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How I Chose The Niche For My New Online Store

Di [email protected] Agosto 29, 2024 #ABS, #Absolute, #Account, #Accounts, #Ace, #act, #Action, #Add, #Advanced, #Affect, #affiliate, #Age, #Aged, #Agreement, #Amazon, #amp, #Analysis, #Andrew, #Ann, #Answer, #API, #App, #Apparel, #Arent, #ARR, #Art, #Article, #Audience, #Author, #Average, #AWESOME, #Balance, #Bar, #Barriers, #Base, #Based, #Basic, #Battle, #Beginners, #Big, #Billion, #Blocks, #Blog, #Blogs, #Board, #Boom, #Brand, #Break, #Breaking, #Bring, #Budget, #Build, #Building, #built, #bulk, #Business, #Businesses, #Buttons, #Buy, #buyer, #Buyers, #Capitalize, #card, #Cart, #Case, #Cases, #Category, #Change, #Changing, #Channel, #Cheap, #Choice, #Choosing, #Chose, #Chris, #Christmas, #Click, #close, #Clothes, #collect, #coming, #Comment, #Comments, #Commerce, #Common, #Communication, #Competitor, #Competitors, #complet, #Complete, #Cons, #Consistent, #Content, #Convenience, #Convert, #Converting, #Copy, #Correct, #Correctly, #Cos, #Cosmetics, #Cost, #Costly, #Costs, #Couple, #Cover, #Craft, #Create, #Credit, #Critical, #CRO, #CTR, #Cult, #Culture, #Curation, #custom, #customer, #Customers, #Data, #Date, #Day, #Days, #Deal, #Dealer, #Define, #defined, #Demand, #des, #Description, #Descriptions, #Detail, #Difference, #Difficult, #Direct, #Discount, #Discover, #Don, #Drop, #Dropshipping, #Duct, #Early, #earn, #Easier, #easily, #Easy, #Ecommerce, #Edge, #Effect, #Effective, #Effectively, #Election, #Elon, #Email, #enhance, #Enhancing, #Equipment, #Era, #Erin, #Event, #Exact, #Exclusive, #Existing, #Expand, #Expect, #Experience, #Experiences, #Factor, #Factors, #Failed, #Fair, #Fall, #Fan, #fast, #Faster, #Favor, #Favorite, #Figure, #Fill, #Finally, #Find, #Finding, #fine, #Fit, #Focus, #Forum, #Free, #Friend, #Friends, #Front, #Fulfillment, #Future, #Gain, #Game, #Gap, #Gaps, #Gen, #Generic, #GEO, #Giant, #Gift, #Gifts, #good, #Goods, #Google, #Great, #Grow, #Growing, #growth, #Guide, #Guy, #Halloween, #Hard, #Harder, #Hat, #High, #Highest, #highly, #Holiday, #Holidays, #home, #Hood, #Human, #Humans, #IAS, #Ideal, #ideas, #Identify, #Immediately, #Important, #Impressions, #Incl, #Include, #income, #Industry, #information, #Interest, #interesting, #Internet, #Inventor, #Inventory, #iOS, #Issue, #Issues, #Ive, #Jen, #Job, #jump, #Key, #Keyword, #King, #Land, #Landscape, #Large, #Las, #Late, #Learn, #Learned, #Leave, #Led, #les, #Lessons, #Level, #Lies, #Life, #Lifes, #Lifestyle, #Limited, #Line, #Link, #List, #Live, #Local, #Long, #lot, #main, #Major, #Manage, #Manufacturing, #margins, #Mark, #Market, #Marketing, #Matter, #Meaning, #Means, #Medi, #Media, #Mention, #Methods, #Minds, #minutes, #Mitch, #Mix, #mixed, #Model, #Models, #Money, #Month, #months, #move, #Negotiate, #Net, #News, #Niche, #Niches, #Offer, #Online, #Oops, #Opportunities, #opportunity, #Ops, #Optimize, #Optimized, #Order, #Orders, #Organic, #Page, #Paid, #Paradox, #Part, #Patient, #Pay, #Peak, #Peaks, #People, #Perfect, #Perform, #Phone, #Pick, #Pin, #Place, #Plan, #Play, #Point, #Points, #Popular, #Position, #Post, #Posts, #Potential, #Power, #Powerful, #Practice, #practices, #Present, #Press, #Pretty, #Price, #Pricing, #primary, #Pro, #Problem, #Problems, #Process, #Product, #Products, #profit, #Profitable, #Project, #promise, #Pros, #Prospects, #Public, #Publication, #publish, #Published, #Put, #Quality, #Question, #Quick, #Random, #Rank, #Rate, #rates, #reader, #Ready, #Real, #Reasons, #Recommendations, #Reddit, #Relations, #Relationship, #Remove, #Repeat, #Research, #Rest, #restrict, #Results, #Retail, #Retailers, #Return, #Returns, #Revenue, #Review, #Reviews, #Rise, #Rising, #risk, #River, #road, #Room, #run, #Running, #sale, #Sales, #save, #Saved, #Scale, #Script, #Search, #Season, #seasonal, #Secure, #Selection, #Sell, #Selling, #SEO, #Service, #Set, #Share, #Sharing, #Ship, #shipped, #shipping, #Shop, #Shopping, #Shops, #Show, #Shows, #sign, #Simple, #site, #Sites, #SMA, #Small, #Social, #Software, #solid, #Solution, #Source, #South, #Spam, #special, #Spend, #Spending, #Split, #Sport, #Spot, #Stand, #Start, #Starting, #State, #Stay, #Step, #stock, #Store, #Stores, #Stream, #Strong, #Structure, #Style, #Subscribers, #Subscription, #Success, #Successful, #sues, #Suite, #Summer, #Supplier, #Surprise, #Sus, #Sweet, #System, #Systems, #Table, #Tag, #Talk, #Talking, #Target, #Tech, #Technology, #Tells, #ten, #Term, #Test, #Tests, #Thinking, #thousand, #Time, #Times, #Tip, #Tire, #today, #Tone, #Top, #Total, #Traditional, #Traffic, #Trans, #Tree, #Trend, #Trending, #Trends, #Tricky, #Trust, #Trusted, #Turn, #Turns, #Twitter, #Twofold, #Type, #Types, #understand, #Unit, #update, #Updated, #USA, #Validation, #van, #Vendor, #Vendors, #vet, #Vice, #Video, #Views, #Visit, #Visitors, #visits, #Walk, #war, #Ways, #web, #Website, #Websites, #Weve, #Whip, #Wholesale, #Win, #winter, #Wisdom, #Work, #Working, #World, #Worth, #Writing, #WSI, #Year, #years, #Youd

