How To Choose The Right Niche

lightbox with "think outside the box" written on itStarting Out Online

If you are looking to start your own business online or make money online, you need to know what it is you want to be offering your customers or clients before you start. Are you going to offer a wide variety or are you going to zone in and offer a specific thing?

So whether you are looking at getting into bogging, affiliate marketing, online stores, informational websites or any other online business you will often hear about choosing your niche.

Now, don’t get me wrong many people work across many niches, but when starting out is a better idea to choose one and concentrate on that until it is providing you with an income before moving into another niche. This also allows you to learn and make mistakes in just one area or sector of your business.

Then when or if you decide to start a second online business you will know exactly what NOT to do and setting up this second online income stream will be easier, less frustrating and have you earning your second income more quickly.

What is a Niche?

A niche is a subject or topic that your business will become based around. Some of the most popular niches are diet and weight loss, making money, exercise and niches rising in popularity are homesteading, CBD and hemp products.

So, you may choose a niche that you are already knowledgable in or you may decide to choose something completely new to you and learn as you go. The choice is completely yours.

Now once you have chosen a niche it is also important to decide if you want to cover in broad or narrow terms.  This means are you going to just cover the niche in general or are you going to narrow it down to a specific area within that niche and specialize in that.

Take for instance “camping” as a niche. Are you going to go broad and cover every aspect of camping or are you going to narrow it right to “camping in canvas tents”, “hammock camping” or “off-grid camping”. See when you start to narrow down your niche to specifics you are going to attract, mainly, only an audience interested in that type of camping to your online business. An audience who are interested in that specific style and who are interested in what you have to say or you are going to be offering. An audience who possibly already have that as an interest and are going to be ready to part with their money on your offers or promotions.

Types of Niches

Now it is also important to understand that there are a few types of niches and this is also something you need to consider when choosing your niche.  If you are looking for supplementary income then seasonal or fad niches can work but if you are looking to make a steady income an evergreen niche would likely be your first choice. You can always branch into fun seasonal and fad niches at a later time when your income is more steady.

 

Seasonal Niches

There is many seasonal niches, meaning niches that will be more popular depending on the time of year or seasons. Like the example used above, camping would be a seasonal niche. Now there are people who camp all year but, for the majority this a seasonal thing. So while this may gain lots of interest and make money during say late spring to early autumn it will probably not provide you with a consistent income.

 

Fad Niches

Another type of niche is a fad niche. This is when something has become popular or is fashionable for a short-lived period.  This can often be items such as kids toys or the latest fashion accessory. Similarly to the seasonal niche, this will not provide a steady year-round income. Although these may be great “fun” niches and have the possibility to make a good income from if you get in quick, this will only be short-lived income.

 

Evergreen Niches

Now, these are the steady, year-round income providing niches that most online business people like to work within. These are the niches that no matter what time of year is, and because people are always interested in or need, never go out of fashion. The people who come and use or who are attracted to your business may change, but there will always be a good audience for you to provide for.

Before you even start an online business of any kind it is important that you know exactly what it is you want to offer your audience and this is for the following reasons.

> It is easier to come up with a business plan, set goals and discover the best ideas to help you reach your desired outcome.

> It provides you with a clear idea of what you need to be doing and offering your customers. It is all too easy to go off track if you are unclear of what it is you want to offer and can result in lots of unnecessary work for you.

> You want to make it clear to anyone visiting your business, online store, website or blog what it is you offer. This ensures you are attracting the right kind of people.

 

Define Your Niche Early for Success

So choosing your niche early on is a vital part of having success quickly in an online business.success loading picture

Now it doesn’t matter if you want to blog, vlog (video blog), teach or educate people on your chosen subject matter. By becoming an affiliate partner of companies who sell items related to your chosen subject is a good way for those starting out in their online business to make money.

You have no products of your own to stock, no touching or playing middle man you simply get a commission every time someone buys through YOUR affiliate link.

YOU CAN READ MORE ABOUT BECOMING AN AFFILIATE HERE.

Another way to earn online income is to create something of your own to sell, within a niche, to your audience or customers, although this is a little more difficult and time-consuming at first, you are in control.

This is often done by people who are already experienced in online business or who have a target audience already that they can promote their own product too.

