is searching for your product/service, it doesn’t necessarily mean nobody wants it, but you’ll have to work hard with aggressive online marketing to spread your message.
Whatever niche you choose, unless you’ve found the elusive golden goose, and a product that literally sells itself, you will need some skills to keep your business alive. Choosing your niche is as much choosing something that will sell as keeping it selling. You’ll need to become familiar with online marketing, Search engine Optimization, blogging and online advertising (or at least be prepared to pay for someone who can assist with this).