Finding Your Niche In 5 Steps

Finding a niche that suits you best and be profitable at the same time is not an easy task.  Sometimes when you just randomly pick a niche from the top of your head may not be your best option.  Picking the right niche requires research on your end.  I will break this process down for you in five steps.

First off what is a niche?  For those who already have an idea, then your set but for those who don’t I will explain this to you now. 

(A niche is the subset of the market on which a specific product is focusing. So the market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment. For example, sports channels like STAR Sports, ESPN, STAR Cricket, and Fox target a niche of sports lovers. Every product can be defined by its market niche. As of special note, the products aimed at a wide demographic audience, with the resulting low price (due to price elasticity of demand), are said[who?] to belong to the mainstream niche—in practice referred to only as mainstream or of high demand. Narrower demographics lead to elevated prices due to the same principle. So to speak, the niche market is a highly specialized market aiming to survive among the competition from numerous super companies. Even established companies create products for different niches, for example, Hewlett-Packard has all-in-one machines for printing, scanning and faxing targeted for the home office niche while at the same time having separate machines with one of these functions for big businesses)[Wikipedia]

Now that you have that knowledge under your belt we can move on to the six steps of finding your niche.

Reflect On Yourself:  This is the very first step I took when choosing my niche.  You will need to take some time to figured out what makes you unique.  A way to do this is to take a piece of scratch paper and jot down the essential things about yourself.  Examples: What interest you?  What do you enjoy doing?  What are your hobbies? What are your goals?  What do you like? What are your passions?  Once you have done this you are one step closer to developing the right niche for your blog/website.

Study The Market:  Now that you have made a list of possible niche topics, which should be ordered by your interest level, you need to start studying the market revolving around these topics.  Is there a lot of competition? (which won’t really matter once you get started)  Is there a reliable audience? (this is key)  By studying the market, you will learn the potential that your niche has.

Study Your Competition:  Since you know there is potential in your niche market, you need to game plan against your competitors.  You need to study what they are doing now.  What angles of approach are they utilizing with their audience?  If you can strategize this and then create a unique approach you may have a potential gold mine.

Motivation:  You need to know whether or not you will be able to keep a decent schedule in which you will be posting.  In the beginning it seems rather easy to keep a posting schedule, but you must think long term.  What is your motivation going to be like 6 months or even a year from now? So in all due respect you must be prepared but do not over work yourself.

Monetization:  This step , for many, is the one they lean towards more often due to the fact they want to make quick money which is not always the best approach.  I always save this step for last because before you make money you must have a reader base.  You must have good content.  To monetize your blog or website you must know which attack you are going to take though.  It can be anything from affiliate programs to advertisement.  REMEMBER there is always a way to monetize any blog/website regardless of the niche market you choose!

Now choose your niche!  If you  have went through all five steps and did your research, your process of finding your niche should be narrowed down to just a few.  All you have to do is choose! 

I hope these steps will help you in the process of picking the right niche for your blog/website.  This is by far not the absolute answer, but this has worked for me.  Now it is your turn!