I hope this helps give a little more understanding of niches and where to start in your online venture. I do suggest that you take your time in choosing and give it plenty of thought and research as once you have chosen your niche you can be pretty much committed! Getting your online business up and running is time-consuming and a big commitment as it may take a few months before you start to see the results you want. But, perseverance is key. Keep at it and you will get there.

Good Luck and May Success be Your Friend

What is Affiliate Marketing?

What is Affiliate Marketing?

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Affiliate marketing is where you will promote products or services for another company or person.  These can be physical, digital or informational products that are sold online.  For each product sold through your marketing of the product, you will be paid a percentage or commission of the sale. Percentages and commission are very varied depending on the products, company and your own personal ability.

Why doesn’t the company promote the products themselves?

Most companies do promote their own products but they have also realised that by allowing people to affiliate with them and promote the products that

  • They can reach an audience that they themselves may not reach or target with their own advertising methods.
  • That the majority of people these days are online and it opens up a huge market that they could just not cover themselves.
  • It is more cost efficient for a company to allow others to promote their products and pay them a percentage of a sale that they helped to create.
  • It is easier for a company to employ say one person to produce text links or banners for affiliate partners to use than to employ 100’s if not 1000’s of people to drive sales.  Imagine all the wages they save on by using affiliate marketers.

How does it work?

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Once you register as an affiliate with a company you will be given a unique affiliate code to use.  This can be in text links, picture and text links or banners.  Through your unique code attached to the aforementioned links and banners, they can track the customers who visit their sites and/or buy products from them.  This is how they know how much to pay you.

These links will redirect anyone who clicks on them to the company’s website where a cookie will track what they do on that site.  Many of the companies use cookies that last more than just one session, standard cookie sessions last about 30 days.

This means that if someone clicks on your affiliate link and goes to a website but doesn’t buy a product on that visit (they may want to research it a little first or read a review on it), but they choose to then go back directly to the site and complete a purchase at a later date, that cookie will pick up where it left off and you will still be credited for the sale that that person made.

Everyone’s a winner!

Using this process means that everyone wins. The company makes a sale and has a new customer, who may continue to buy from them.  You are paid and are building your online presence, audience and own business. The customer has a new product or has solved a problem.  Depending on how you delivered the link you may have gave the customer valuable information before the purchase.  This is especially true if you have maybe written a review of a product and then attached an affiliate link on the page as to where the customer can purchase the product.

How much will you be paid?

ball of money (notes)

This varies greatly but you will always know what the percentage is before agreeing to market the products.  At the low end this can be around 4-10% but on the higher end where maybe you are promoting a digital product, commissions can be as high as 75%.

Another thing to consider is if you are promoting a product that has a recurring payment whether monthly, quarterly or annually you will also be eligible for commission on these.

So if you promote an online study course that has a recurring monthly payment of say $49 a month and you get a 50% commission for the sale you could have a recurring monthly income from that 1 sale of $24.50.

So if your affiliate link to that site brings 10 customers that is a monthly income of $245.00 for the time that the customer stays enrolled.  That is just with one link, normally you will be promoting multiple products at any one time.

Can I make a full-time income from this?

Yes. Many people do.  This can also depend on what way you choose to market and if you have any money to get you started.  You may choose to use a website to display your affiliate links and there are some ways you can build a website and have it hosted for free. Although these sites tend to take longer to rank within search engines it can be done.  Some people use social media to share their links and get started earning. Some even share these with family members and friends at the start.

Most people start doing this alongside their fulltime jobs, then either cut their hours if they can while scaling the business then eventually can go full time earning online.  Some people can even treble and quadruple their current incomes in less than a year.

                

Where do I use or market my links?

There are many ways to market the products that you choose to affiliate with and this part is really up to you.  Please take some time to explore these, you may use one or multiple ways to share your links. Some of the most common ways to get traffic clicking on your links and banners are Facebook ads, your own website or blog site, email marketing, pay per click campaigns, Youtube reviews.  The online world is basically your oyster and you can learn how to market in many different ways, the choice will be up to you.

This is not a complete list but this gives you an idea of the many ways you can advertise your links. Have a look around the internet and study how other people are doing it.  Once you do this you will start to notice that there are marketing adverts everywhere.  Use this to help you think of how and where you want to be placing yours.

I hope this gives you a bit more of an understanding and a base knowledge to allow you to further research this yourself.

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