What Is A Niche?

Defining Niches - The goal of The Challenge is to make your first dollar online and to do this you're going to need to find a niche to focus your efforts on throughout The Challenge process. Dan Raine explains exactly what a niche is, the different types of niches and how they relate to markets.

Dan outlines the definitions clearly, giving you an understanding of what online markets are, niches and how they relate to markets and then micro niches which are a further subset of niches.

The best definition of a market is to call it a community of people who share a common interest in a particular subject or activity, often with their own language built from terms and acronyms. Dan demonstrates a few examples of this to illustrate the point.

In the context of niches, within every market you will find multiple niches, as niches are effectively a subset of that market that relates to a specific topic. Again, Dan provides examples to better explain how this works. In The Challenge, we will be drilling down even further to the micro niche level, or niches within niches.

Keywords, the words or phrases that people use to search online, are the critical factor when it comes to choosing niches and micro niches. They vary wildly in terms of the number of times the keywords are searched for every day and the competition for those keywords or phrases.

For today though, the first steps are to generate some ideas. To do this you simply need to sit down with a notebook and write down as many ideas as possible. Then, from your list of possible ideas, choose at least three that you can drill down into to get some micro niche ideas. Eg, from the market farm animals, you could drill down to individual animals like chickens and from there go into micro niches like chicken coops, chicken feeders and egg incubators.

Actions For The Day - 1. Step away from your computer. 2. Write down as many ideas as you can. 3. Choose at least three of these ideas and drill down into micro niches.