How I Chose The Niche For My New Online Store

When it comes to selling online, the first question that does(and should) come to mind is what to sell online! It’s quite probably the hardest part of starting a store, and if this step is executed correctly, you’ve already won half of the battle.

However, picking something to sell online is kind of like playing Jenga. There are no “perfect” niches, but you have to find one where you can sacrifice certain things(remove Jenga blocks) and still keep the tower upright!

Nearly a year after converting Fish Finder Source into an Amazon Affiliates website and being out of actually running a physical store, I’m now back in the game. I was constantly on the lookout for a good niche, and wasn’t seeming to come across any until just recently.

At this point, I’m not going to share the exact niche(you guys know why and understand, too), but I will let on this much: it’s related to the auto industry.

There have been some really awesome posts about selling online – notably by Andrew Youderian, Richard Lazazzera, and Will Mitchell, so I’m going to combine all of that wisdom, mix in some of my own experiences, and walk you through how I chose this product.

Choosing something to sell online is a two-step process. One is actually finding something, and the other is validating that idea with research.

This post actually focuses more on the initial validation rather than actually digging around – but let’s start off with a little bit on the actual digging, then get into the validation part.

Coming up with ideas

I’ve talked about ways to come up with ideas in a course that I published a few months ago, and I’ll list them here, too, with an added idea that I came up with a while later.

Method 1: Random browsing

The basic suspects are always the same – check out Amazon, Alibaba, and eBay, and just browse through their category trees to see what products there are and keep browsing until you see something interesting.

I must admit that this method is a little “spaghetti-on-the-wall”, but if you are going in blind, this is an effective way to discover products you may never even have heard of before.

Another cool site is Random Amazon Product, and like its name, it literally shows you one random product from Amazon. These range from the everyday and mundane like cellphone cases to the bizarre, like what I came across visiting the site while writing this post:

If you don’t believe that someone would actually collect seabird droppings, here is a link to the actual product – it even has 6 reviews!

