Starting an online business requires that you have a niche.

Having a niche is important because you cannot do everything.

You can not cover all grounds.

That is the idea of a niche.

Even for a physical offline business, it is still a good business practice to have to niche down.

To find a specific area of business to focus on.

A niche is simply a line of business, Or, a specialized category of a business.

Why should you have a Niche?

• A niche gives you a better chance of succeeding.
  A niche will offer you direction.
  A niche makes you appear professional.
  Etc.

You see, one of the reasons why a lot of businesses fail online is because they do not have a specific niche they focus on.

They are here and there. Everywhere.

Before long, they are burnout. They are not consistent. They then are blown away.

I’m not saying you can’t have multiple niches in business and be successful, that’s not correct. You can have multiple niches and be successful with them.

However, as a beginner, you must focus on a particular niche at a time.

You can expand later.

But, how exactly do you know the right niche to focus on?

Because finding the right niche is a very important part of the process.

Here are the simple 3 steps, I use to find niches, both for my online business and offline business.

Finding a hot niche using these metrics will work across any field or profession you are looking to venture into.

Be it an online venture or an offline venture.

This will work across E-Commerce, Affiliate Marketing, Digital Marketing, Freelance, etc.

The 3 Steps to Find a Hot E-Commerce Niche in Nigeria.

Focus on the Passion.

 

Finding a passion for yourself and your prospective clients or audience is extremely important.

This is because humans are very emotional people. So, you have to find out how passionate they are about the products you are trying to sell them.

So, you have an audience of young people that are interested in becoming pilots, but are they that passionate to become pilots at any cost?

Measure the Spending Ability.

 

Having a passionate audience is important but what’s even more important, is their spending ability. How much money do they have to spend?

In other words, how profitable is this niche?

If you have a bunch of interested people who do not have any money to spend, you are not in business.

So, it’s important to find an audience with reasonable spending power. This means that this audience can comfortably spend on their passion.

This means that the niche will make you a lot of money.

Look at the Size of the Audience.

 

Finding a hot niche means that you need to have a sizeable audience.
This way, you have room to scale your product.

It is not useful to you to have a small audience because you will easily run out of who to sell to.

This audience has to cut across different categories and have a sizeable passionate audience so that you can easily scale your business.

Conclusion.

Finding a hot niche means that you are looking to leverage some of its key attributes. This is how you can make anyone or generate reasonable sales or leads for your business.

It is the best practice to find an audience that is passionate about the solution you offer, but not just that.

They also must have a spendable income. This means you can make money.

The audience size has to be reasonably large so you can easily scale your business and make even more money.

When I look for a niche to venture into, these 3 metrics are the main pointers for me. When checked, it’s good from here.

I hope you find this article useful.

Thank you for reading.

I made a video about this topic, you can watch it here.