A niche is the area of expertise in which you will specialize. Most online businesses choose a broad niche, then focus on something even more specialized within it. You will want to find one specific market that you can serve, repeatedly, rather than spreading yourself too thin by trying to operate in multiple niche markets. Not all the niches out there make for a profitable online business.
When you focus on a single niche, you can more easily identify your ideal customer and approach them with targeted marketing. That is essential to turning prospects into paying customers. It requires more complex advertising and SEO to put all those products in front of different customers, and more work to build relationships with those customers. Focusing on one niche does not stop your business from growing. Spreading yourself too thin is a mistake that causes many new businesses to fail, preventing you from connecting with customers and draining your budget before you can start making a process. Instead, if you focus on just one niche, you can keep your marketing as focused and simple as possible to reach a specific set of customers.
You can read more here: https://www.thebalancesmb.com/how-to-pick-a-profitable-niche-for-your-online-business-4000460
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