Niche Research Questions P&P:

To edit: File -> Make a copy

Part 1 - Principal Understandings

Now that you have picked a niche using the “Picking Your Niche” plug and play sheet,
you need to grasp the fundamentals of your niche’s business model overall so that
you can truly understand their problems like the back of your hand.

To grasp the fundamentals like no other, I recommend visiting what I like to call ‘The
university of youtube & google’ to watch videos and read forums on how their
business operates and what their problems are to get a great understanding of their
business as a whole.

Go to both Youtube & Google and type in stuff such as:

● ‘What is it like to be an E-commerce business owner’

● ‘How do eCommerce businesses work’
● ‘What are the biggest challenges for eCommerce businesses in 2022’
● ‘How to start an eCommerce business 2022’
● ‘How do eCommerce businesses make money’
● ‘How to get customers as an eCommerce business’

(if your niche is different, then just replace “eCommerce” to whatever niche you are
researching)

Make sure you soak up all the information you can in the youtube videos & blogs etc
by taking notes to collect your thoughts. Make sure you look out for pain problems
that get repeated multiple times throughout your research phase as these are KEY
problems, especially if they get mentioned multiple times by many different people.
One of the best ways to conduct research is to start looking at forums, blog & articles
that contain real business owners within them that are in the niche you are currently
researching as they will drop golden nuggets as to what they are struggling with on
a day to day basis. - This kind of information is seriously worth its worth in gold!

Part 1.2 - Key Statistics & Metrics

Now its time to collect some numerical data on the niche you are researching such
as how much the average business makes in revenue within your selected niche,
what their profit margins are, what they spend their money on I.e what expenses do
they have

If you are researching the eCommerce niche then you also want to search for what
their average conversion rate is, how much the AOV is (average order value) etc

Google is your best friend so make sure you use it as it has seriously taught me 90%
of what I personally know.

Most of the time, it’s simply about how good you are at asking Google the right
questions!

Examples of what you should look up:

● ‘how much does the average eCommerce business make’

● ‘What’s the average profit margin for an eCommerce business?’
● ‘What is the average order value of an eCommerce business?’
● ‘What expenses do eCommerce businesses have?’
● ‘How many employees does the average e-commerce business have?’
● ‘Average eCommerce conversion rate {insert the current year I.e 2022}’
● ‘How many employees does the average eCommerce business have?’

Make sure you’re writing all these answers down so you can compile them into your
notes (I recommend using the free version of Evernote for this)
(if your niche is different, then just replace “eCommerce” to whatever niche you are
researching)

Part 1.3 - Best Marketing Practices

Because we will be picking what service you should offer right after picking your
niche, it’s important that we start to understand what the best marketing methods
and strategies are for your said niche. To do so we again turn to ‘The university of
youtube & Google’ (The only university you need for marketing & running a business).

Search on BOTH Google & Youtube:

● ‘The best ways to get customers for eCommerce business’

● ‘How do eCommerce businesses get customers’
● ‘eCommerce marketing case study’
● ‘How to get results for Ecommerce businesses with {Insert service you are
thinking about offering}’
● ‘eCommerce {Insert service you are thinking about offering} case study’
● ‘{Insert service you are thinking about offering} for {insert niche}’

Look out for:

- The strategies they used
- What the best marketing methods were
- What sorts of offers workes the best
- How they actually did it
- Did videos or images work best? If so what kind of images or videos?
- What sort of things did they put in the text (Ad copy/captions)

In a couple of sentences, describe the overall strategy and what it took to generate
the niche these results?
Part 1.4 Niche Research Questions:

1. What is the average revenue of a business in your niche?

2. What is the average expenses of a business in your niche?

3. What is the average profit margin in your niche?

4. How do businesses in your niche get customers and is it effective?

5. On average how many employees does a business in your niche have?

6. Again, what are the main problems your niche faces on a day-to-day basis?

7. What fears do the business owners of your niche have?

8. What do the business owners in your niche truly desire?

7. What kind of language/lingo does your niche use?

8. What is the best kind of marketing for your niche?

9. What are the best types of offers to run for your niche?

10. What are the best/most successful businesses in your niche doing differently than
all the other businesses within your niche?

11. Overall, how do businesses in your niche operate? (1-2 sentences)