1. How well do you know your topic?
This is not just with regards to writing good content on your blog. To promote a website or venture you invariably have to spend time on forums and other community sites. Being regarded as someone who knows his field is a very big bonus. It adds trust and brand value for your site/business/blog.
2. Do you have strong network of people you know in your field?
They will do the word of mouth publicity for you. They will be helpful in generating content when you need. They will propel your business because it pushes their own self interests. For example, the make money blogs that we see so much. To generate enough back links and traffic most of these bloggers support and push each other at every opportunity. So cultivate a habit of networking with your niche people before setting up your website. It’ll help.
3. Are your visitors active or passive when it comes to spending online?
A choice to whether one should go for paid advertising can be answered with this question. If your traffic directly doesn’t add to your money bank, then it can be advised not to spend too much on your advertising and instead concentrate on cheaper means of traffic generation. Vice Versa if your audience is comfortable spending online.
4. Is it a tapering niche or a growing one?
How easy is it for you to stand out from your fellow niche members. If every idea idea that comes to your mind in making your website unique has already been taken, then it is going to be pretty difficult to catch attention and your brand identity is lost. If your topic is seeing a spurt in interest then put in more effort to grab your place at the top so that you are still at the top when it begins to taper.
5. What is the popularity of your niche online?
The more buss your product or service in general is creating online the better it is to promote easily. While selecting your niche, try and figure out if this field has longevity in terms of people talking about it on forums, blogging about it, etc.
6. What is the potential to add more products or services to cater to your market?
Value addition down the line provides maximum boost in promoting ventures. It also provides a good idea on the direction your web venture needs to take. Consider this point before delving into your field of choice, where is it going to take me?
7. What is the value of your topic off-line?
One can’t avoid noticing how off-line media plays a role in the growth of a certain web venture. Take Facebook for example. It gets mentioned every now and then in leading dailys thus generating new users outside of the web. Consider the ease with which off-line media will accept your business model, it will matter in lead generation a lot.
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