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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 March 29, 2021

5 Types of Horrible Bosses and How to Beat Them All

5 Types of Horrible Bosses and How to Beat Them All

When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

The Dream Type Of Manager

My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

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“Okay…”

That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

The Complete Catalogue of Bad Managers

The Bully

My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

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The Invisible Boss

This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

The Micro Manager

The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

The Over Promoted Boss

The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

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You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

The Credit Stealer

The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

3 Essential Ways to Work (Cope) with Bad Managers

Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

1. Keep evidence

Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

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Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

2. Hold regular meetings

Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

3. Stand your ground, but be ready to jump…

Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

Good luck!

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