Finding Your Online Business Ideas
Definitely one of the exciting parts of this project is finding that idea or niche that is going to earn you money.
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What do we want from a niche?
It must have decent demand, as little competition as possible, and earning potential. That is as basic as it gets. Obviously, the less competition we have, the better the chance is that we can dominate the niche.
More specifically, we want a niche that we can rank on the first page of Google for. This way, our traffic will be organic (from search engines) and we don't have to pay for it. I'm not a big fan of paid advertising for obvious reasons. If we can get advertising without paying for it, we should. Its also a lot more sustainable if we want to create passive income.
A quickie on Keywords
Most of you will know this, but Keywords are what is typed into a search engine to generate results. Eg. Sports facilities in London. There are tools out there that we can use to research keywords that are searched for regularly and there is not much competition for the places on Googles first page.
Finding that idea
Lets get on with it and talk about how we are going to find that niche that will earn you some great income.
As mentioned before, there are tools to help us. My favourite is Market Samurai. Market Samurai is an amazing tool that allows you to plug in a particular keyword, generate a whole bunch similar keywords and analyse them (the basic features, there's more to it). The analysis will tell you how often each keyword is searched for, how much traffic it will generate for you, the amount of competition, SEO strength of the competition, and how profitable that keyword is estimated to be.
Thats some great information! Perfect for finding online business ideas and is something I use all the time.
Market Samurai has a 12 day free trial period and unlike a number of alternatives, you can purchase it with a once-off fee. I cannot overemphasize the importance of such tools. Download a free 12 day free trial from Market Samurais website, and follow with me as I guide you through the steps to finding a niche.
Before we plug away with Market Samurai, it important to choose some topics for your niche. I like to write down a list of topics that I am interested in and try to find some profitable keywords somewhere within those topics. I find it a lot more beneficial to me to work on something that I have an interest in. It keeps me motivated for longer, and I cannot stress the importance of motivation. This won't take a week of work to make a few thousand Dollars a month, so we have to remain motivated.
Heres an example list I once started with:
- Martial Arts
- Health and Fitness
- Public Speaking
- Dog training
- DIY Electronics
I will use Surfing as an example on how to use Market Samurai effectively. Now, this is just the topic, not the keyword/s we will be looking at. As you can imagine, searching Surfing will be a bit broad. So let's start with Surfing in Africa. You could also try learn to surf, surfing equipment etc.
Heres a video on how to go about researching these keywords now.
(I'm re-doing this video, in the meantime check out Tyrone Shum's video on selecting a niche through Market Samurai)
There's the basics of how to look for and analyze keywords. Obviously there was no potential keyword to use from there, but the point is to understand how to analyze.
I did however find a keyword the other day with little competition. I'm not going to be going ahead with it (for reasons I'll explain later), but it's great for our understanding.
Although it's not really an interest of mine, I decided to look into Maid Training, just to see if I could easily find a keyword with little competition and decent traffic. Heres how I got to something worthwhile.
I entered in Maid Training as my keyword and hit SEO Competition. The results
What got my attention immediately is the top few places we're not taken up by businesses dedicated to Maid Training and hence their SEO would be optimized for this keyword. The websites lower down that we're more specific didn't seem to have great SEO. The page ranks we're all 2 or lower and their page backlinks we're also low. As you can see, there's a lot of green in this table and that's what you want. Great, so low competition but what about traffic?
To check out the traffic volumes, I hit keyword research and added a few negative keywords like cheap, free, or anything unrelated. Also, I always remove misspelt keywords and keywords with locations in them. I then added in synonyms to maid, like nanny and nannies, and then went onto Keyword Analysis.
Filters then needed to be added, so I set SEO Traffic to 100, Phrase to broad Match ratio to 30, and SEO Competition to 100000 (I do set this higher nowadays that I'm more confident on my abilities to rank). The software then takes a few minutes to analyse the keywords.
The keyword Maid Training didn't come out with such great traffic, but nanny resume came out with traffic of 137 a day and better SEO value. SEO Value is an estimate of the possible revenue from a keyword each day. It takes the Adwords average cost per click and multiples it by the traffic. In my opinion, it's a great indicator of the profitability of the niche.
I needed to check out nanny resume in a little more depth, so I went to SEO Competition and this is what I got:
The competition results looks great! Getting to the first page of Google won't be that difficult, but is 137 hits a day enough? It will generate some income, but I do usually look for more than 300. Now you know what good results look like though, so go out and find a niche.
The Keywords Earning Potential
This is quite important obviously. I've discussed briefly the SEO Value, which gives you a good understanding of the earning potential, but could you add to this?
Another way to look for earning potential is too see if there are affiliates out there that are selling products related to this niche. Clickbank.com is where you can do this. Go to the marketplace tab at the top right and either look through the categories or do a search.
Lets say we we're creating a business to do with soccer training. I could dimply search soccer training or something similar. I usually just set the gravity filter to 7 and leave the rest of the filters. The gravity is simply how popular it is. You want something that sells of course.
The first has a good gravity and a great average sale price. The products below this one weren't so great, but no need because I've already found one. Now I know I can add a nice affiliate product to my website for extra income.
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Posted in Recreation Post Date 03/17/2017