How To Choose Your Niche Market
Last time, we showed you 'why' you should focus on a niche product market rather than trying to build an internet superstore selling anything and everything.
This week, you'll learn 'how' to choose your niche market and then proceed to start your business from there.
When choosing your niche product market, you'll first want to consider all of your options in a general sense. The top selling product categories on the internet are:
1.Books
2.Computer Hardware
3.Computer Software
4.Apparel
5.Toys/Video Games
6.Videos DVD's
7.Health and Beauty
8.Consumer Electronics
9.Music
10.Jewelry
11.Office Supplies
12.Linens/Home Décor
13.Flowers
14.Sporting Goods
15.Footwear
16.Small Appliances
17.Tools and Garden
18.Gifts
However, keep in mind that these are all general product categories and are far too large to build internet storefronts based upon the entire general category.
Yet first, you would have to choose a general category based upon, not only profitability and popularity, but also according to your own interests and enjoyment in order to know which direction you'll be heading from here.
Ask yourself, what interest you the most? Which products do you feel you would enjoy learning more about and selling? If you enjoy reading books and then sell books to a specific niche market. If you enjoy computers then sell computers.
If you're into fashion then sell clothing. If you're into video games then sell video games and video game consoles. If you love watching movies then sell DVD's. If you love jewelry. Sell what you love and enjoy, and then money will follow.
And although profitability and popularity are both important factors, business owners who focus on selling products which interest them personally do much better financially than those who sell products just for the sake of profit.
Furthermore, according to research, choosing a niche market based upon what you feel you would enjoy selling and may have a special interest in would most likely bring you more success.
Now, since the top selling categories are much to vast to sell every product in those categories, you will be much better off choosing a niche market within your chosen product category and then build your internet storefront business accordingly.
Take books for example; Instead of trying to build a internet superstore selling all books, you would be much better off choosing a sub-niche from the book category such as; books on writing books, computer books, clothing and fashion books, childrens books, business books, school books, educational books, finance books, real estate books, art books, home improvement books, internet business books, digital imaging books, web development books, books on specific hobbies and many many more sub categories.
Here's another example with computer hardware and software products which continue to be one of the best selling product categories on the internet.
However, the never ending sub-categories, products and manufacturers would it make it impossible for you to build an internet superstore.
Therefore, you would be much better off focusing on one subcategory for your niche market. i.e. custom computers, custom laptops, or computer cases, digital cameras, digital imaging solutions, or mp3 players, CPU chips, storage solutions, memory, or mother boards, printers, printing solutions, projectors, system upgrades, HDTV's, wireless technology products and many many more subcategories.
You can also sell products from subcategories within those very subcategories. For example, if you were to focus on selling digital cameras for you niche market then you could also offer photo printing solutions, photo editing software and more.
There are always subcategories for every subcategory. In the case with software, instead of selling all software programs, you could focus on selling software for a particular category which interest you the most i.e. business software, or accounting software, educational software, graphics software, or web development software, anti-virus software, communications software, Entertainment Software etc. The possibilities again, are endless.
With clothing, you could choose a specific clothing niche such as work clothing, uniforms, sleeping attire, business attire, urban clothing, exercise clothing, intimate clothing, baby clothing, pregnant womens clothing, footwear, accessories and many more.
With certain product categories, subcategories may become fewer, thus easier to pursue. For example, with jewelry, you could specialize in yellow gold, or white gold or sterling silver, precious stones, diamonds, rubies, sapphires, and/or semi precious stones and then branch off from there.
It it also possible to join product categories as well. For example, If you were selling digital cameras or video editing hardware and software on your internet storefront then you could also sell digital photography books or videography books.
Again, as you can see, the possibilities are endless. You can find many subcategories within the main product categories and even subcategories within subcategories. Now all you have to do is choose which product category you want to explore and then dive into subcategories from there.
When choosing your niche market, just remember to place your own personal interest and enjoyment first, profitability and popularity next but not last. If you can work hard and still manage to enjoy and believe in the products you're selling, then as they say, 'the money will follow.'
Questions and Answers
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If you want to know how to make money on the internet you must explore those hot niche markets out there. This is the best option for your online business. However, you may be confused with what are the criteria for a good market or where to find these markets?
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You would think that the very first step in starting your internet storefront business would be to first create your business name. However, you can not properly create a business name until you are certain about which product market you're going to specialize in. Therefore, first you have to choose which product lines you want to specialize in and then you can create your company/business name. Yet, many new entrepreneurs still do not understand why focusing on a niche market is your best bet.
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