Doing any form of legitimate business on the internet is what is regarded as online business. Making money online is simply the result of doing business on the internet.
Every business whether online or offline is set up to provide products and services that meet needs.
Money is simply a means of exchange for products and services provided. We make money online as we provide products and services that meet people's needs.
The more effective we are in meeting needs, the better positioned we are in making money online.
One truth that must first sink into your spirit if you will ever make money online is to know that no one business can meet all the needs out there.
That tells you that you must define the people you are out to meet their needs. This group of people becomes your niche market. These are your potential customers.
A niche market is a focused, targetable portion of a market; this means that a business that focuses on a particular niche market is providing products and services that are meeting the needs of such a group of people. A niche can be said to e a narrowly defined group of potential customers.
Your first responsibility as an online business person is to locate and define your market niche. Your success online will be determined to a very great extent on your ability to concentrate on a narrowly defined niche market and become an expert in it. Just as you would rather see a dentist for you tooth problem than seeing a general physician. People love to do business with people they can trust, and they will trust you if they can perceive you as an expert.
Choosing a niche market
1. Choose a niche where you have enough knowledge to proffer solutions to the problems of the people and thereby command the respect of your potential customer.
Business is all about solving problems; therefore look inward for what skills and knowledge that you have, and see how you can use it to solve people's problem for which they will be willing to pay you in return.
They will buy your products and services when they are sure that you have what it takes to solve their problems
2. Choose a niche market that you are passionate about. Your passion for your chosen niche will empower you to give your business all it would require of you to succeed in it.
Also, you'll need all the strength that your passion can give, for you to persist and persevere when it will look like nothing is happening.
