So you want to start a business and earn extra income aside from your day job. Before you proceed, you will need to know who your target market is.
For those who are new to business, a niche is defined as a place or position suitable or appropriate for a person or thing. Once you find a market niche, you are able to then customize your offerings to have specific appeal to these audience.
When asked who their target market is, many entrepreneurs fall into the trap of “everyone is my customer.” By thinking that targeting everyone will mean higher sales volume, that is complete rubbish. You can never be a jack of all trades in business, especially when your business is a new start up.
So get your pen and paper ready and prepare to do some writing!
Step 1: Create a topic list.
Develop a table and write down potential topics for your online business. List down topics that interests you, as well as topics that you are already an expert of. This list can be general and does not have to be specific.
Your table should look something like this:
|e.g. traveling, soccer, food, etc.||e.g. physics, german history, math, etc.|
List down as many topics as possible. At this stage, the topics are very general and broad. the next step will help you to streamline the topics, diving deeper within it.
Step 2: Business Opportunity
Out of the listed topics, are there any issues/problems that does not have a solution yet? If there is already a solution in the market, is there a better way to do it? If you have the answer to these questions, you may have found your pot of gold!
For each topic, list down the issues and challenges (they are your business opportunities!) that comes with them. For example, if your topic is traveling, one major issue is that people have trouble finding great hotels at affordable price.
After which, have another column titled “probable solutions” and list down solutions that you can think of that would better the situation. Continuing from the example above, you may consider setting up a blog about cheap hotel rooms, develop an iPhone app to look for cheap hotel rooms, the possibilities are endless!
|e.g. Traveling||Expensive Hotel rooms||Develop app to source for quality yet affordable hotel rooms.|
|e.g. Physics||Students have trouble understanding E=MC2||Write an eBook all about that equation.|
By listing out the probable solutions, you may have potentially discovered your online business idea! Once you have the business idea you can get ready to start your online business!
If you think that the cost of starting a business is too high and that starting a business is not for you, check out 4 Essential Tools For Starting An Online Business With Almost $0 Cost and find out how you can start your own online business with what you already have!
It is a really long post and if you made it to the end, thank you for taking your time out to read this. If you are looking to start an online business, take action now and use the 2 step method to help you find your niche!
If you applied the 2 step method and it helped you in one way or another, do drop me a comment below, so I will know I did something useful and that my time taken to write this post is worth it!