How to Choose a Profitable Niche
Wouldn’t you love to work in a niche that took less and gave more?
Imagine you could invest an adequate amount of money and see profits soar in a matter of months. This situation is ideal and looks good on paper, but it becomes a nightmare if you jump into a seemingly profitable niche without proper marketing research.
Finding a profitable niche is not easy, but it can be done if you do a sensible marketing research. You may be a good content manager and have a vast experience in a particular niche, but choosing a new area with an aim to make a profit needs a solid strategy.
The first question that may terrify you while you are finding a profitable niche is: will I be able to attract as much people as I have been able to with my existing niche? Or will this niche be profitable enough to keep me in business?
These questions are not unusual, since embarking on a completely new niche that you know nothing about and making a steady stream of profit every month often takes more than you expect.
Instructions
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1
Choose which industry suits you best
You should make a list of industries that you think may be good for you. You can also make a list of industries in different categories like fashion, politics, sports, business and finance, entertainment, Internet (marketing, SEO, content writing, etc), consumer goods and others. -
2
Assess competitiveness
This is one of the most important factors as you should know which industries are more competitive and which are less. This will help you make categories of your target market in a better way. For instance, niches that cover sports are usually highly competitive and it will require you to put in a great effort to reap profits. -
3
Market size
For a newbie, things can get a bit messy if the market size is big enough to tackle. For instance, competing in news industry will take a lot of money and resources. Building a website and blogs can be done with limited cash, but maintaining the site on a regular basis will take a solid team, realistic financial projections and enough cash. So making money in the news industry is not easy. Gauge other industries with the same yardstick. -
4
Products
Assess which products are exchanged frequently on the Internet. -
5
Profitability
After you have made a list of different industries, try to search the related keywords of these industries and check the CPC numbers. You can Google keywords tool for this task. -
6
Use Google Trends
Google trends can be pretty helpful when it comes to finding what keywords are most common among the users.
