This is a frequently asked question on Google and various media and communities by people of different age brackets and gender but in this article, I will open your mind to so different perspectives that will answer how and what types of online business are best and most profitable for you as a beginner

When it comes to the different types of online business, it has to do first with your motives (what you want to gain) and values(which interest you).

For anything to be done in the online marketplace such as social media, e-commerce, digital marketing etc, you must offer something of value

You can trade as in buying and selling of goods and services, educate, entertain, and inspire people via the internet.

The question then can be reframed as Which is the best online business for beginners in 2023?

Starting an online business is a great way for beginners to start their entrepreneurial journey. It provides a flexible work schedule, low startup costs, and access to a global market.

However, with so many online business opportunities available, it can be overwhelming to choose the right one. In this article, we will explore the best online businesses for beginners and help you make an informed decision.

What is an Online Business?

An online business is any transaction carried out via the Internet, such as buying and selling physical or digital products, offering services such as management/consulting, or monetizing content through advertising or affiliate marketing.

An online business can be carried out from the comfort of the home, with a smartphone connected to the internet and from anywhere in the world. It has been the bedrock of many successful entrepreneurs in the last 5 -10 years, many of which began by turning their passion into a profitable business.

What does an Online Business mean to Beginners?

For a beginner, an online business is any activity carried out via the internet (such as social media or website) which converts to money in a bank account or our pocket

There are several ways by which people do this all over the internet but one area highly misunderstood is how some of these businesses convert to money in the long run

Here is an example

Facebook and various social media platforms are areas where people build a community of customers/users, the person in charge discusses an array of topics relating to the subject of interest. For example, a club football fan (for example) can create a Facebook page, youtube channel where he discusses various information relating to that particular club such as the latest news information, review of the past game, give perceptions of the next game, talk about players’ injury etc.

The community starts growing from views to subscribers, and then he or she can leverage the community of subscribers and sell products relating to fitness or health (because it goes in sync with soccer)

The way by which this person earns money is the number of views he has (the social media platform will pay because he has earned the trust of those who watch or view), various other businesses can also reach out to the person to help in selling one product or the other and he or she can become an authority who people can regard for a solution on one area or the other

One thing you should know as a beginner is that starting an online business as a beginner is like building a house, first preparation and then execution (arranging one brick over the other). This means you must prepare and plan adequately in order to have a successful online business

Advantages of Starting an Online Business

Starting an online business has several advantages, making it an attractive option for beginners:

Low Startup Costs

Starting an online business requires minimal investment compared to a traditional offline business that operates in the market and by the roadside. All you need is a laptop or a mobile device/smartphone/tablet connected with an internet connection, and maybe a website to get started.

Flexibility

Online businesses allow you to work from anywhere in the world, giving you the flexibility to create your own schedule and work-life balance.

Global Market

With an online business, you can reach customers from around the world, giving you access to a global market.

Scalability

Online businesses can be easily scaled as your business grows, allowing you to increase your revenue and profits.

Best Online Businesses for Beginners

There are several online business opportunities available for beginners to exploit but some are easier and more convenient to start with. Here are the best online businesses for beginners:

Dropshipping

Dropshipping is a popular online business model anyone can begin with, it is not determined by location or gender. Anyone can start dropshipping with his/her smartphone by leveraging Facebook marketplaces, communities, WhatsApp status and e-commerce stores/websites to sell products without keeping an inventory.

Instead, it involves partnering with a supplier/seller/manufacturer who has a large stock of the product and can ship directly to the customer when an order is made. This eliminates exorbitant fees of warehousing, storage, and customs fees, thus making it a low-risk business model for beginners.

To start a dropshipping business, you need to find 2-3 reliable suppliers for a particular product and set up an effective way to market the product via an online store or social media.

Affiliate Marketing

Affiliate marketing is another popular online business model where you earn a commission selling or promoting other people’s products. This business is all about advertisement and marketing plans and you don’t have to create or store any products, making it a low-risk and low-cost business model for beginners.

To start an affiliate marketing business, you need to find a niche and choose products that align with your audience’s interests. You can promote these products through your website, social media, or email marketing.

Blogging

Blogging is an online business that involves you creating content to educate, entertain or inspire your potential audience on a certain area or subject. it is a great way to turn your passion into a profitable online business. You can monetize your blog through advertising, affiliate marketing, or sponsored content. However, it takes time and effort to build a successful blog, and it may not generate income right away.

