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The secret to starting a home business that will succeed is to work through the entire business selection process. I can say this process is like a chain composed of a number of links. Remove one link from the chain and it will work no more!
Finding small business ideas, is locating a profitable niche market that suits your abilities, interests, and lifetime goals. And, this is one of these links that compose your chain and most of online marketers don't do it right. Coming up with the best home based business ideas is the most important issue that most of small businesses face today. If you do it right, you will be thrilled with the results.
What Is a Niche Marketing?
A niche refers to a group of people who have related concerns and interests. It is a segment of the market starving for solution in their area of concern.
The process of finding market segments that are small but with great potentially profit margins are a statistical process that has proven to be really effective. Having a good niche will turn your business around.
With a niche, you can focus on satisfying the exact needs of your market. And even more importantly you can direct your marketing to attract your definite niche group to your website or blog. You’ll then have the targeted traffic you need to buy your product or service.
The process of finding a profitable niche should starts from locating that group of people before any thing else. A lot of people make the mistake of developing their product first, and then trying to find a market for it. Of course, the process should be overturned.
Here's a great tool you cam use to locate your Internet home business. It's a decison-making tool that will help you to make important business, financial or even life-changing decisions.
How To Search For A Profitable Niche Or Small Business Startup idea?
Find a market first that spends money, then find out what they want and give it to them. It is certainly easier said than done, but there are a lot of places online where you can do your market research for free. They've done most of the work for you already. You just need to know where to go and what to do to connect all the dots.
Let me show you the process I go through when I'm trying to brainstorm for the Best Ideas Home based Business for Great Success. To stay informed and up to date, I'm always awake of tendencies and current events in the real world. I read some newspapers and magazines each day, both general and niche-specific. I watch the news and listen to the radio. I visit online forums, newsgroups, media websites and use search engines.
From time to time something that I read or heard sticks with me. I may jot down some notes; record my thoughts on my portable voice recorder; call my office voice mail and leave myself a message, etc…. Because usually when something sticks with me, or gives me pause for thought there is something about it I need to consider.
But, when I have several broad small business ideas to research or to make sure that a profitable market is available I look deeper before anything else.
Here’s how I go through the process of locating a profitable niche or a small business ideas.
When going through the process in selecting your niche keep in mind these 4 elements that define a profitable niche and make sure to gather as many information as you can for further use.
1 - High demand and low competition equals profits from your blog or website
You want a potentially growing market that has people interested in the topic. While you do want a niche market to work in, you don’t want a market so obscure only 50 people a month are searching for your product. In other words you must make sure that your niche market is big enough for you to be able to sell to it, and small enough that not a lot of businesses are targeting it.
2 - Established market
Make sure that your niche has some competitors. If there is competition then a market exists. A niche with no competition is not a profitable niche.
Trying to get into a niche to which no one else is selling is a waste of time. Instead find a niche group that already has people marketing to them. This way you know that there is money to be made when marketing to them.
3 - Find out your competitors' weakness
Fact is, no product or service is perfect, so that leaves the door open for improvement. Doesn't it? A better quality version of same product; a best customer service, more marketing expertise, a cheaper version; a more efficient service will enable you to get a big share from the market.
Can you offer a unique position that will establish your site in the field? By reviewing your competitors’ blogs and/ or websites you’ll know what you could improve.
4 – Make sure that there is money to be made
Do you want to make money? So, be sure your niche market has money to spend and a lot of it. When using search engines to search for small business ideas, pay great attention at the number of displayed ads. The more ads appear with a search result the more money is spent on it.
Also when using Keywords tools to determine the profitability of your niche or to do research on your competition will help you determine this point. Find out how much your competitors are bidding on keywords? Key phrases with high bids naturally mean there’s money to be made in the niche (more on this later).
When using search engines, don’t be afraid of the number of sites displayed in search results. 95% of online business owners are looser. If you are an expert at any thing or you have a burning desire to learn, you will succeed.
Just keep in mind, starting home based business online is simple and dirt cheap but not easy. To succeed, you need to not only believe that you can succeed, but you also have to work for your success.