Selecting a Niche.
Published on June 26, 2023
Published on Wealthy Affiliate ā a platform for building real online businesses with modern training and AI.
Image: A radius triangle drawn by AI.
Niche Selection.
We are told not to overthink niche selection, find something we like or know something about, and dig down to a specific part of that niche and get started.
I thought I had a good idea a while back, and registered a new domain.
Not only did I not overthink it, I didn't think about it!
The niche finder sort of showed me what I wanted to see, and I thought "Yeah this sounds fine."
Checking google trends later, the domain name I used is the one in blue on the graph below.
Believe it or not, it is actually a thing!
Like paint brush. Do you search for brush or paint brush?
Too late it is done.
The red line is the last part of the two word title which shows about 80,000 worldwide searches a day.
The worst part of this is, I have a reminder sheet for analysing niches.
I forget where I got the template from, worse, I forgot I had it.
Really, it is stuff I have known about and used for years back when I had a real job, and many of you probably have too.
Anyway I found it, and it may pull me out of the fire (I won't use that other word in mixed company). š
Ready to put this into action?
Start your free journey today ā no credit card required.
The first part is a Macro look at the niche.
Abbreviated as PESTEL
Political:
Economic: Consumer demand, spending on accessories, downturn % in recessions.
Social: Users. eg. GenZ, growth since lockdowns,
Technology: Online buying, the role of AI in applications.
Environment: Eco friendly choices,
Legal: More related to my website complying to affiliate transparency
Then the 5 Ms.
The micro environment. This basically a list of resources.
Minutes: Setting objectives and goals.
Money: Limited budget,
Machines: websites
Materials : Images, videos
Manpower: Me
Demographics.
Who:
Where:
SWOT analysis.
Strength: Knowledge
Weakness: New Website
Opportunity: Growing market, public interest. rise of Gen Z and millennials.
Threats. High DA websites
Resources and links.
Division of industry sectors, future outlook.
I hope this helps someone, but as I said, many of you will probably already know this and are using it.
Share this insight
This conversation is happening inside the community.
Join free to continue it.The Internet Changed. Now It Is Time to Build Differently.
If this article resonated, the next step is learning how to apply it. Inside Wealthy Affiliate, we break this down into practical steps you can use to build a real online business.
No credit card. Instant access.