To start a blog, here are what you must do

a. choose a niche

b. create valuable content that resonates with your audience.

c. provide valuable thought via articles, vlogs or podcast

Freelancing

Freelancing is a great way to turn your skills into an online business. You can offer services like writing, graphic design, or web development to clients around the world. Freelancing allows you to set your own rates and work with clients that align with your values and interests.

To start freelancing, you need to identify your skills and create a portfolio that showcases your work. You can use platforms like Upwork, and Freelancer, To start freelancing, you need to identify your skills and create a portfolio that showcases your work. You can use platforms like Upwork, Freelancer, or Fiverr to find clients and start offering your services.

Online Courses

Creating and selling online courses is a profitable online business for those with expertise in a particular field. You can create courses on platforms like Udemy, Skillshare, or Teachable and sell them to students around the world.

To start an online course business, you need to identify a skill or topic that you are an expert in and create a course that provides value to your audience. You can use marketing strategies like social media, email marketing, and paid advertising to promote your course.

Social Media Management

Social media management involves managing social media accounts for businesses and individuals. It includes creating content, engaging with followers, and analyzing performance metrics.

To start a social media management business, you need to have a strong understanding of social media platforms and their algorithms. You can use platforms like Hootsuite or Buffer to manage multiple accounts and schedule posts.

Virtual Assistant

Virtual assistants provide administrative support to businesses and individuals from remote locations. It includes tasks like scheduling appointments and managing emails and social media accounts.

To start a virtual assistant business, you need to identify the services you want to offer and market them to potential clients. You can use platforms like Upwork, Freelancer, or Fiverr to find clients and start offering your services.

Starting an online business is a great way for beginners to enter the entrepreneurial world. It provides a flexible work schedule, low startup costs, and access to a global market.

The best online businesses for beginners are an unlimited list, you can streamline them based on interests and skills that are high in market demand.

Frequently Asked Questions (FAQs)

1. How much does it cost to start an online business?

The cost of starting an online business varies depending on the business model and industry. However, most online businesses require minimal investment compared to traditional businesses.

2. Can I start an online business without any experience?

Yes, you can start an online business without any experience. However, it may take time and effort to learn the necessary skills and build a successful business.

3. Which online business is the most profitable?

The profitability of an online business depends on several factors, including the business model, industry, and market demand. However, some of the most profitable online businesses include e-commerce, affiliate marketing, and digital products.

4. What skills do I need to start an online business?

The skills required to start an online business depend on the business model and industry. However, some essential skills include digital marketing, website development, and customer service.

As a 20-year-old female entrepreneur, I have achieved success in the form of making three million dollars in just six months. However, my journey towards success was not easy. Growing up, I always felt different from others, having to balance my identities as a Black, Hispanic, and Muslim woman. I struggled to fit in, often finding myself isolated in advanced classes, but this separation also allowed me to discover my unique strengths and capabilities.

Despite this, I went through many different phases trying to figure out what I wanted to do with my life. At one point, I wanted to be an engineer, and then I wanted to be an interior designer. But it was not until my sophomore year when I moved in with my dad and my brother Jamil that I discovered the mindset and drive I needed to succeed.

My brother was already on his path towards success, and he had a whiteboard on his wall that read, “I will be a millionaire by 22.” Seeing his focus and determination inspired me to do the same. However, everything changed when my oldest brother passed away during my junior year. It was a difficult time, but it also gave me a new perspective on life.

I realized that life is too short and that every moment is precious. I became selective about what I was putting into my mind and who I was spending time with. I focused on my art, worked hard, and spent more time with my family. I stopped relying on the school to define my identity and stopped seeking validation from others. I realized that I could achieve anything I wanted to if I just decided to do it.

When I started college, I was working two full-time jobs, and it was exhausting. I spent most of my time doing things for others, and I wasn’t really sure what I was supposed to get out of it. One day, I was sitting in class, listening to my teacher talk, and he gave us a huge assignment. Everyone else partnered up, but I was left sitting there by myself. I realized that these assignments were not helping me progress towards the success I wanted.

It was at that moment that I decided to take control of my life and start my own business. I knew that it would be challenging, but I also knew that I had the skills and determination to succeed. I started working on my business every day, putting in long hours and dedicating myself to my passion. It wasn’t easy, but it was worth it. In just six months, I made three million dollars, and I know that I can help others do the same.