If you aren’t a fan of the random method, then go for something more targeted.

Method 2: Your passions and problems

Focus on problems and passions that you or your friends and family have and figure out what kinds of products either enhance those passions or alleviate those problems.

In this case, problems are much better performers than passions, because problems are like thorns in your side – you want to get rid of them fast – so problem-solving products do very well. A lot of ridiculously successful products have been problem-solving, such as Beba Bean, which Richard Lazazzera talks about in the article I’ve linked to above.

Beba Bean’s star product is the pee-pee teepee, which shields parents from surprise bursts of urine while changing their infant sons’ diapers – they found a problem, presented a solution, and do well over 7 figures in sales.

As for passions, people tend to spend a lot of money on their passions(equipping boats, building models, detailing cars, and so on), but they won’t be as quick to whip our their wallet as they will be in problem-solving products.

Of course, you can combine these methods and focus on looking for problem-solving or passion-enhancing products as you browse Amazon or eBay.

Method 3: General passions

Another method you can use is to browse lists of hobbies such as this one from Wikipedia, focus on any particular hobby, and then look for products that cater to that niche.

Additionally, you can look up forums that cater to these hobbyists and see what kind of stuff they are discussing to identify holes and gaps in the market which you can then target.

Method 4: Popular culture

Finally, the last ace up your niche-finding sleeve is popular culture. What are the things people are tweeting about? What trends to the front page of Reddit, or is found in the Hot or Trending section of 9gag? What’s being mentioned on and off on Twitter?You’ll have to do a LOT of perusing to get some ideas here, but if you are like most netizens, you probably spend some time on those sites anyway.

Why not do it with a little bit of a business mindset?

What makes a product profitable?

Now that you have a list of products, it’s time to vet them. I had quite a few products in mind, and they usually failed most of the first few tests, so I didn’t really pursue them much until I came across this one.

Note: For this post, I’m going to mirror the format used by Richard Lazazzera in his #TheGreatBuild post.

Criteria 1: Potential to add value

Andrew Youderian lists this as his first criteria to finding a profitable product to sell online, and I wholeheartedly agree with him. If you are reselling a product, then you have to be able to add value to the shopping experience in order to make yourself a valid sales channel.

In this day and age, anyone can throw up products and add a shopping cart to their website – so when there are other people selling the same product, what makes you different?

There are many ways to add value – the easiest and most effective in my opinion is to provide information that no one else is providing. Can you educate your potential customers about your product in ways that nobody else can or is doing?

If you can answer yes to this question, then you have something going for you.

Another way to add value is to remove the paradox of choice. In a world where there are literally billions of products available, who has the time to sift through so many products to see what they like? If you can position yourself and establish authority, you can provide value by curating products out of the slew of choices.

Richard Lazazzera does this very effectively with his store, Finch Goods – he curates products for gentlemen – now you can imagine that there must be thousands of products catering to style-conscious and dapper gentlemen, but if you can remove the difficulty of choice like Richard has, you have the potential to do well.

Screen Shot 2015-02-14 at 12.41.03 AM

If you are not reselling an existing product, but manufacturing your own, then the value can be in-built into the product itself. This makes your job much easier!

How this applies to me

With the product I have chosen, I have the potential to do both things. I can provide content and information that no one else is providing, having the potential to educate my customers, and I also have the opportunity to curate products.

Since I’m selling something related to cars, you can imagine that there must be a huge selection of products – high quality and otherwise – available on the market.

So as far as potential to add value is concerned, this product gets an A+.

Criteria 2: Potential Market Size

If you are selling something online, there has to be a demand for it to justify your effort. If you are trying to sell something that nobody wants, good luck finding a buyer.

The easiest way to gauge a market’s size is by using the Google Keyword Planner. If you think about it, Google is the collective database of nearly every query humans have – so their data is pretty solid.

You’re also going to want a lot of traffic coming in from Google, so the more people there are searching for your product on Google, the better.

The numbers Google shows you are usually lowballed – you can see this for yourself by running an ad for an exact match for that keyword and seeing how many impressions your ad gets.

People have different recommendations as to how many is just enough for a good niche market, and they range from just 1,000 searches per month for your primary keyword all the way up to 7 or 8,000. In my opinion, anything that falls in between is good enough.

