If you start a business with something you’re passionate about, you’ll enjoy working on it. The time you spend on your business will be both fulfilling and enjoyable.
However, sometimes your passions aren’t good enough to guarantee success. Are there enough people that are also interested in your chosen favourite hobby, pastime or interest for you to build a successful business around it?
Knowing that you have a viable market is important before spending time and money trying to start business based on your passion. The following tips will help you to choose a niche, and will give you the best chance at success before you even begin.
Whenever you start typing into the Google search engine, it attempts to finish your sentence or phrase. You can use this to your advantage. Type just one word of a potential niche market into Google, but don’t hit enter or click on the magnifying glass.
You’ll see that Google has suggested several popular searches based on that single word or phrase you typed. These are searches that have been carried out thousands and thousands of times, so you know that there is a market out there relevant to those Google auto-complete listings.
If you know exactly what problems need to be solved in your potential market that would enable you to sell products into that market that people want.
To learn what problems your potential audience may have, type “XXX forums” into your favorite search engine. Fill in the “XXX” with your prospective area of interest. The results you will get are online forums where people discuss that particular topic. You would be amazed at the number of forums and Facebook groups you can find on the web for just about any topic.
This will help you to see if a particular niche has a big enough audience to start a business around your passion.
Question And Answer Websites
People go to websites like Quora, Wiki.how and Yahoo Answers to get their questions answered and their problems solved. Search on these sites for specific keywords and phrases, and you can see how much desire there is in a particular niche. You also see the exact questions people are asking, which make excellent headlines for blog posts, articles, eBooks and subject lines for emails.
The Google Keyword Planner
The Google Keyword Planner shows you how many monthly searches are performed for a particular keyword phrase. Type “Google keyword planner” into the Google search engine, and follow the link provided. Ensure that you check the selection for “exact phrase” search.
Type in keywords or phrases relevant to your potential niche. When you find a search term with 10,000 to 100,000 monthly searches, that is a good range which limits your competition, while also providing enough financial viability.