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Business Tips And How To’s
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You’ve no doubt heard the mantra, “Just follow your passion!” But I have to strongly disagree: I think this is dangerous advice that can lead new entrepreneurs astray.
This is especially true when choosing in-demand or trendy products to sell. Your lifelong love for
If your goal is to have a thriving business, you need to take a methodical approach and choose a niche with features that will help you succeed online.
In this short guide, we share strategies that will help you find a niche and a product to sell. We’ll also show you how to determine if there’s enough demand for your small business idea and give you tools to measure competitive pressure in these areas.
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Market niches are segments of broader markets defined by their unique characteristics, such as needs, preferences, and identities, that differentiate them from the broader market. It is in this specialized segment of the market that you want to position your company.
For example, selling running shoes is a niche. Trail running shoes are part of the larger footwear industry, and their audience is a large community of runners, hikers, and outdoor enthusiasts.
To be successful in your business, you need to create a niche. Choosing a niche will help you build credibility among yourself
Is the audience and dominates a certain corner of the market. When you go niche, you become the go-to place for a certain group of people.
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Suppose you own a shoe store. You sell different types of shoes in the store. One day you add shirts, hats, sunglasses and jackets to your shelves to attract more customers.
If someone is looking for a shoe for work or running, will they come to you? Most likely, no.
Let’s say you position your shoe store as the first place for nurses to buy shoes. You sell non-slip, durable shoes that provide all-day support. You spend money on influencer ads and campaigns that target nurses. Over time, you will become the best place for nurses and establish your position in the market.
Let’s say you have a passion for fashion and are good at designing clothes. You may like to make or buy clothes and work with a stylist for a photoshoot. By combining these interests and skills, you can find a niche in the fashion industry.
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Or maybe you enjoy cooking and creating healthy recipes. Maybe you like to sell cookware and write recipes for your company’s food blog. With these interests and skills, it will be easier to find a place in the food industry.
The key is to find an area that you are passionate about and are good at.
Once you have an idea of your interests and skills, start looking around for potential spots. At this point, you want to build a large list of niches so you can determine demand. You will narrow down these niches later.
There is no single way to find a niche. But here are some ways for you to look.
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The best way to start brainstorming is to find out what other online retailers are doing. Let’s use “vegan shoes” as a starting point. Go to the Refine section, where you can search by type, style, material and department.
From there you can find a goldmine of potential angles like faux leather running shoes and vegan pumps.
Dig until you find a problem that you feel you can provide a solution to. Remember that even if you have competition, you can still compete by becoming more specific about your audience and creating an effective marketing strategy.
Start looking outside to identify some common pain points. Your own experiences as well as those of others can spark ideas.
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If you sell shoes, you may find that young and old alike have trouble tying their shoes. Maybe you are looking for a specific shoe model yourself, but no one will ship to your country.
Address problems like these and be the business that serves a specific demographic with your unique solution.
Have you ever noticed how when you start typing something into Google search, it shows you suggestions before you finish? These are questions related to Google search. Use them to your advantage to find the right niche for your product category. You can plug the “best shoes for” to get ideas.
If you want to see search volume for specific results, download a tool called Keywords Everywhere. For $10 you get 100,000 credits (1 credit = 1 keyword) which expires after one year. Knowing the search volume for target keywords can help you gauge the popularity of a niche.
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The web is very good at organizing itself into communities based on shared interests, hobbies, and interests—in other words, across niches. Search for the most active subreddit and listen to their discussions.
When looking for a niche, it is important to ensure a large enough market to support your business. There is no point in trying to sell to a group of people who are too small to sustain your business.
Do market research in your chosen fields to see if it is a good specialty. You can also connect any niche to Google Trends to see the current trend.
For example, below you can see that the topic “vegan shoes” has been in constant demand for the past five years. This can be a good place to enter as a new business owner.
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Now that you’ve made a list of potential positions, it’s time to start narrowing them down. Here are some factors to consider when narrowing down your list:
You don’t have to check all the boxes, but the more “yes” answers you get, the better. If you’re struggling to narrow down your list, try these exercises:
There are a few important ways you can confirm your position before investing a lot of time or money.
If there are already tons of companies selling what you want to sell, that’s not necessarily a bad thing. It may mean that there is a market demand for what you are selling.
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But it can also mean that you are having trouble in the crowd. If you decide to enter a competitive market, you need to have a unique selling proposition that sets you apart from the rest.
See if they’re interested in what you’re selling and if they’re willing to pay for it. You can also look for online forums related to your niche and see what kind of conversations are happening.
Are people talking about the problem you’re trying to solve? Are they looking for solutions? If so, that’s a good sign you’ve found a potential niche.
Kickstarter campaigns create awareness of products even before they are developed. You can present your idea and gain followers before the idea is realized. That way, you’ll have a committed group of target customers ready and waiting for you when you launch.
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It is important to stay up to date with what is happening in your chosen field. Resources like Think with Google and Nielsen consumer surveys help you understand consumer tips, wants and trends.
Set up Google Alerts for relevant keywords and regularly monitor social media conversations to keep track of what’s trending.
The goal is to get feedback from real people about your niche idea. This will help you confirm (or invalidate) your assumptions and give you a better idea of whether or not there really is something for what you’re selling.
Finally, you can validate a product or niche by testing it. This can be done by starting a blog or YouTube channel related to your niche or by creating a landing page to sell a product or service related to your niche. If you can get people to sign up or buy what you’re selling, it’s a good sign you’ve found the right niche.
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Almost all mass produced products have a niche market of conscious consumers looking for greener alternatives. More than 59% of buyers prioritize environmentally friendly shopping.
In the past, companies might donate their revenue to a cause, but now consumers care about how products are made. In other words, there is a subculture of green living that values ethical supply chains. If you are in this field, think about it.
💡 Tip: Avoid washing greens. Make sure your environmental claims are backed up. In this category, you can’t be perfect – that’s not how business works. Remember that greenwashing will always backfire.
The US pet industry alone is estimated to generate $123.6 billion in sales in 2021.
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For example, Pup Socks sells personalized socks with your favorite pet’s photo on them.