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How to Find a Profitable Niche for Your Online Business

How to Find a Profitable Niche for Your Online Business

Do you struggle with knowing what to do when it comes to building an online business?

Most people struggle, a lot.

The truth of the matter is that if you do not pick the right niche, or focus on serving people who are willing to pay you, chances are that you will fail. But this doesn’t mean you have to figure it all out right away: when I started my online business, I didn’t know what I wanted to focus on.

I knew I was passionate about personal development. I also knew that the personal development market was extremely saturated, but I didn’t know what else to do, so I jumped in anyway. I started building an audience, and as I started getting feedback, I started to discover my niche.

You see, it’s not about perfection—it’s about constant improvement. If you have a vague idea of what you want to do, but aren’t sure, the best thing you can do is to jump in and see what happens. If you can’t figure it out, you just have to take action, otherwise you’ll stay stuck for a long time.

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Why Most People Fail

One of the main reasons people fail is because they are unrealistic. They may follow their passion, but they never stop to think if people would be willing to pay for what they want to do, so always stay focused on what problems people have, and if they would be willing to pay you to solve those problems.

When I started, I dove into the personal development market. My odds of success were low, but I knew there was demand. I knew the market was viable, because there was competition; I could find books, courses, workshops, and coaches. If I could just build an audience, I could succeed. I didn’t know what I was doing, but I took things one step at a time, and here I am today, getting paid to do what I love.

How to Find a Profitable Niche for Your Online Business

There are three main steps—or areas—you need to think about when you’re determining what you want to build an online business about. Let’s dive into the first and most important one.

Step 1: Passion

The first area is passion.

Yes, there are people who have businesses in markets they aren’t passionate about, but are they happy? They may be making a lot of money, but money alone won’t bring you fulfillment in life. It is when you are passionate about something that you excel. You have a drive to learn more because you love it.

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And I was passionate about personal development when I started: I was willing to work hard, and be open to constantly learning new things. This drive allowed me to build an audience of thousands of people, and it later helped me uncover my niche, which was to help people turn their passion into a thriving lifestyle business.

Action step: Look at what you’re passionate about. Brainstorm a list of topics. Don’t censor yourself, and don’t worry about if it’s profitable or not.

Step 2: Skill

The next area is skill. What are you good at? Or, what do you want to become good at? People pay for skill; they pay for a job well done. This doesn’t mean you have to be an all-knowing expert—it just means you have to have skills that are needed by the people you’re helping.

For example: when I started, I certainly couldn’t hold up to some of the personal development experts like Tony Robbins or Wayne Dyer, but I had my own experiences to share. People enjoyed my unique, fresh perspective. Don’t underestimate how much you already know—you don’t have to know everything, you just have to know enough.

Action step: Write down a list of things you’re good at, or want to become good at. Again, let it flow and you’ll be surprised at what comes out.

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Step 3: Demand

Demand is what makes it all work.

What are people willing to pay for? What already exists out there? Look at books, programs, courses, workshops, retreats, and anything where people are paying money for a solution. Also look at successful coaches: What problems are they solving? How are they helping people? How much are they charging?

When I dove into the personal development market, I knew there was demand there. People were paying thousands to attend retreats, workshops and take online courses because they wanted to be fulfilled, live their purpose, and to find their passion. Uncovering the demand doesn’t have to be complicated—just look at what people are spending money on.

Action step: Do some research. Use Amazon, Google, and just plain surfing around, to see what people are paying for. Then look at what you’ve written down in step 1 and 2. Try to find the intersection.

Finding the Intersection, Finding Your Niche

So, how do you find a profitable niche for your online business? Look at the three steps we’ve gone through above. Write down what you’re interested in, write down what you’re good at, and then look at what the competition is doing. If there is competition in a market, it means there is opportunity there. Once you’ve done your research, try to find the intersection between these three areas.

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For example, my passion is personal growth and business: that’s my intersection. I’m passionate about it, I’m good at it, and there’s demand for it. In the end, there are no guarantees, so you have to be willing to start before you feel ready. Most entrepreneurs fail many, many times before they find something that works.

The Bottom Line

To find a profitable niche for your online business, you have to find the intersection between what people want, what you’re good at, and what you’re passionate about.

It’s not easy—that’s why most people give up—but if you keep going, you will succeed. That’s what I’ve discovered, and that’s what I’ve found to be true.

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Last Updated on November 5, 2018

20 Best Places to Work for a Great Career in 2018

20 Best Places to Work for a Great Career in 2018

Looking for a job? There’s no doubt to the fact you will want to work with a company that appreciates you for who you are.

Well, good news. The labor market today is one that has peened up with more opportunities for advancement and personal employee improvement. This is partly due to the fact that a lot of companies have been made to understand the value of their biggest assets: the employees.

To wit, here’s a list of companies- across a wide array of industries- that have been able to develop working environments that are healthy and accommodating to workers.

Take a look at these 20 best place to work for a great career:

1. Salesforce, San Francisco, California,

    Salesforce is in the information technology business and the company ranks highest due to their commitment to learning and innovation. They are ready to try new things and everyone with a new idea is always welcome to share it at the company. The company has also been known to exhibit an exceptional approach to alignment.

