Here’s a Few Tips to Get You Started With Your Business’ Keywords
So, you have decided to start a business but you are not sure which niche to choose. This can be a tricky decision because you may list down all your hobbies and passions but still get the feeling that you are not hitting the bull’s eye when it comes to deciding the business niche.
However, if you are under too much pressure to decide, it might cause paralysis too.
It is always better to decide logically on what the business niche should be rather than deciding according to what your hobbies are. This will help to come up with ideas that may or not be a success in the market but you will at least get a taste of either success or failure. So, even if your first business is not successful, you have room to improve and start afresh with new ideas.
If you are not able to decide on a business niche, here are a few steps that will help to find that out:
1. Identify your interests and passions
This is something that you should do first. Try to come up with at least 10 things that you have a passion for or interests you deeply.
Your mettle will be tested as an entrepreneur at several stages. As a newbie business owner, you need to identify the sector that you love in order to succeed.
You need not to find the right combination in the first instance but you need to love what you are doing. Most importantly, you have to passionate about the business. Those who don’t care what they are doing can go out of business rather quickly.
To determine your passions and interests:
• Find out what you like to do most during your free time. Or, what you look forward to doing when you don’t have any work in hand.
• What are the magazines that you have subscribed? What do you read from them?
• Do you have any membership in a club or in any organization?
2. Identify problems you can solve
Now that you have made a list of 10 interests and passions, you need to shortlist a few options. You have to find the problems that your target customer may be facing and try to come up with a solution to solve them. The tips to identify the problems in various niches are given below:
• Try to have a face to face conversation with the customers of the target market. You have to ask questions that help the customers understand what you are looking for.
• Use online forums like Quora to understand your customers better. These forums have discussions on the business niche that you may be related to. See what problems people are facing. Take note of the kind of solutions they want.
• Research on the keywords. Try Google AdWords and Google Trends to explore different keywords related to your business niche. This will help to discover keywords that customers use to find related products and services.
3. Research your competition
Competition is not always bad for business. It brings out the best in you. But you need to analyze what your competitors are doing. Create a list of all the competing sites to understand the difference between them and your business.
This helps to understand if you can make a difference among all the competitors. It also gives you an idea if the keywords you have chosen will help your website to get a good ranking. It shows if you have a chance to offer something unique. Here are a few tips to be successful in a niche that already has enough competition:
- Low-quality content – you can leave your competitors behind if they have low-quality content on their website.
- Lack of transparency – you can be completely transparent with your business activities in a niche where most business owners do a shady job.
- Lack of paid competition – you need to find a common keyword but has paid advertising and little competition to make a name in the market.
4. Determine the probability of your niche
By now you must have had an idea of the niche that you will be working on. Even if you have not narrowed down the choice to one area of interest, you must have found several ideas that look fruitful. This is the time to understand the money-making potential of the niche that you have decided. You can use ClickBank to start with the search.
Browse some of the products that fit your niche. If there are no products, there is something wrong with the niche you have chosen. It may also mean that some other competitor has already monetized that niche.
Your search result has to come up with a significant number of products. Take note of all the price and what your competitors are charging.
It is not necessary to manufacture a new product. The wisest decision will be to partner with the site owners or advertisers or product manufacturers in your niche to start generating a commission for the products they supply to you.
5. Test your idea
Lastly, you need to test the idea that you have for the business niche. Get a landing page developed that will inform about the pre-sale of the products. You can make the most of paid advertising after that.
You may get any pre-sale during the initial phase but that does not mean you are working in a viable niche. Your message to the customers has to be appropriate. Leverage the A/B split test to optimize the conversion and see if there are any hindrances that the customers are facing.
As soon as you understand the viability of the niche, you need to get a full-fledged website developed by an experienced web developer. Get someone to write blogs about the products or services that you are offering and try to boost the revenue of your business by generating more traffic to the site.
However, always remember that this is a trial and error method for finding a niche. You should do a lot of homework on the niche before you start with the planning phase, else you will not be able to start with further developments. It is important that you become a good starter if you want to become a successful business owner in the years to come.