3) Niche

If I were to define what a niche is, I would say that a niche is a general area of interest, a hobby, a passion or stuff people do. It can be a big niche like health, self improvement, earning money online, etc.

A narrow niche can be "scuba diving".
 

A market is a group of people who share similar traits and have common needs. E.g. people who drive, people who need to buy a house.
 

Now a lot of people get confused right at this point. A niche and a market are NOT the same thing.

Niche can be defined a particular market or people that have relatively similar kind of habits, likes or dislikes, he or she actions in similar manner and they have similar purchasing habit.
 

That's how I would define a niche.

They will buy your niche/ specially tailored products on your online with similar kind of mindset.

Going niche is important for small business persons like you and me, because we as small business owners are limited by resources constraint (time, energy and money!) 

We can't apply Amazon business model as our business model.  However, we can compete with Amazon in a sub-niche – how to create a profitable scuba diving business.

Do you see how you can use niche-concept for yourself?

We need to focus a particular market in order to market ourselves our "niche" products.

** The internet makes it possible for individuals to compete against big companies on small niches, by meeting customer demands on a global basis. **

This ** concept alone is worth $24.95!

If you want to explore this more, google "The Long Tail" up, but I recommend to skip it because the whole book refers to that simple concept.  I just summarized the book in one sentence above :-)

For example, eBay was originated with the concept of flee market, but turned out to be a conglomerate.
People selling 1-2 dollars items are earning big bucks right now. How?  By going international! I won't quote tons and tons of valid examples here.  They are not relevant to you.

What you need to know is this: eBay itself contains a lot of different niches.  All you need to do is to narrow down a particular niche to see how you can monetarize the crowd by tailoring products to their needs.

People call this "Niche Marketing".

To summarize, think market, go "niche", then monetarize. There you have it - the 3 steps to online profits. Of course, you need to research and do some work before you can reach Monetarization

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