What is a Niche Market?

I’ll be honest, I didn’t know how to pronounce “niche” until just a few years ago. That being said, no matter how your pronounce it, it’s very important to the success of your business. Let’s say you are interested in starting a home-based business. You also want to use the Internet for your work-at-home idea. However, you are not sure if you can make money online. To make matters worse, you are confused about what home-based business opportunity to pursue. 

If this sounds like you, rest assured that money can be made online with a home-based business. You don’t need to study for years until you can reap rewards. There are sound business concepts that have been taught and proven to be true by some of the most highly successful marketers in the world. What is the top sound principle that will ensure your success? It is choosing the right niche market. 

You might be wondering what a niche is. A niche is simply a group of people with similar interests and needs. They are very passionate about their topic of interest. Think of a small pond packed with starving fish and you have the bait specific to their needs; they will like what you have to offer the best. This, in essence, is a niche. 

Why a niche market? Well, unless you are a huge corporation with bottomless pockets, niche marketing is the way to go. You see most of the large corporations blow off niche markets because they are not trying to make an additional $1000 to $15000 per month like many home-based business entrepreneurs and other small business owners. They are seeking to make millions per month, which is good for you because you don’t have to compete with those companies that have massive marketing budgets. 

It really is easy to find potential customers in niche markets. Here are some examples: 

  • Home Decor

  • Carpet Cleaner Business Owners

  • Fitness

  • Winter Camping Enthusiasts

  • Siamese Cat Owners

  • Landscape Company Owners 

  • Jewelry

  • Fashion

Before you decide which niche market to target for your home- based business, here are four important points to consider: 

  1. Is the market easily defined and reachable? Do you know where they hangout? What kind of trade journals or publications do they read? Do they have clubs or are members of particular organizations? 

  2. Is the market small enough that you will not have tons of competitors, but still large enough for you to make a good profit? 

  3. Does the market have the money to spend? 

  4. Does the group have an insane passion for their hobby or topic of interest? Do they eat, sleep, and breathe their hobby? Are they constantly seeking more information related to their subject? A great example of this would be golfers and NASCAR enthusiasts! 

If you’re having trouble figuring out if your niche is feasible or not, or if you simply want to have a brainstorming discussion together and have me help you figure out what your niche is, feel free to schedule a free 30-minute call with me!

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Getting Started, Tips and TricksJordan Kennedyniche, startup tips, business plan, business developmentComment