Lesson 1: 6 strategies to finding a profitable niche. So how do you go about finding your niche even better. How do you go about finding a profitable niche while doing the research to find your niche. You’ll also be able to figure out how profitable it is.
Using the list from your brainstorm worksheet I’m going to show you six strategies to help you find a profitable niche. The first strategy to finding a profitable niche is to use Google search and keywords. This may seem like an obvious step but it’s also a very important one.
Google is the biggest change in the world and it will show you what people are looking for. How many people have searched it and it will show you if it’s a trend that’s growing or shrinking. Google keyword planner is a free tool but you need to have a Google Ads account setup and go into expert mode to access it
while using this tool, you’ll see search volumes for the keywords related keywords and more. The second strategy to finding a profitable niche is using 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 here
it’s important that you focus on trending niches not trending products. Remember the fidget spinner if you had opened an e-commerce store based on that one product you’re probably not in business right now. But if you had created a store based on tools for focus and your niche audience was remote workers
you would have other products to support the trending niche. The third strategy is looking at Google Ads. When you search for your niche what ads come up. If people are paying to advertise there is money to be made in that niche. Can you narrow the niche down even further
so you can be dominant in that category. The fourth strategy to finding a profitable niche is by looking at your biggest competitors Amazon, eBay Etsy et cetera searching on web sites like Amazon, eBay and Etsy will give you great insight just in 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 keep in mind. How can you me shut down further. What keywords can you use to attract the right audience to your products.
Since you’re a small business, you can afford to focus on specific products and missions and grow your business based on that nimbleness. The fifth strategy for finding a profitable niche is by focusing your Google search on blogs and authority web sites in your original search results,
you probably noticed a few websites and blogs mixed in. These are also good indicators of profitability. Use search terms like best women’s shoes for example, to find blogs with lots of traffic comments and social shares. Also see if the blog has a social media following and if they’re selling any products on their website.
If their blog is monetized you’ll notice that they mention that their links are affiliate links. Then you’ll know that there’s money to be made by looking into blogs and niche web sites that aren’t 100% commerce. You’ll see what they would be selling if blogging wasn’t their jam. This strategy will show you how profitable it could be.
So you can make it your jam the sixth and final strategy for finding a profitable niche is looking at social forums such as Facebook groups Reddit forums or curated pages on Instagram. All three of these offers sizable audiences and great insight about what they’re passionate about.
Looking at the number of Facebook groups Reddit Subreddits an Instagram curated page plus hashtags will also give you insight into the audience. Kinky curly actually got started because I was a passionate member of a black hair care forum and Facebook groups. When people are passionate about something. Nine times out of 10 they will spend money on it.
I witnessed and participated in passionate discussions regarding hair extensions. I would read about pain points and the lack of solutions to solve my problem. I saw a gap in the market with my own eyes and took action. Having this inside info helped me scale the business faster than I had imagined.
Don’t be afraid to roll up your sleeves and thoroughly research your niche ideally solve a problem in a niche you have interest in because you will be spending a lot of time with it.