To make money online, you need to understand the basics of internet marketing. One of the first decisions you have to make is on the choice of a niche in which you want to do business. Unfortunately, people find it difficult to come out with clarity on what they are good at. This is probably because they have developed a mindset that they need to be real experts on the topics, relating to the niches. Fortunately, in the real world, this is not the case. You Should, therefore, go ahead and spell out when you believe you have sufficient knowledge to talk about your subject.
Is it Niche or Market?
For you to succeed in your venture, to make money online, you need to operate in some specific market.To do that, you need to decide on a market first. How does a market differ from a niche? For many these two are interchangeable. For the layman, a niche could be defined as a specialized area in which there may or may not be notable commercial activities. A market, on the other hand, could be defined as a specific area which offers profit making potential for anyone ready to launch a commercial operation in that segment. Therefore, if you do not have any specialized marketable knowledge or skill, you can still make money online by selecting a suitable market and doing business there. To start with, do some research and choose a market in which there is a good demand for the products or services.
8 Questions you should ask yourself.
a. What products/services are in demand in this market?
b. How much is the demand for the products/services?
c. How much competition is there?
d. What is the pricing pattern across the market?
e. What marketing techniques are deployed by the competition?
f. What is the supply position for the products/services?
g. Is the market profitable enough to enable you to make money online?
h. Will you enjoy working in this market?
Did you observe that what you need to know is the basics of setting up a business and not the details of your expertise on any topic? Whatever market you choose to operate in, you will need to get the answers to the questions listed above. So stop worrying about your lack of expertise in any field and concentrate on picking a market in which you feel comfortable working.
If you love doing something and can straight away locate a market, that is hungry for your products/services, you are on your way to making money online right away! Otherwise, you can reach that stage by following the step by step plan given below:
7 Steps for your plan of action?
1. First, find a market that is already spending money on products or services.
2. Do research and find out what exactly the market is ‘Hungry’ about.
3. Develop or acquire the right products or services that will satisfy this hunger.
4. Enlist JV partners and market your products/ services aggressively.
5. Find out what more your market is ready to consume.
6. Regularly develop new products/services and satisfy the needs of your market.
7. Identify new markets and replicate the process.