Of course, just the primary keyword is a very rough approximation of the total size of a market – you are going to get plenty of traffic from long-tail keywords, too.

If you aim for something too big, then there is a chance your are biting off more than you can chew, and the competition is too stiff. However, if, somehow, you find a niche with tens of thousands of searches per month and not too formidable competition, jump on it.

You can also gauge market size using social media. Are there lots of people sharing/talking about products similar to yours(or the effect that product has)? If so, that can be a good indication of a market size. Sometimes, it will be difficult to find an exact keyword for your product. If that’s the case, turn to social media.

You can also look at how big a subreddit for that niche is, too. For example, the r/Multicopter subreddit caters to drone enthusiasts, and they have nearly 15,000 readers – pretty decent, if you ask me!

Screen Shot 2015-02-14 at 1.01.46 AM

How this applies to me

For my niche, I stuck with the traditional method of gauging Google searches. There were a couple of variations for my main keyword, and they each got more than 4000 visits per month, which is decent.

Screen Shot 2015-02-14 at 12.50.41 AM

Reddit results were not as promising, with just around 3,500 subscribers, but still not too bad.

As far as market size goes, this product gets a B.

Criteria 3: Trend

Since we build businesses that we hope to grow and expand into the future, we want to target products that are growing in popularity.

What better way to test this than to go back to our old friend Google, this time to Google Trends. In Google Trends, you can search for keywords and get data on their popularity across a long period of time.

Some things will be on the downtrend, some things may be flat, and some may be on the rise. Ideally, you want to look at something that is trending up, or at least consistently flat.

That’s not to say you can’t make a business out of something on the downtrend, but there is less projection for growth in this situation.

How this applies to me

My niche is steadily rising up – it’s only been around since a few years, and has seen a spike in interest.

Screen Shot 2015-02-14 at 3.00.49 PM

For this reason, this product gets an A in trend.

Criteria 4: Competition

Competition is a good thing.

Let me repeat that.

Competition is a good thing.

Competition tells you that there is money to be made in this niche. You can sell rabbit motorbikes and see that there’s no competition, but there’s probably no market for that. If there are other people selling something, then there are most likely buyers for that thing, too. The pie is usually big enough for everyone to have their fill.

You can think of competition as the second part of the demand equation.

Competition is the second part of the demand equation.

CLICK TO TWEET

There are two easy ways to identify who your competitors are. First, a simple Google search for your main keyword(s) should turn up a few competitors, both in organic results and in paid results.

You can also check out some of the major forums in your niche(if they exist). Most forums have a section on “Vendors” or “Dealers”.

After you’ve identified your competition, it’s time to analyze them. How good are they at what they do? Do they leave anything to be desired? Your competitors’ shortcomings are your opportunities.

Here are some ways your competition may be falling behind.

They may have a huge website that looks like it hasn’t been updated in 10 years
They may be using terrible SEO practices
They may have terrible or no product descriptions
Their sites may be difficult to use
They may have no extra information(guides/blogs/etc)
They may not be using video to market themselves
They may carry poor products
They may not be catering to a specific market
They may not be active on social media

These are just some ways to analyze your competition.

On the other hand, if you find that a lot of your competitors have superb websites with awesome content, and they rank 1st for all of your keywords, you may be looking at an uphill battle, and perhaps it’s best to get into something with less formidable competition.

Should you consider Amazon to be your competition? Yes and no.

There are few things out there that Amazon doesn’t sell, so as long as you have a specific enough niche, you can set yourself apart from Amazon using the lessons learned in the “Potential to add value” criteria. No matter how much you try, if you are reselling other products, they will always be cheaper on Amazon. This is just something you have to work around.

How this applies to me

There are a few competitors in my niche, but not too many. Out of the few, only one seem very serious – leaving lots of room for me to carve a space for myself. Almost none of the competitors have really decent content or guides, and when I throw in the curation aspect, I’ve immediately set myself apart. For this reason, this product gets an A for competition.

Criteria 5: Not available locally

One of the strongest selling points shopping on the internet has is that you have access to products you wouldn’t normally have in your home town. If you can find something to sell that is not easily available in the neighborhood Walmart or Target, then you immediately tip the scales in your favor.

