Thursday, July 06, 2006

Niche Markets - What Are They Anyway?

So, you are interested in starting a new online home based business. You have caught the "work at home on the Internet" bug. However, you are not sure if you even have the ability make money online. To make matters worse, you are confused about what home based business opportunity to pursue. There are just so many online home based businesses out there... how could you ever know what to do?

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 in order to reap the rewards. There are sound home business concepts that have been taught and proven to be true by some of the most highly successful Internet marketers in the world. What is the top principle that will help ensure your success? It is most likely choosing the right niche market.

You might be wondering what a niche market 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 basically is a niche.

Why a niche market? Well, unless you have a loaded bank account or 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 or even $10,000 per month like many online 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 fairly easy to find potential customers in niche markets. Here are some quick examples:

Speed Boat Owners
Carpet Cleaning Business Owners
Chianese Restaurant Owners
Rock Climbing Enthusiasts
Pitbull Owners (I am personally a part of this niche market)
Engaged Couples
Landscape Company Owners
Chicago Bears Fans (I am also personally a part of this niche)

You get the picture.

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 a 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 hardcore sports fans!

Doing research related to these questions will help you pick the perfect niche market for your online home based business.

As you think about starting an online home based business and what niche market to target, follow the above suggestions and you will be way ahead of many other home based business opportunity seekers who want to start an online business.

Want an easy way to find your niches? Try Niche Products Monthly!

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