In conclusion, success is not just about making money, but it is also about finding fulfilment in life. To achieve success, you need to have the right mindset, focus on your passion, and never give up on your dreams. Don’t let anyone else define your worth or tell you what you can or cannot do. Believe in yourself and go for it.

This question is not restricted to one age bracket or a particular gender, we all want to make money online especially seeing the astronomical earning of celebrities and icons such as Broda Shaggi, Kiekie, Toke Makinwa, Macaroni etc.

As much as they earn, you too can earn like them if you are ready to play by the rule of the internet or the digital world, it is full of numerous opportunities for people with or without skills, experiences and time. It is a world on its own where you can play, carry out tasks, and interpret what you know with little or no capital, either with your smartphone, tab or laptop.

The digital world is liberal with various devices (so far it can connect to the internet), and it has the power to attract and connect people from all corners of the world in real time (although this can be a disadvantage, as you are competing with several millions of people)

With a smartphone, you can start an online business without needing a physical store or significant startup capital. This article outlines some online business ideas that can be done with a smartphone and provides tips on how to start.

List of Online Businesses with a Smartphone

1. Ecommerce
2. Content Creation
3. Online Services
4. Web/App Development

1. E-commerce

This is the buying and selling of goods online from the comfort of your home, whatever form of goods you can buy traditionally from nearby shops or supermarkets can be sold online via the internet

The goods are divided into

a. physical goods: these are goods that you can see, feel and touch, for example, generators, phones, laptops etc

b. digital goods: these goods are available in a variety of forms, they can’t be physically touched or felt. They are bought or sold as intellectual or commercial property, for example

• software for the installation of programmes, games etc
• templates for website development, graphics, and social media ads
• ebooks, video guides, practicals on one subject area or the other
• graphics etc

Under this e-commerce, several online business ideas which you can explore with your smartphone are

• Dropshipping
• Online Store
• Logistics /Courier services
• Preorder
• Importation and Exportation

Dropshipping

Dropshipping is an online business model that enables you to sell products without physically owning a physical shop where you can manage and store the inventory of goods. It’s a business model which includes you selling a product(s) on behalf of a supplier or manufacturer to the customer, the farther you move down from the primary supplier (the lower your profit margin)

This business model is easy, and profitable to start and scale using your smartphone, all you have got to do is ensure your smartphone has an excellent camera to shoot quality product photos because that’s like the first force of attraction from your customers. Once a customer places an order, the supplier can ship directly to you before you ship to the customer or he can ship it directly to the customer.

Online Store

An online store is another online business idea that can be done with a smartphone, it can be illustrated as having a physical shop on the Internet where you have your products or services listed for patronage by online customers. There are several ways to do this such as

a. free platforms to leverage such as Facebook marketplaces, jumia, jiji, Konga, eBay, amazon etc. These platforms have significant traffic from customers who visit them on a frequent basis, you can leverage this and sell your products. In this method, competition is high but it is highly advisable for beginners who want to start selling online

b. paid platforms such as creating a website with WordPress, Wix, and Shopify. This is like building a shop from the foundation of a piece of land, you are responsible for driving traffic to this store with little or no competition. This method is advisable for people who want to build a brand or name for themselves in little or no time

With your smartphone, you can manage your store, process orders, and communicate with customers.

Logistics/Courier Services

As a result of the movement of goods and services online in e-commerce, logistics remain a crucial factor. Logistics can be otherwise referred to as courier services, it is the movement of goods/services from one place to the other via different modes of transport such as air(aeroplane), land(bus, kekenapep, bike) or sea

With your smartphone, you can begin as a logistics or courier services expert because of the high volume of goods people want to move vis dropshipping or importation. All you have to do is understand what kind of logistics or courier services you want to do because it can be broken into two

• Local Logistics
• International Logistics

Local Logistics is the movement of goods from one place to the other within a country, this can be via air or land. Most of the movement of goods is majorly done via land within a particular state but if it exceeds or moves out of a particular state/region, air can be utilised

International Logistics is the movement of goods from one country to another, this is carried via air, sea or land for example the movement of goods from Nigeria to Ghana can be carried out via air or land. The various mode of business which explore this method are Importation or Exportation

To begin with this, you have got to find out existing and top logistics companies in your country/area which can easily be done via the help of a smartphone.

