To start a business, you will have to find a product to sell. But you have to ensure that you’ve chosen a profitable niche.
A niche is simply a segment of a market that has its own unique identity. And that is what makes it different from the market at large.
So how do you find a profitable niche?
In this article, we will discuss six strategies that will help you find a profitable niche to start your business.
- Google Search and Google Keyword Planner
Google is the biggest search engine in the world. It will show you what people are looking for, how many people searched it. It will also show you if it’s a trend that’s growing or shrinking. Google Keyword Planner is a free tool. But you need to set up a google ads account to access it. While using this tool you will see search volume for keywords, related keywords, and more.
- Google Trends
Google Trends is a tool that will allow you to gain an understanding of the hottest search trends of the moment, along with those developing in popularity over time. However, it is important to focus on trending niches not trending products.
- Google Ads
When you search for a niche or a product. What do you find? In other words, what ads come up? If people are paying to advertise, it means there is money to be made in that niche. And you can always narrow the niche down even further so you can be dominant in that category.
- Looking at your biggest competitors
Searching on websites like Amazon, eBay and Etsy will give a great insight into their search results. Amazon for example allows you to see the number of reviews a product has which is a good sign of profitability. If you see hundreds of reviews, this is a good thing but always think about how can you niche down even further. Think about what keywords you should use to track the right audience for your products. Since you are a small business you can afford to focus on a specific product, niche and focus your business.
In your search result, you may notice few blogs mixed in. These are also good indicators of profitability. For example, you search the term “best women shoes” and you find blogs with lots of traffic, comments, and social shares. You can also see if the blog has a social media following and if they are selling any products on their website. If their blog is monetized, you will notice that it is mentioned that their links are affiliate links. You will know then that there is money to be made. By looking into blogs and niche websites that aren’t 100% e-commerce you will see what they will be selling if they weren’t blogging.
- Social platforms
Finally, you can use social platforms such as Facebook groups, Reddit forums, or curated pages on Instagram. All these platforms offer sizable audiences and great insight into what people are passionate about. Looking at the numbers of Facebook groups, Reddit subreddits, Instagram pages and hashtags will also give you insight into the audience.
Try these strategies to find the best niche for your business.