Updated: Aug 21, 2021
Niche markets can be profitable. However, it is important to thoroughly research, identify your own skills. When someone starts as solopreneur, a niche is frankly all you can handle. Below is a list of good articles on the topic of niche marketing.
A niche market is what most people can handle. Try to go to a niche that is ever green and "one inch wide and one mile deep".
How to find your online niche without costly newbie mistakes: (link)
Reverse engineering the perfect ecommerce product (link)
A niche market evaluator (link)
Ten best niche you can pick (link)
How do I identify an ever green niche, a market with perpetual appeal where I can take 1-2 years to dominate (link)
Google Search "how to find good niche" (link)
Do thorough research niche or the market and sub market. You don’t want to spend money on a niche that falls away just after you launch.
Research on competitors, high and low.
Don't choose an over saturated niche - you will find an uphill battle.
Not validating your niche before you go into it would be a big mistake.
A big mistake many retailers make is not staying true to the niche. You must establish yourself as the top niche expert.
Here are the steps to take for developing a niche market:
Step 1: Identify your interest and passion.
Step 2: Identify problems you CAN solve.
Step 3: Research your competition.
Step 4: Determine the profitability of your niche.
Step 5: Test your idea.
Don't skip any of the steps below.
Step 1: Research product sub categories.
Evaluate it thoroughly. Including:
Your competition, low or high
Marketing potential customers
Understanding your target audience
If it’s a steady trend, fad, or growing one
Step 2: Test selling products online.
Step 3: Think beyond a single niche product.
Planning around only one product or service limits your business. You’ll take more to the bank when you plan around solving customer lifetime value instead of selling one-off.
Some tips include:
See way above financial reasons;
Don't go too big. When your market is too big and too broad, it is for everyone but for no one.
Make your niche an inch wide and a mile deep.
You are in business for business, not for your hobby
A niche strategy to be wary of is starting a business based on any “passion” you might have. You might be passionate about South American indigenous art supplies, for example.
It doesn’t matter because if there’s no market for those products then you’re a hobbyist and not a business owner. That might sound harsh, but that single piece of advice can save you thousands of dollars.
Some other articles and their key information:
How to find niche by using search engine tools:
The LGBTQ+ community
Major League Gaming
Mixed Martial Arts
Health and fitness
Food and drinks
The great outdoors
Hiking Trails/Camping guides
Tiny living/Van Life
Language (43 billion dollars/year)
PETS (67 billion dollars/year)
Relation and dating
How to identify an idea that has potential to grow