Starting a new blog and online business can be exciting and fun. There are so many things you should consider before starting your online business and one of the most important questions to ask yourself is:
What will you do?
A lot of people want to start their business in the online world and certainly want to make money but don’t know where to start.
The truth is, there are a number of different niches out there and opportunities for new businesses everywhere. It may seem like everything has been done or there is no new way to make money online but there certainly is. So let’s look at a number of different ways that you can come up with new online business ideas? Please input your ideas in the comments below and I’ll add them to the list.
How To Choose A Niche For Your Blog
The first thing I do when I think about starting a new online business is think about what I’m interested in. What things do I enjoy learning about or talking about? This is a great first step because you will find out what things you are passionate about and could potentially start a website around. Make a list of as many items you can think of that interest you. Then take that list and branch it out.
Take your ideas down a step further and see what niche ideas you could come down to. Do this for each idea you list until you get to a level where the competition would be too small. Once you have done this go back through and review each item on your list. What ideas sound intriguing, what ideas seem like they would be a profitable business model, which ideas would give you a competitive advantage?
Make a pros and cons list of each idea on your fine tuned list. This will give you an idea of which markets or niches you may want to pursue. This alone could lead you to your business idea but I encourage you not to stop here.
How To Determine If A Niche Is Profitable.
Each business idea could have potential to monetize in different ways. Some of the most common ways to monetize a website are:
- Google AdSense
- Affiliate programs such as Amazon affiliates
- Your own informational or training products
- Service-based business such as support or consulting
There are many more options to consider. You may want to look at our ultimate list of ways to monetize a website to get more ideas:
The most important thing to consider when determining if a niche is profitable is traffic potential, and your ability to get that traffic. You can get a good idea of whether or not a niche has a large traffic potential by doing keyword research. For example: The Google Keyword Planner will allow you to put in a keyword and get an estimate for traffic.
This will tell you the potential audience you can reach and attract to your website.
The next step is figuring out if you can get that traffic. This is done by analyzing the difficulty of a keyword. This is something that can be a little difficult and you really have to consider everything involved.
First of all, not everyone will be trying to get traffic organically through search such as Google. If that is the case you may not be concerned about the difficulty of the keyword. You may be more concerned with Cost Per Click metrics or what it will cost you to get traffic and convert it into paying customers.
If you are more interested in getting traffic organically via search, than Keyword difficulty will play a large role in that. When trying to determine if I should enter a niche I look at a number of things. I first start with how much content I would be able to create for a site. Is this a small subject that I won’t be able to post about frequently? Or is this a bigger niche that I can create an authority blog around? Doing this will help you get an understanding of all the potential keywords you could rank for. The bigger the niche, the more opportunities.
Then I pull my keyword up in my Keyword Tool (Long Tail Pro). This is my favorite keyword tool as I can get an idea of keyword competition based on a complex formula that is used by Long Tail Pro. I can then drill into the competing top ten sites in Google and see what I think it would take to rank organically.
This will give me an idea of how hard it is to rank for those keywords and whether or not I think it would be worth it to build a site around that niche. Ultimately my ability to rank will affect how much traffic I will receive which will play a major role in monetizing the website.
Before you choose a niche for your blog make sure you do the research up front. This will help you achieve success much faster than starting blindly in a niche that is not profitable or that you don’t enjoy.
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