2. Content Creation

This business involves you curating, and creating content for a product or service, there are various types of content you can produce based on your experience, skill set etc. Examples of content vary from media to media such as articles, videos/vlogs, graphics, podcasts etc, doing this over time can make you an influencer or a go-to expert in a variety of topics.

Online businesses you can explore under content creation are

• blogging
• podcasting
• video creation
• Graphics

Blogging

Blogging is an online business idea which includes visual content such as writing articles based on your review, critique and understanding of a subject or topic, With a good smartphone, you can write a guide, share ideas or product reviews etc which can then be monetized through various means, such as affiliate marketing, sponsored posts, or advertising.

Podcasting

Podcasting is another content creation business idea similar to blogging which can be done with a smartphone, this business idea is all about an audio discussion via a phone microphone or a random smartphone speaker published and uploaded on various media to educate, entertain and inspire a set audience. This audio discussion is called a podcast which can be monetized through sponsorships or advertising.

Video Creation

Video creation is an online business idea that includes audio-visual content (content that people can see, watch and hear), this type of content is available in long and short formats such as Youtube videos, youtube shorts, training videos on udemy, Coursera, entertainment videos such as Facebook reels, TikTok, Instagram reels etc. It can be monetised through advertising or sponsorships.

A very good smartphone with an excellent camera and good storage is a very good way to start and scale a business online

Graphics

This is the online business idea which includes visual or illustrative diagrams/patterns of content, they are used to convey/interpret information graphically to customers. This kind of content is used in social media, media and advertisements, they are also used as artworks which can be monetized through advertisements, sponsorships and affiliate marketing

3. Online Services

Freelancing

Freelancing is an online business idea which affords you to offer your services in exchange for money, it basically links a potential business owner or client with a specific task to be done with the recommended expert who can carry it out easily. There are several freelancing platforms (Terawork, Upwork, freelancer, fiver, Guru) which you can leverage easily with your phone today and earn massive income with your services as a freelancer, such as writing, graphic design, or web development.

Online Consulting

Online consulting is an alternative to Freelancing, here you utilise your experience/expertise to help another business in an area of need. With your smartphone, you can begin a consultation business on a variety of topics such as social media management, finance, inventory management

Virtual Assistance

Virtual assistance is an online business idea in which you can offer your services such as email management, social media management, pick/end calls, listing products or appointment scheduling tasks etc to businesses or individuals. With your smartphone and good internet, you can leverage working as a virtual assistant.

4. Web/App Development

Gaming Apps

Creating gaming apps is an online business idea you can use with app development tools to create games that are both entertaining and monetizable through in-app purchases, ads, or sponsorships.

Educational Apps

Educational apps are another development business idea you can create to help users learn new skills or knowledge. Educational apps can be monetized through in-app purchases, ads, or subscription models.

Utility Apps

Utility apps are also app development business ideas you can create to provide solutions to specific problems, such as language translation or photo editing. Utility apps can be monetized through in-app purchases, ads, or subscription models.

How to Start an Online Business with a Smartphone

Starting an online business with a smartphone requires planning, dedication, and effort. Here are some tips to help you get started:

Build a Strong Online Presence

Building a solid online presence is essential for any online business. You can use social media platforms like Facebook, Twitter, or Instagram to promote your business and engage with your audience.

Identify Your Niche

Identifying your niche is crucial for the success of your online business. It would be best if you focused on a specific niche that you are passionate about, solves a problem and has a market demand.

Conduct Market Research

Conducting market research is necessary to understand your target audience and competitors. You should analyze the market trends, consumer behaviour, and competitors’ strategies to create a unique value proposition.

Use Social Media

Using social media is crucial for any online business for promoting its products or services, engage with its audience, and build brand awareness.

Invest in Your Skills

Investing in your skills is essential for the success of your online business. You should continuously learn new skills, such as digital marketing, content creation, or app development, to stay ahead of the competition.

Challenges of Online Business with a Smartphone

Starting an online business with a smartphone has its challenges. Here are some of the challenges you may encounter:

Limited Screen Size: The limited screen size of a smartphone can make it challenging to perform complex tasks. You may need to invest in a larger screen or use external peripherals to overcome this challenge.

