Newsletter – #001- Find Your Niche
Welcome to the first Online Entrepreneur Newsletter. I want to thank you for signing up.
The aim of this newsletter is to provide you with information on a separate topic each week with an actionable step to be taken. This will help you do something each week that will help you either start a new business or grow an existing business and succeed online.
About Me
My name is Karen Newton, I’m an Online Entrepreneur and Strategic Investor.
For 35 years, I have been an entrepreneur and 25 years an online entrepreneur. I love the online market. It offers more flexibility and more sales opportunities in an online industry which is growing at 10% per year average.
There has never been a better time to start an online business and I’m here to help you succeed.
Find Your Niche
Understanding what a niche is, is part of the process for building an online business. The more detailed the niche becomes the easier it is to market.
An example is someone may say my niche is golf. But golf is a big topic. Golf can be broken down into many different niches such as the perfect back swing; the best ways to read a green, and the best clubs. Choosing one of these topics and blogging about it establishes your credibility as an expert in your chosen field. This in turn will help potential customers find you and spend money with you.
The more detailed the niche the more you become the expert in that area.
This reminds me of an old Rock Hudson movie – Mans Favourite Sport – all about fishing. He was a salesman for a sports shop. He knew the best fly for certain fish and the best place to fish during certain weather conditions. But he didn’t know how to fish himself even though he was regarded as the expert. The movie follows his comedic exploits when a customer enters him into a fishing competition.
As an online entrepreneur, you are the middleman and the direct salesperson. You need to know the ins and outs of your niche.
Find a niche that allows you to become an expert and learn everything you can about it.
Learn more about why having a niche is imporatant to your success
5 Tips to Help Identify Your Niche
1. Identify your passions and interests: Start by brainstorming your hobbies, skills, and areas of expertise. Look for niches within these fields that align with your personal interests.
2. Choosing a niche you are passionate about will make it easier to stay motivated and engaged in your business. It is easier to promote something you know and are passionate about.
3. Research market demand: Use Google Trends or other research platforms to identify demand for your niche. (I use Jaxxy, which is provided as part of a software platform I use for hosting my websites) Once you have a few niche ideas, conduct market research to determine if there is sufficient demand for products or services in those niches. You don’t want to be competing against the biggies in the industry but rather finding a middle range niche that has good demand.
4. The Top in demand Niches are
– Wealth
– Health and Fitness
– Lifestyle
– Hobbies
– Travel
5. Test and iterate: Once you have chosen a niche, it’s important to test your business idea and iterate based on feedback. Launch a minimum viable product (MVP) or a pilot service as a BETA test to gather real-world data and insights. Adjust your offerings based on customer feedback and market response to optimize your niche strategy.
When I started coaching it was as a result of a guy stopping me in the street with one of my books in his hand and asking me to coach him. The first course I taught in 2017 is totally different to the course taught in 2023. This has come from feedback and research about what clients and potential clients want. As a result, my niche has evolved.
Remember, finding the right niche requires a combination of research, self-reflection, and a willingness to adapt and evolve as you gain insights from your target audience.
Action Steps
1. Write down all your hobbies and interests. Pick one item to become your niche.
2. This may not be your final niche but it gets you started as an online entrepreneur.
Have fun finding your Niche
Online Entrepreneur Newsletter
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Have a fantastic week and chat again soon.
Karen
Founder Karen Newton International
Wealth Income Lifestyle
3 x #1 International Best-Selling Author
