Back To Basics: What is a Niche Market?

18 August 2008, by A. Cedilla

Okay, so you’re tired of riding the 9-to-5 soul-drain, but you really need the money, so you stick it out.Then one day a thought pops up out of nowhere, “There’s gotta be someway I can sneak some color into my life. Maybe even make something extra out of it. I can’t be the only person in the state who loves Moleskine notebooks.”

 

The thought sparks your interests in starting a home-based business, a teeny one, something that lets you love, gives your long-dormant imagination and creativity room to breathe and play around. Make money. And hey, since it’s everywhere, you also want to use the Net for your work-at-home idea. But, you’re not sure if you can make real money online. To make things worse, you’re fuzzy about how to pursue your little dream.

If this sounds familiar, rest easy. You can make money online with a home-based business. You don’t need a degree; you don’t need to invest years of study to make it. There are sound, proven business concepts that have been taught and used by many of the most successful marketers in the world.

What is the top sound principle that will help your success? It is choosing the right niche market.

A niche is simply a group of people with similar interests and needs. They are passionately involved — some may say insanely so–about their particular special interest. I’m sure you’ve seen some of these groups on TV, the specialized dog-breeders (tea-cup poodles, anyone?), left-handed knitters, orchid-hunters, vintage Bakelite glass collectors, competitive barbecue-cooking teams. Ahem, Moleskine users and hackers…

 

Think of a small pond teeming with hungry fish. If you have the specific bait that they like; they will like what you have to offer the best. This, in essence, is a niche.

Why a niche market? Well, unless you are a huge, faceless corporation with bottomless pockets — and you”re probably not, given the first scenario I drew for you before — niche marketing is the way to go.

See, many corporations blow off niche markets because they are not trying to make an additional $1000 to $1500 per month like many home-based business entrepreneurs and other small business owners (or micropreneurs). $1000 won’t even register; it’s probably what they’d shell out for a nice business suit — or dinner at a trendy hot spot. These guys look to make millions per month, which is good for you because you don’t have to compete with those companies that have massive marketing budgets.

It really is easy to find potential customers in niche markets. Here are some examples:

  • Specialized bakeries (ethnic, organic, etc.)
  • Office Cleaning Services Business
  • Crime scene cleanup services — no joke, these guys need specialized training and licenses to deal with the after-effect of a crime (hazardous waste disposal of stuff like blood, etc.)
  • Snowboarders
  • Morticians and Mortuary-home owners
  • Tanning Spray salons
  • Catering Services

Get the picture?

Before you decide which niche market to target for your home- based business, you need to consider four important points:

1. Is the market easily defined and reachable? Do you know where they hang out? What kind of trade journals or publications do they read? Do they have clubs or are members of particular organizations?

2. Is the market small enough that you will not have tons of competitors, but still large enough for you to make a good profit?

3. Does the market have the money to spend?

4. Does the group have an insane passion for their hobby or topic of interest? Do they eat, sleep, and breathe their hobby? Are they constantly seeking more information related to their subject? A great example of this would be golfers and NASCAR enthusiasts!

Doing research related to these questions will help you pick the perfect niche market for your home-based business.

As you think about starting a home-based business and what market to target, follow the above suggestions and you will be way ahead of many other home-based business opportunity seekers who want to start a work-at-home business.

Like this article? Found it helpful? Bookmark Jrox Blog for more helpful articles, and visit Jrox.com to learn more about Affiliate Marketing and get access to your own Affiliate Software and eCommerce Shopping Cart.

 

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