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3 Strategies You Can Use to Test the Potential Profits in Your Niche Market

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 Prior to creating a home-based business enterprise focused on a niche market product or service, it's essential to select a powerful niche market where you can earn money. This process requires research. It won't take you more than a few days to determine if you can turn a profit, if you know what to look for. To get started, ask yourself the following three questions.

1. Do folks in your target market spend insane amounts of money to get what they want?

To find out, do an Internet search using the words or phrases that you think someone would most likely enter in their favorite web browser. When the results are displayed, notice if sponsored ads are listed. Advertisers will not continue to spend money on ads if they are not making sales.

Next, you can check news feeds for trends and the latest information for the market or product you want to sell.

For instance, Halloween costumes represent a consumer marketplace where people spent more than $4.96 billion nationwide last year. That dollar amount increased from $3.29 billion in the preceding twelve months. Selling or promoting Halloween costumes is a hot niche, but it's seasonal.

To find a non-seasonal niche, then further research is needed. To begin, you'll want to know if there's any buzz (rising interest) within that market. You can search for paid sponsored ads in the search engines, like you did for a seasonal product, but you can also search the news wires, read press release reviews, or hot trends to see if the market is rising, staying the same, or declining.

2. Does your niche market product get the tag as being an evergreen product?

A product that always sells, regardless of the economy, is an evergreen product. It's not a

fad or the latest craze. It's either disposable (meaning when someone runs out of the product they have to buy shampoo, toothpaste, or toilet paper. Or, it's an essential item for a hobby or a sport, such as fishing lures, or paper for scrapbooking projects. There are virtually billions of evergreen items, such as TVs, auto insurance, energy-efficient vehicles, shoes, hobbies, wedding accessories, and newborn baby products. Knowing where consumers shop and spend their time, helps you determine where they spend their money.

3. Do the people in your potential marketplace have an insane passion for buying specific products?

To determine the strength of a niche market you can search through book categories on popular online bookstores and review their Top 100 list. Or, you can look at the magazines or newsletters that publishers sell to find all sorts of marketing ideas. For instance, you can find magazines and newsletters for various hobbies, exercise equipment, cars and trucks, online gaming communities, homemade jewelry, or pets. The list and ideas are limited only by your imagination.

Another tip is to visit your local library and ask the reference librarian for a book that lists all the associations and publications that are in print. You'll be lucky if you can get to page two of all the ideas you'll get just by scanning the titles and categories. In addition, you can do an online search for public speaker bureaus. Each speaker normally specializes in one or two fields of public interest.