Inadequate Storage: The limited storage capacity of a smartphone can restrict your ability to store large files or data. You may need to invest in external storage devices or use cloud storage

Limited Battery Life: The limited battery life of a smartphone can limit your productivity and disrupt your workflow. You may need to invest in a portable charger, or power bank or optimize your battery usage

Inability to Handle Complex Tasks: The inability of a smartphone to hang or respond slowly to some specific tasks can be frustrating, the solution is to get a powerful device with a very good RAM

Starting an online business with a smartphone is possible with the right mindset, tools, and strategies, irrespective of the challenges. You can use your smartphone to create a successful online business and achieve financial freedom.

Don’t be dismayed using your smartphone, Lasisi Elenu (a Nigerian comedian uses his phone to shoot his comedy skits and he gets a high number of views which makes him quite a fortune). All you have got to do is ensure you have a good smartphone with a good camera, internal storage and random access memory(ram)

What have you learnt from this article? Comment with the very business idea you will want to start/scale with. We are here to help you with whatever form of consultation/inquiry, feel free to contact us

If you are looking to start an online business, then you need to understand the importance of choosing a niche market.

By focusing on a specific audience, you establish credibility, create a more focused business, and make it easier for interested customers to find you. In this article, we will define what a niche market is and give you examples to help you get ideas.

What is an Online Business Niche Market?

An Online business niche market is a segment of a larger market which is defined by unique needs, preferences, or identity, this is a distinct and specialized market tailored to a particular set of customers who share common characteristics and requires products or services that are tailored to their specific needs, for example, instead of selling shoes to everyone, you might decide to shoes for plus-sized women, or palm sandals for men. By doing this, you narrow your market and make your message clearer.

Let’s take an example of a product “A,” which is targeted at everyone in the marketplace. Although everyone in the market may be interested in product A, interest is not enough to guarantee sales. Affordability, features, and other factors may influence their purchase decisions.

A subset of the market, such as the three individuals who want a smartphone with an excellent camera, may have different needs than the broader market. They represent a niche market, and they require a different product to satisfy their specific needs.

Why Do Online Business Niche Markets Exist?

Niche markets in an online business exist because customers’ needs are different. Although customers may be interested in a particular product category, their specific requirements may differ, necessitating a distinct and specialized product.

A good example of this is the car industry. Let’s say you are interested in purchasing a car, but you do not know what type of car you want.

A car magazine that caters to your particular subset of the market may provide a solution for you. Although it is a different product category, it is still a subset of the car market that you need to consider.

Sometimes, a company may build a completely different product that feeds a particular section or subset of the market.

Alternatively, they may build a product with different features, and pricing, or fit the targeted section of the market.

Why Are Online Business Niche Markets Important?

Online Business Niche markets are essential because they enable the online business to compete and succeed in a market dominated by large corporations.

Online businesses may not be able to afford to target large markets with significant competition. Instead, they can target a smaller subset of the market by providing unique solutions to their specific needs.

Niche markets also enable businesses to reduce marketing costs. There is less competition in a subset of the market, which means less money is required to market the product or service. This is a significant advantage for small businesses with limited budgets.

How Can Online Businesses Use Niche Markets to Their Advantage?

Online businesses can use niche markets to their advantage by identifying a particular subset of the market that is underserved or unserved at all (this means they are not currently being served or not properly served).

By providing a unique solution to that subset’s needs, they can differentiate themselves from their competitors and reduce marketing costs.

To successfully target a niche market, every online business must:

Conduct thorough market research

Identify the needs, behaviours, and preferences of the target market. This will help businesses develop a product or service that is tailored to the niche market’s specific needs.

Develop a unique value proposition

Create a value proposition that differentiates the business from its competitors. This will help the business stand out in a crowded marketplace.

Utilize targeted marketing strategies

Targeted marketing strategies such as content marketing, social media marketing, and email marketing can help businesses reach their target audience more effectively.

In conclusion, choosing & understanding a niche market is important as it helps to establish credibility and dominate that corner in a crowded market.

By targeting a specific subset of the market and providing unique solutions to their needs, online businesses can differentiate themselves and reduce marketing costs based on consumers’ needs and preferences.

The examples listed above are just a few ideas to get you started. Remember, the key is to find a niche that you’re passionate about and that has a market of people willing to spend money on your products or services.