    Find out more about careers in Salesforce

    2. Wegmans Food Markets Inc.,Rochester, New York

      Based in Rochester, New York, employees have been known to enjoy a sense of purpose from working here. The company has been able to achieve an optimal level of engagement across all working tiers and they’ve been able to achieve great things together. They even do deliveries.

      Find out more about careers in Wegmans

      3. Ultimate Software, Weston, Florida

        Employees get amazing benefits here but that’s not the only reason why this place is so awesome to work. Whenever there is a need or a death of an Ultipeep or any of other family members, the company shows love and support like no other.

        Find out more about careers in Ultimate Software

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        4.The Boston Consulting Group, Inc., Boston, Massachusetts

          Development is at the center of anything that goes on here. The business is about people and employees are the company’s biggest asset. Employees are able to challenge the status and also leave impacts on clients.

          Find out more about careers in The Boston Consulting Group

          5. Edward Jones, St. Louis, Missouri

            Edward Jones is admired for their ability to acknowledge history without being mired down by it. The company builds on a solid foundation but there is also a level of flexibility that allows for innovation.

            Find out more about careers in Edward Jones

            6. Kimpton Hotels and Restaurants, San Francisco, California

              Kimpton is a trendsetter in the hospitality industry. The company always strives to try something different and that perspective is welcomed there at all times. Enjoy the weekends with luxury rooms, conformable mattress, furnished and well dressed service staff. A great opportunity for job seekers.

              Find out more about careers in Kimpton Hotels and Restaurants

              7. Workday, Pleasanton, California

                Newbies will find no issues with feeling welcome and at home here as this has always been a core culture component of the IT giant. Everyone is treated like family and this fosters a sense of oneness.

                Find out more about careers in Workday

                8. Genentech, South San Francisco, California

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                  Here, employees are encouraged to be themselves. There is a feeling of care, safety, and acceptance that you get here that you can’t get at many firms. The development of an all-inclusive environment has always been foundational.

                  Find out more about careers in Genetech

                  9. Deloitte, New York, New York

                    Deloitte is one of the biggest professional service providers in the world, noted for their focus on constant learning, development and improvement. They invest in their employees and are concerned about their well being.

                    Find out more about careers in Deloitte

                    10. Baird, Milwaukee, Wisconsin

                      Baird is a financial services provide that is known for adopting a “no asshole policy’ which guides the way people relate with and respect each other, regardless of their position on the company’s hierarchy.

                      Find out more about careers in Baird

                      11. Quicken Loans, Detroit, Michigan

                        At Quicken Loans, the views and opinions of everyone are respected and heard. The organization is revered for the amount of investment they put in their team members and everyone looks for ways to grow and be better.

                        Find out more about careers in Quicken Loans

                        12. Capital One, Mclean, Florida

                          Capital One has adopted a culture that encourages employees to take risks and try new things. They foster a healthy work-life balance and associates are challenged to live better lives.

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                          Find out more about careers in Capital One

                          13. Cooley LLP, Palo Alto, California

                            Cooley LLP is a law firm known for their ability to care about the company culture and being able to develop a working environment that is empowering and fun. Cooley is known to go for the best when it comes to their employees, regardless of the occasion.

                            Find out more about careers in Cooley LLP

                            14. Southern Ohio Medical Center, Portsmouth, Ohio

                              The medical center has been known for their propensity to delegate so much to their employees, thereby providing them with the ability to grow and learn on the job. In the end, you get a workplace that is all-engaging and super fun.

                              Find out more about careers in Southern Ohio Medical Center

                              15. American Express, New York, New York

                                American Express is a firm that celebrates wins, no matter how small. Everyone is made to share the same attitude towards service and the people they are to serve, thereby making people care about what they do.

                                Find out more about careers in American Express

                                16. Adobe Systems Inc., San Jose, California

                                  The culture at Adobe Systems is one that encourages employees to develop their own ideas and get a strong viewpoint. As opposed to encouraging competition, work-life balance is fostered everywhere here.

                                  Find out more about careers in Adobe Systems Inc.

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                                  17. The Cheesecake Factory Inc., Calabasas, California

                                    The Cheesecake Factory rewards dedication and hard work. Promotions come pretty easy, and there is always space for guidance to develop your experience and skills.

                                    Find out more about careers in The Cheesecake Factory Inc.

                                    18. Sap America, Newtown Square, Pennsylvania

                                      If you’re looking for a new career path, SAP might be the best bet for you. The company is adept at recognizing value and transferable skills. And you can always look for a new path while maintaining your employment.

                                      Find out more about careers in Sap America

                                      19. NVIDIA Corporation, Santa Clara, California

                                        NVIDIA is known for looking after even the smallest of things. With even a “pets allowed” policy this company accepts you for who you are, and helps you to work within your personality. Advancement is also fostered, and you are able to collaborate effectively.

                                        Find out more about careers in NVIDIA

                                        20. KPMG LLP, New York, New York

                                          Communication and progressive collaboration are the foundation of this company’s workforce treatment. Regardless of the level you are, someone is always at the ready to help and the company rewards extra effort with gratitude.

                                          Find out more about careers in KPMG LLP

                                          All in all, it’s safe to say that you will be able to find somewhere to apply your skills (whatever they are) that is all inclusive and highly accommodative. Companies today are being made to understand how much they can get when they treat their employees right and this has opened the door to an encouraging work environment for all.

                                          Happy job hunting!

                                          Featured photo credit: Pexels via pexels.com

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