For example, common things like electronics and board games are found everywhere, but uncommon goods – especially highly niche goods – are not found locally. One of my favorite hobbies is radio control aircraft, and there are very few shops really close to where I live where I can find those products.

As a result, most of the time, I’ll shop online, and that too at smaller retailers.

To continue the Jenga analogy from the beginning of the post, I’d say that this is one of the cornerstones of a successful online business. Your product can’t be easily available locally.

On top of that, the more uncommon your product is, the better chances you have at success. I believe this is one of the reasons that Andrew Youderian’s store Right Channel Radios does so well. CB Radios are uncommon items and they are difficult to find locally – which makes online the only option to find them.

Uncommon items may seem counter-intuitive at first, but think about it this way. If something was common, it would be available locally, wouldn’t it?

Along with uncommon items, large and bulky items are also advantageous to sell online. If you were able to forgo fitting a giant cupboard into your car and lugging it home yourself, and could instead have it shipped directly to your doorstep, wouldn’t you prefer that?

How this applies to me

The items I’m looking to sell are fairly new to the United States and quite uncommon. I doubt that many people sell them locally in stores, and I certainly haven’t seen them anywhere except online. For this reason, this product gets an A+ in this criteria.

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Criteria 6: Markup and selling price

Ah, markup. The makers or breakers of businesses.

Markup is critical to any business’ success. How much markup you have is how much wiggle room you have to spend on marketing your products.

How much markup you have is how much wiggle room you have to spend on marketing your products.

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In short, markup is the difference in percentage between the cost price of your product and the selling price. Markup can vary greatly from niche to niche, but it is usually well above 60-70% for self-manufactured products(sometimes even 100%), around 40-50% for wholesale products, and just 10-20% for drop-shipped products.

Markup will go hand in hand with the selling price, though, since a markup of 100% on a product that you sell for $2 means you’ll only make $1. So the more expensive your product is, the tighter your markup can be – theoretically.

You’ll have to factor in your markup to create your marketing budget.

Let’s say your average selling price is $100 – which is ideal for online products. Assuming you have tight dropshipping markups(I’m going to dropship, so let’s go with this example) at 20%, you stand to make $20 on each sale. Of those $20, you’ll have to pay $2 to your credit card processor if your rate is 2%.

That leaves you with $18, meaning the most you can spend to sell one $100 item is $18. Now the question you must ask yourself is – can I get one sale with just $18 to spend on marketing?

An ideal selling price is between $100-$200. This is high enough money to make selling that product worth your while, and low enough to not make people think too much before whipping out their credit cards.

You can sell less expensive products, but then you’ll have to sell in bulk to make any money, and you can sell more expensive products, but then you’ll be expected to provide that level of service, and people will be more hesitant to buy.

How this applies to me

Since I’m dropshipping, my margins aren’t really the best in the world. However, they vary wildly from around 15% all the way to nearly 80% on some products, so the different products balance each other out. The products sell for between $100-200, so I”M ok there. Still, due to the fact that I’m dropshipping, this product gets a C+ in margins.

Conclusion

So there you have it – my analysis for the new niche I’m getting into. I have some A+s, some As, some Bs, and some Cs, and I think that all in all, this is something solid and worth pursuing.

You are probably thinking at this point that there just aren’t any products that would get an A+ in all criteria, and you are absolutely right.

There’s no such thing as a perfect product, unfortunately. But you’ll just have to weigh your products strong points against your products weak points, and decide which is better.

I’d really appreciate if you share your thoughts with me in the comments, and if you would share this post by using any of the sharing buttons you see.

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How I Chose The Niche For My New Online Store

Coming up with ideas

Method 1: Random browsing

Method 2: Your passions and problems

Method 3: General passions

Method 4: Popular culture

What makes a product profitable?

Criteria 1: Potential to add value

Criteria 2: Potential Market Size

Criteria 3: Trend

Criteria 4: Competition

Criteria 5: Not available locally

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Criteria 6: Markup and selling price

Criteria 7: Potential for repeat sales

Criteria 8: Size, weight, and durability

Criteria 9: Seasonality

Criteria 10: Turnover

Criteria 11: Perishability

Criteria 12: Barrier to entry

Criteria 13: Suppliers

Criteria 14: Well-defined target market

Criteria 15: Potential for growth and scalability

Conclusion

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