One great business model for making some crazy dough online is to create a niche store. A niche is a super-specialized topic or product. For example, smart phones might be a niche. Blackberry smart phones would be an even more specialized niche. Repurposed Blackberry Smart Phones is even more specific. And you get to be known as the world-renowned repurposer of Blackberries!
Niches work well because you don’t have anywhere near the same amount of competition as you might if you were more broadly focused. And you know, no matter what, that people who come to your website are interested in your specific product. There’s a much higher rate of conversion. This translates into more sales for you. Yay!
Here are some ideas as to how to choose a niche:
- What are you already selling, or what’s your most popular item? Is there a market for just those people?
- Is there a product or audience member that YOU are particularly passionate about? Your passion and enthusiasm will help you sell.
- Is there a market that’s never seen an expert before? What’s never been done?
If you already have an idea for a niche store, here are a few tips to make it a reality.
1. Plan it! You want to have a solid plan before you launch a store. Go into business without a plan and you may end up with a mess. Your plan doesn’t have to be formal. Instead, write it for yourself and anyone who will be working with you.
- Vision and mission
- Your goals
- Your available time/schedule
- Your business model
For example, will you be a reseller? Are you going to join a direct sales company? Are you going to outsource work or hire employees? Who is your market and how will you reach them? Who is your competition and how will you beat them? How are you going to test and track your products, systems and strategies? How will you receive payment and fulfill orders? Once you’ve got this all nailed down, you’ll be better prepared to move forward in every direction.
2. Your Storefront. This decision is important because it can be difficult to change your mind later on. How are you going to sell your products? Will you create an eBay store? Sell on Amazon? Or will you create your own storefront and host the site yourself? Review all your options – especially the ones that are offered to you through Vendio – and make a decision that supports your current and long-term business goals.
3. Choose a Good Store Name. Your store name, and URL or website address are important. You want people to be able to find your products and storefront quickly. For example, if you’re going to sell repurposed blackberry phones you might want to make sure those keywords are in your storefront and URL – www.repurposedblackberries.com for example. That’s a great way to get all the traffic to come in your direction. You can also register a few and have them point to the same place – some misspellings, too. Use the Google keywording tool – found here – to really keyword your website to gain the traffic you need.
Building a niche storefront can be a fun and fulfilling way to make money. Research your idea and find a niche that has good demand and little competition. Decide how you want to set up your business and storefront and start making money online!
This article originated at Vendio.