How to Identify Profitable Opportunites
How to Identify Profitable Niche Areas
Focusing on a niche area is one of the key factors to home business success because it narrows down the target market, making success more achievable compared to having to cover the whole spectrum of a particular market. How to identify profitable niche areas for your home business?
1. Start with yourself
Ask yourself, what fires you up? What is your passion? What do you do during your free time? Which subject do you have vast knowledge about? The answer(s) to these questions are most likely your niche areas that you can work on.
2. Use keyword search
Now you need to identify what your competitors are doing within your areas of expertise. Search the keywords on a search engine and see the list of searches that appears. Look for areas where there is no or little competitions.
3. Gauge the demand
The volume of searches on search engines is an indication of the interest or demand to the particular market you are targeting. Use Google AdWords to gauge the demand for the particular niche markets that you have shortlisted. The higher the search volume, the better.
4. Distinctuish yourself from the rest
At this point you have identified a niche market that is something you are passionate about, have little or no competitions yet captures high level of interests among the netizens – ideal for your home business! The next step is to define your new playing field, i.e. determine what you can offer differently from all the rest in the same market.
5. Package your idea
Name your niche market and make sure they don’t sound generic to avoid misunderstanding by your potential clients that your products are no different from the rest. Package your niche market and your offers under this new ‘brand’.
Now, you are ready to develop your new products and market them for your home business!
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