What have you learnt so far in this article? Kindly share in the comments below

If you are looking to boost your online business and improve your website’s search engine ranking, using long-tail keywords is the way to go. Over the last several years, the trend of making money online has become incredibly popular, because anyone with any kind of skill can succeed at earning an income online. However, there is a challenge in making good use of the internet possibilities.

You are well aware of the significance of choosing the appropriate audience as a business owner or marketer, A thorough understanding of your niche and target market is essential if you want to stand out in today’s crowded internet industry.

Making use of long-tail keyword tools is one of the most efficient methods to accomplish this. These keywords can help you connect with potential customers who are actively searching for products or services that match your business niche.

In this article, we will explore long-tail keywords as the key to online business domination on the internet

Long Tail Keywords: What Are They?

Long-tail keywords are keyword phrases that are longer and more specific than typical keywords. These phrases usually consist of three or more words and are highly targeted/detailed to a specific product or service.

Long-tail keywords are more detailed and lengthy search terms that consumers use when conducting online searches. Long-tail keywords are more specialized and precise than short-tail keywords, which are more general. For instance, a long-tail keyword would be “black leather shoes for women,” but a short-tail keyword would be “shoes.”

Importance of Long tail keywords

There are various reasons why long-tail keywords are important.

Long-tail keywords are more specific bringing targeted traffic and increased conversion rate (i.e. they attract people who are looking for exactly what you offer, which makes them more likely to convert into paying customers, at the same time using the keyword makes you an authority in that business.

They improve your chances of turning visitors into customers by enabling you to target a more particular audience, which increases your ranking on Google search engines

They provide more insight into your market and target demographic, which is essential for creating winning marketing plans.

How to Find Long Tail Keywords for an Online Business

Finding the right long-tail keywords for your online business niche can be a bit challenging, but there are several ways to do it. Here are some tips:

Use Google’s Autocomplete

When you start typing a search term into Google, it will offer several autocomplete suggestions based on popular searches. These suggestions can give you ideas for long-tail keywords that people are actively searching for.

Use Keyword Research Tools

There are several keyword research tools available that can help you find long-tail keywords for your niche. Some popular tools include Google Keyword Planner, Ahrefs, SEMrush and so much more

Check Your Competitors

Look at your competitors’ websites and see what keywords they are targeting. This can give you ideas for long-tail keywords that you can target as well.

Where to use Long Tail Keywords?

Once you have found the right long-tail keywords for your online business niche, it’s time to start using them. Here are some tips:

Use Long-Tail Keywords in Your Titles

Using long-tail keywords in your titles can help you rank higher in SERPs and attract more targeted traffic to your website.

Use Long-Tail Keywords in Your Content

Make sure to use long-tail keywords naturally throughout your content. Don’t force them in, as this can hurt your search engine ranking.

Use Long-Tail Keywords in Your Meta Descriptions

Meta descriptions are the short blurbs that appear below your title in SERPs. Using long-tail keywords in your meta descriptions can help you attract more targeted traffic to your website.

Using long-tail keywords is an effective way to unlock your online business niche and connect with potential customers who are actively searching for products or services that match your business.

By following the tips outlined in this article, you can find the right long-tail keywords for your niche and start using them in your content to improve your search engine ranking

Choosing the right online business niche is crucial for its success. However, finding the perfect niche can be a challenging task due to conflicting opinions on what makes a niche lucrative.

The first step in setting up a profitable online business in 2023 is to define the particular point(niche) you want to position in, what people consider as a niche varies depending on their understanding and expertise.

A niche is a particular section of the market in which new business leverage to avoid saturation, for example, when we consider how many websites/blogs/articles are on wristwatches. The results show an increase in daily rise since the end of the 2020 coronavirus pandemic unlike the smartwatch

One distinct way to serve a purposeful customer to the fullest is, to begin with an online business niche in 2023, irrespective of location. Increasing competition in the online space can be avoided when we have a niche that’s profitable, sustainable and has low competition.

In this article, we will discuss how to find a profitable online business niche in 2023.

Why is an Online Business Niche Important in 2023?

Before we dive into the specifics of finding an online business niche, let’s understand what a niche is and why it’s crucial for the success of an online business.

What is a Niche?

A niche is a specific segment of a market size that caters to the needs of a particular group of people. In other words, it is a small fragment with unique requirements and preferences which allows for market concentration thus yielding profit.

