Finding Your Niche
September 24, 2007 – 5:54 pmIf you are thinking of setting up an online business, you need to spend time finding your niche. Just like in blogging, we were told that to be successful, we need niche blogs. Of course, personal blogs are fine too but they do nothing for AdSense. An online business is the same. You can of course sell a hundred and one different products but does that help you to establish your brand name? Remember my article on branding? Once you have established your niche only do you expand your business to cover related products, and not too many too, or you would lose focus.
Many people think that they could just ask around, “What’s the most saleable item that has the fastest turnover and biggest profit?” Well, there is no one straight answer. Explore and ask yourself, what product do I have the passion for? What do I understand the most? What item will I find joy handling on a daily basis. If I let you know that the most saleable item is ABC, for example, and you know nothing about ABC, how does that help you?
Start searching for your niche from within. Narrow down your passion and possible products. Perhaps convert your hobby into a money making concern. Once you have these narrowed down, check the market and your competitors. Is it a viable business? How are others doing selling these items? Is there anything that you can improve on? Can you attract their loyal customers to be yours?
So you see, it does not help asking around but you must do your own research. And you start it by looking at yourself, from within. See, it’s not so easy being an etrader contrary to popular believe, but it is very rewarding, especially when you clinch your first sale.
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