What To Do When Choosing A Niche For Your Next Venture
Step One – Brainstorm: Brainstorm a list (big ass possible) of all of your passions and interests. Don’t even think about making money at this point, just focus on getting a list as big as possible.
Step Two – Analyze: Look through your list and pick out 10-20 different interests or passions, that you feel you could promote on the internet. If you think you could make money online with all of them, then pick your favorites. It is easier to market something you enjoy.
Step Three – Adwords Tool: Now that you have 10-20 niche terms, it is time to visit the Google Adwords Tool. Do a search for each of your terms, one at a time. Below the search box will be a table full of data. Take note of the Estimated Cost Per Click (CPC) and Searches Per Month columns. If they are not showing up then just click the little drop-down menu titled Columns and add them.
For each of your terms multiply the CPC by the monthly searches. Write the number you get for each term beside that term. This will give you a very rough idea of the potential worth of your “niches”. This number isn’t to be taken literally by any means but it has some value when you are trying to sort through what niches you want to attack.
Step Four – Competition: You could take your top result from last step and attack that, OR you could take it one step further and check out your competition. Just do a simple google search on each of your niche terms, one at a time. For niches with multiple words, make sue you wrap it in quotes. Take note of how many websites come up for each term. Write it down beside the numbers you came up earlier.
Now divide the “potential worth” by the number of websites. You will have some fractional number. In general the higher the number, the better it is to choose that term.
This is not an instant niche answer. It might not always work perfectly, but it is a great way to quickly discover a potential niche. Try it out and choose something to market today!