An online business niche can be a product, service, or a combination of both, it remains one of the unique traits of the top 10 businesses in the world such as Amazon starting as a website selling books etc

A niche can be likened to each subject in each smaller set of the Venn diagram of men shown above

In this diagram, trying to sell men’s fashion could toss you up and down with no definite direction. However, the major ideal step to follow is to

First, select an area, then another smaller subject in that area and sell. Once you are good at that you can add another similar subject in that area which can be better illustrated as niching up or down,

• niching up is expanding your niche in a way that you collaborate/complement with other similar businesses, this is better illustrated when a brand started first by selling men’s wristwatches and later joined cufflinks to it
• niching down is downsizing your business operation in a way to focus or concentrate on a smaller group of people, this is when a brand started selling wristwatches but the need or demand for wristwatch batteries and bands causes him to leave wristwatches and start selling wristwatches batteries

I hope you understand the definition of a niche, let’s explore the importance

The Important of an Online Business Niche?

In the online space, competition is fierce. With millions of businesses vying for attention, it’s crucial to stand out from the crowd. This is where a niche comes in.

i. By focusing on a specific segment of the market, you can create a unique value proposition that sets you apart from the competition (leverage ahead of your competitors)

ii. It allows you to define and build a community of interested customers who are passionate about your product or service.

iii. It ensures easy access to becoming an authority (expert) faster and conveniently without wasting time and effort

How to Find an Online Business Niche in 2023

There are different ways to find a niche for your online business. We will discuss two effective methods in detail.

Competitor Research

One way to find a niche is to look at your competitors, they are way ahead of us and analysing them can help us get more information on the market dynamics, Your competitors cut across different channels

• social media platforms
• complementary services and offers
• website traffic

Social media platforms

There are several social media platforms such as Facebook, Instagram, LinkedIn etc, to carry out competitor research via social media. Here are what to do:

• Go to the homepage of the various social media platforms, search for your niche
• Various results from individuals, pages, groups, and communities will come out,
• Different forms of content will be among the results such as articles, graphics, videos etc
• Curate and analyze the top post that appeals to your niche appropriately

Website Information

Competitor research is not limited to social media, another is the website information which can be news articles, blogs, websites etc. To carry out this kind of research, follow through this process:

• Go to google.com
• type in your niche via the search button
• It will bring out a variety of results
• From the result, determine how many?
• Analyze the first 3 pages on Google. What are they about in terms of content, page views and frequency of posts?

This is a preliminary way to search for your competitors through Google, an advanced way is discussed subsequently

Use Google Tools as a Proxy to check Commercial Value

Another way to find a niche is by using Google tools, Google is an important key to our profit on the internet because it houses and addresses about 80% of the whole human race’s queries. One way to quiz out the quantitative and qualitative results is through

• Google ads
• Google Trends
• Other similar Tools

1. Google Ads

Under Tools and Settings of the Google ads, a specific tool called Keyword Planner can be used to discover keywords, search volume and forecast. You can exploit this tool to discover a list of potential keywords that set apart your competitor,

• Visit Google Ads
• Sign in with your Gmail address or start the registration,
• Go to the tools and settings section,
• On the drop-down section, click the keyword planner
• On the keyword planner, you can leverage it with the keywords in your niche or competitors’ website link
• Whatever choice is selected, a proper result sheet containing average monthly searches, three-month change, and competition score(low. high), top of the page bid (low/high range)
• this can be downloaded into spreadsheets for subsequent analysis

2. Google Trends

This is another tool that expands our competitor research relative to location-based, it gives a detailed insight into the respective location we can explore as well as a comparison between keywords. Follow the steps below

• Go to Google trends
• Insert the major keyword related to your niche
• A proper breakdown will be shown relative to the location, states, regions

3. Other Similar Tools

There are several related tools to explore aside the Google tools, examples include

• Ubersuggest
• Ahrefs
• Seorush
• Surfer Seo

To find niches with high traffic value, you can use a tool like Content Explorerunder this tools. It helps with a searchable database of billions of content pages just by setting a website traffic value filter with a minimum value of 1000 and you can determine websites and niches which are commercially feasible

Three (3) Common Problems Faced While Choosing an Online Business Niche

1. Passion vs. Profit

One group of people will say to pursue something you are passionate about, or else you will fail. The other group will say to follow the money because passion isn’t going to pay the bills. The truth is both points are valid. While passion can help drive your business, it may not always lead to profitability. On the other hand, focusing solely on profit may not be sustainable in the long run. The solution is to find a balance between passion and profit. You should look for a niche that aligns with your interests and has the potential to generate revenue.

