So many entrepreneurs, coaches and freelancers are running their businesses online. And you can successfully sell your services and products online too. If you are planning to start your online business, but aren't sure where to start, here are some best practices to use to find one that is profitable.
Do Your Research
If you don't choose the right niche for your online business then it is most likely going to fail. There are thousands of different niches that you can choose from, but you want to make sure that the one you choose will have the potential for you to build a successful online business around.
A lot of people will tell you that you need to follow your passion. Sounds basic, but this is true. The reason for this point is that if you are passionate about something then you are more likely to enjoy it and stick with it. So make a list a list at least five niches you are passionate about. But having a passion for it is not enough, you also have to include two other factors when deciding your niche: Are you good at it and is it in demand? It's important that you have skills or experience in the niche you are interested in. But, you need to have all three to really build a successful business.
To determine whether a niche is a good one for your online business you need to ask these three questions about it:
1. Is there demand?
2. Am I passionate about it?
3. Do I have the skills or experience needed?
If you choose a niche which has very low demand and people aren't buying, then you are going to struggle right from the start. Research your intended niche and confirm that there is demand. One of the easiest ways that you can do this is to check the amount of search volume that exists for the niche.
Google Search Volume
You can use the free Google Keyword Planner to check demand. You'll need to sign up for a free Google account if you don't already have one. Think about the main keywords for your niche and what would people type into a search engine if they were looking for information about the niche?
In Keyword Planner click on 'Get search volume data and trends'. Then just enter your niche idea or keywords. The Google Keyword Planner will tell you how many average searches there are for it each month. You want to have at least the 1k - 10K results for the main keywords. The higher the search volume the better. Then click on the keyword ideas too. So click on that tab. The information will be broad unless you have the paid account, but you will be able to get an idea of the volume for demand. And you can narrow your search more with Targeting which allows you to select a country.
You can do another using Google Trends. The information can give you insights on whether it's just a trend or whether it's a stable niche. This will give you an ideas of past and current trends. If there is good search volume for your niche idea then you need to check if people are making money in it.
Go to Google and enter your main keywords to search. Are there any ads for products and services on the first page of the search results? If lots of ads are being displayed then this is a good sign that people are making money from the niche and there is demand. It also shows companies are willing to invest in their advertising in that area.
Check Out Your Competition
You also want to check out what the competition is doing. Competitor analysis can give you additional insights to make informed decisions. To create a list of your competitors and enter into Google your main keywords and see what sites are ranking on top. Find out what is selling on your competition's websites or their social platforms.
Look for the problem they solve and if there are any opportunities they might have missed.
If you are selling products, using Amazon can give you a good idea if the niche is a viable one and if it is in demand. Amazon allows you to see the number of reviews a product has, so that can give you a sense of the purchasing volume as well as the review ranking for popularity of the product. Look at several products in your niche that are relevant to gain better insights.
Another way to learn what the competition is doing is to check out forums to see what is being posted. You can use Facebook to follow groups and review the conversation. And it may give you an idea of the problems people are having. You can see what topics come up again and again. You can also look at the responses that can give you additional information on opportunities for your business.
There are some niches that are guaranteed to have the necessary demand and the opportunity to make money. Here are three evergreen niches that tend to always be popular:
Wealth creation and making money
Health and fitness and weight loss
Personal development, self improvement, and relationships