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Thinking of starting an online business but want to make sure it’s successful?
Then this post is for you.
The biggest hurdle for most people when they want to start an online business is in choosing the right niche. Choosing the wrong niche for you, could be a total waste of your time, energy and money. By reading this post, you will have a better idea of what a niche is and how to choose the right one for your online business.
What is a niche?
A niche is a term, often associated with professional marketers and it is used to describe a specific area or segment within a marketplace or industry.
A niche market, is an even broader segment of that industry that is identified by certain or similar preferences and demographics.
An example of niche could be:
Asian children under five, located in London, who need to learn British English vowel pronunciation from a native, British teacher.
So the ideal Niched business for this niche could be:
An online English teacher who is either a British native or has a near British accent who specalises in teaching Asian, Under 5’s, English pronunciation. Just think of all the extra digital products that could go along with that!
Another example of a niche could be:
Dog Owners located anywhere in the UK, US and EU under 40 years of age, who have Staffordshire Bull Terriers.
A good niche, online business for pet owners for example, could be a private members only club for owners of bull Staffordshire terrier dogs. Products could include dog training, dealing with aggressive people on dog walks ( due to bad press on these dogs), tips, info and special offers (affiliated products) to keep your dog healthy. Ears and back legs are common health issues with Staffordshire terrier dogs for example!
Find out more about niche products for online businesses here.
Why do I need a niche?
Choosing a niche for your online business will allow you to launch an online business and grow faster initially by allowing you to target a specific audience.
By doing this you will learn more about your niche or target market which will help you to understand the buying behaviour along with other important demographics, that will help you make better conversions and sales, related to your niche market.
Commonly, niched markets share the same or similar clusters of demographics which make them easier to sell to and easier to predict.
Compare a small business owner or freelancer to a company like Amazon. Amazon can sell thousands of products because they have millions to spend in market research and business development. Small business owners do not.
So, a niche allows you to start small and grow big whilst also building a reputation for being a specialist or the ‘go’ to person in a certain area.
Are Niches different for offline and online businesses?
I would say, yes. Offline niches tend to be either locally based or sell a product that is 100% essential, like a toothbrush. Often the big difference between offline and online niches are their ability or not to mass produce services or stock upon demand.
Most offline niches will have a ceiling due to the cost of the product, cost of delivery, business size and business cashflow.
An example, a family business is located in a small seaside town in France. They sell handmade olive oil. There niche is locally based people that prefer locally made, organic farm foods. This business owner can sell locally with a 100km radius due to limitations of employees and delivery and production costs.
Within offline and online niche businesses there is also a difference between online businesses that sell physical products direct to the consumer and niche online businesses that sell services and digital products online, direct to consumer.
Differences between Niche Online businesses that sell physical products or services
Clearly an online business that sells any physical product regardless of their niche is going to have more business costs to account for.
Drop shipping is a good example of an online business that is niche specific. Have you ever landed on a website that has sold only a few products? These are what we call, niche stores. They know what their audience wants and they often sell those products at volume direct to consumer. These sorts of businesses often tend to be niched products that are bought in from Asia from companies like Aliexpress and sold at a higher profit, or create niche products through POD.
POD is short for print on demand. Niche e-stores in Print on demand are numerous but they are also very competitve. Niche e-commerce stores often have huge advertising costs due to the competition. A good example of a successful print on demand store would be the Oodie® – I bet you have seen one of their advertisements on social media before!
Niche online businesses that do not sell physical products often sell services and from that they also sell a host of digital products. These can often be online courses, masterclasses, ebooks, templates, community memberships. Niched digital products can be as successful and in many cases more successful than niche drop shipping stores and there is one reason for this.
A seriously, well researched niche.
If you find a niche that you have well researched, you will often to be able to create services and digital products that serve the audience within that niche.
For example, for Digiteachonline.com, we serve the niche of freelancers or people that want to start online businesses based in educational services or products, in short e-learning.
We are successful in this niche because we had worked in it for many years as an employee before building and growing our own online, educational businesses and brands. Whilst doing that we share our knowledge, tutorials, affordable resources and professional time-saving tools with our audience in our niche.
We have been able to set ourselves apart from competitors that provide this knowledge with one key fact. Are businesses are brands and they operate today. Whilst we do sell some online courses, our income is mostly generated from our own brands not from selling online courses.
This difference is highly recognised in the online business industry of niche teaching and has enabled us to build and sustain a good relationship with our niche audience.
How to find my online business niche?
To find an online business niche that is right for you, it’s generally a good idea to consider three things:
- Identify what you know something about ( more than the average person) or are passionate about.
- Research well the industry that, the niche relates to. Observing key trends (Use google trends).
- Identify the commercial viability of that niche. Can you create interesting Info or digital products that relate specifically to that niche.
On this post we have created a searchable service based niche table. There are over 700 different service areas and we will continue to keep adding to this.
How to find a good online business niche?
Use our Ultimate Niche Finder table below. We have listed over 720, niche specific online services. There is a search box in the right hand side of this table for you to search a specific niche if you wish to.
Look through our Ultimate Niche finder Table and see what services you know something about. When you find it, it will pop out at you!
From that start doing the research as listed in the point above: ‘How to Find my Online Business Niche’.
Research can involve looking on google for online service based businesses or digital products being sold online, Interacting in Facebook® groups, searching for keywords related to that niche on Tik Tok and other social Media platforms such as Pinterest.
It is important to research where your niche audience generally spend their time on Social Media. Not everyone uses Tik Tok, not everyone uses Instagram etc.
When you find where your niche audience resides, interact with them, listen to them and research into what they would like in a digital product or course.
You can then start to think about what digital products and or services you could create that your chosen niche audience would benefit from. This post here will help you with that.
How to pick a profitable niche?
Despite what a lot of guru marketers will try and tell you about some niches being more profitable than others, know that ‘the riches are in the niches!’
Once you have found your online business niche, you will be able to generate income from it by creating online niche related services, courses and digital products. If you know your niche audience well enough, the profits will come.
The big bonus with online niche businesses that sell uniquely services and digital products is in the ability to start small, create a digital product in a day, start selling and learn as much as possible about that niche audience.
Then go back to the drawing board and improve the niche product, again and again as time goes on and as you gather more information about your niche audience and online niche business.
How to Plan your Online Niche Business?
Obviously, we do have a digital product that can help you with a lot in planning your online niche business and a whole heap of other things also. All can be found in our downloadable, Teacherpreneurs Business Plan Workbook.
It will help you simplify the processes required to start an online niche business with step-by-step actions, to help you fully research your online niche business. Plus a few other secret bonuses!
Niche planning is the ultimate key to niche business success!
The Ultimate Online Business Niche Finder
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