It’s important to make sure that your online business interest would make a profitable online business. At first glance, you’re going to be looking at broad topics like fitness, marketing, fashion, or photography.
Finding Your Broad Business Opportunity Topic Boils Down To 3 Things
- Target audience
- Market need
Is there enough competitiveness in the market for your idea? Contrary to popular belief, you don’t want to pick a business topic that has little competition.
No competition could mean no market. There are marketing firms that spend millions of dollars to find lucrative business topics. In essence, they’ve done the research for you. You can use analytics to discover whether or not your business opportunity topic is profitable or not.
How big is the target audience? Once you find your broad topic idea, you’ll need to discover how big the target audience is. Based on how much competition there is within your market, will there be enough potential buyers?
What does the target audience need? For an example, fitness is a very broad business topic. Even without analytics, we can agree that it’s a competitive market with plenty of room to grow. There is a huge audience for it too.
Yet, as we move into narrowing your niche’, it’s important to find the problems within the fitness market where there is room to grow. In the course, I break all of these concepts down.
Yet, here is an example of finding problems and narrowing your niche.
Under the umbrella of fitness is the subject exercise.
Under the subject exercise, are yoga, cycling, and Tabata.
Even though there are tons of other topics under exercise, let’s pretend you choose yoga as a smaller niche’ within the larger niche of fitness to focus on.
What problems could you solve related to virtual yoga classes?
For instances are there a half million people looking for “hot yoga” solutions from home? Can you solve that problem?
Yoga is already a profitable topic, but there’s a problem finding good hot yoga classes online.
Remember that large marketing firms have already provided much of this data for you. Utilize it to ensure that your business idea is worth the effort to build and launch.
To Your Success. . .