Choosing your Niche is one of the biggest decision you’d have to make about your online business in Nigeria (business varies from place to place, a niche that is profitable for The USA may not be profitable for Nigerian) or any other places for that matter. This decision is very important because, if you get the Niche wrong, your business may end up not being profitable and your efforts will be wasted.
Considering how difficult it is to do online business in Nigeria – the absence of power supply, the high cost of bandwidth, and limited resources; you wouldn’t want your efforts to go wasted.
In other to get it right, you have to start from choosing your niche very carefully. When we talk about profitable niche, it means that not all niches are profitable and among the profitable niches, some are more profitable than the other. In this article, I’m going to discuss the fundamental principles that would assist you choose a profitable niche for your online business in Nigeria. But what really is a Niche..?
Niche simply means, Specialization! Whatever business you choose to do online becomes your specialization and the subject of that business becomes your Niche. E.g: I set up a website that provides job search, my target audience is Job Seekers, I’ll be said to Specialize in providing job search for job seekers and my Niche is Job (Job Search) for my target audience (Nigeria).
Going by the concepts of Internet marketing, every online business is designed to target or appeal to specific audience, such form of specialization is called Niche Marketing. Choosing your niche therefore means, choosing your area of specialization in online business. How do you proceed to make this choice?..
1. Choose Your Passion – No matter how popular a niche is, if you aren’t passionate about the subject, you aren’t going to be successful in it. Do not choose a niche because it’s popular or because someone you know is doing it, choose something that you’re very familiar with, and that you’ll be happy doing.
Take your time and list those things you’re passionate about, list them in the order of preference like: Sport, gaming, swimming, entertainment, weight lose, etc.
2. Choose Your Expertise – Among the things you’re passionate about, which one of them can you really say you’re expert in? Remember that you’re going into real business where you’ll be providing real solution to real people, some level of expertise is required for you to stay ahead of competitors.
Carefully analyse how competent you’re in those areas you’ve listed and isolate the one you’re most competent about.
3. Research Your Niche – It’s not enough to choose your Passion and your Expertise, you’d need to understand how that market performs. Here are things to consider under your niche keywords: Size, Competitors, and Products.
Size – Use Google keyword tools to gain insight about the size of your niche (how many people are searching for your niche keywords monthly) and the CPC value (how much are advertisers paying per click for your niche keywords). If plenty people are searching for your keywords and there are Advertisers who are paying for ads in that keyword, the niche is profitable.
Competitor – How many people are already doing similar business and what are their strength? If your competitors are too many with years of experience and high level of expertise and popularity, you may have to think again before choosing that niche even though it may be profitable. What’s the profitability when you can’t grab a piece of the pie?
Products – Are they products to market in that niche in case you decide to monetize through product sales? These are all you need to find out before you make your choice of Niche! Use the spyfu to further understand you niche.
When you put these together, you’re off for a good start.