2. Low vs. High Competition

One party swears that low-competition niches are the only way to go because you can get traffic faster, and you won’t have to compete against behemoths with bottomless wallets. The other side says that you have to go for high-competition niches; otherwise, you’re limiting your earnings potential. The solution is to find a niche that has a balance of competition.

3. Micro vs Broad Niche

Selecting between a micro and broad niche can be challenging especially when you consider various products or services you stand to gain or lose, however here is a scenario that illustrates micro and broad niche

Consider yourself a beginner with little or no expertise or skills and you are to consider between Laptops backpacks (as a micro niche) and bags (as a broad niche), It might seem very lucrative to begin bags because there are several products to consider such as handbags, shoulder bags, waist bags, wallet, phone bags, lunch bags etc and in the real sense laptop backpacks seem very limited

This is a big challenge to beginners but here is what I want you to know, several big companies we know today began with a micro niche to streamline their operations, minimize overhead costs and identify their customers. A micro niche ensures efficiency more than density.

5 steps to the profitability of an Online Business Niche?

There are thousands of niches out there that you can choose. Unfortunately, not all niches are profitable, and not all will appeal to you. However, here’s how you can find a profitable niche for your online business and get on the path to success.

1. Identify Your Passion and Expertise

The first step in finding a niche is to identify your passion and expertise. This can be anything that you enjoy doing or have expertise in. For example, if you’re passionate about fitness and have a background in personal training, you could start an online business that offers fitness coaching or sells fitness equipment.

Tips for Identifying Your Passion and Expertise

• Make a list of your hobbies and interests
• Identify your professional expertise
• Consider the problems you can solve
• Write down every thought/idea that comes to mind
• Think about the industries that are growing

2. Research Your Competition

Once you have identified your passion and expertise, it’s time to research your competition. Look at the competition/existing businesses in your niche and see how they are performing. A good example will be to enter the keyword (topic) in Google search, and the first page of results is your competitions

This will give you an idea of the demand for your product or service and the level of competition you’ll face.

Tips for Researching Your Competition

• Use Google search to find businesses in your niche
• Check out their websites and social media profiles
• Look at their pricing and offerings
• Read customer reviews to understand their strengths and weaknesses

3. Analyze Market Trends

Market trends can provide valuable insights into the potential success of your online business. Analyzing market trends will give you an idea of the demand for your product or service and the overall growth potential of your niche.

Tips for Analyzing Market Trends

• Use Google Trends to identify rising trends in your niche
• Read industry reports and publications
• Follow industry influencers and thought leaders
• Attend industry events and conferences

4. Use Keyword Research

Keyword research is an essential tool for finding a profitable niche for an online business. By using keyword research tools, you can

Tips for Using Keyword Research

• Use Google Keyword Planner to find popular keywords in your niche
• Look for long-tail keywords that have low competition
• Identify the keywords that your target audience is searching for
• Use keyword research to optimize your website and content for search engines

5. Understand Your Target Audience

Understanding your target audience is crucial for finding a profitable niche for your online business. You need to know who your potential customers are, what they are looking for, and how you can fulfil their needs.

Tips for Understanding Your Target Audience

• Conduct surveys and focus groups to gather information about your target audience
• Analyze customer data and feedback to understand their preferences and pain points
• Create buyer personas to identify the characteristics and behaviours of your ideal customer
• Use social media and online forums to engage with your target audience and gather feedback

Look at the five top topics that you research and make your decision. You want to make sure that you choose a niche that will be both viable and profitable, based on your keyword research, as well as one that interests you. If you aren’t interested in the niche you choose, chances are you won’t last very long in the business.

Once you’ve chosen a niche market, you can start to create the products you want to sell and identify and build your audience.

In conclusion, choosing a profitable online business niche requires research, analysis, and careful consideration.

To be profitable in any online business, it’s imperative you choose the right niche which requires a combination of personal and business decisions.

It is also essential to strike a balance between personal interests and business profitability. To find the right niche, you must pay attention to everything discussed in this article as it can increase your chances of success in your online business.

What makes an online business profitable? Kindly comment below and how do you hope to move from today