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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 October 13, 2020

How to Get Promoted When You Feel Stuck in Your Current Position

How to Get Promoted When You Feel Stuck in Your Current Position

Have you been stuck in the same position for too long and don’t really know how to get promoted and advance your career?

Feeling stuck could be caused by a variety of things:

  • Taking a job for the money
  • Staying with an employer that no longer aligns with your values
  • Realizing that you landed yourself in the wrong career
  • Not feeling valued or feeling underutilized
  • Taking a position without a full understanding of the role

There are many other reasons why you may be feeling this way, but let’s focus instead on learning what to do now in order to get unstuck and get promoted

One of the best ways to get promoted is by showing how you add value to your organization. Did you make money, save money, improve a process, or do some other amazing thing? How else might you demonstrate added value?

Let’s dive right in to how to get promoted when you feel stuck in your current position.

1. Be a Mentor

When I supervised students, I used to warm them — tongue in cheek, of course — about getting really good at their job.

“Be careful not to get too good at this, or you’ll never get to do anything else.”

This was my way of pestering them to take on additional challenges or think outside the box, but there is definitely some truth in doing something so well that your manager doesn’t trust anyone else to do it.

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This can get you stuck.

Jo Miller of Be Leaderly shares this insight on when your boss thinks you’re too valuable in your current job:

“Think back to a time when you really enjoyed your current role…You became known for doing your job so well that you built up some strong ‘personal brand’ equity, and people know you as the go-to-person for this particular job. That’s what we call ‘a good problem to have’: you did a really good job of building a positive perception about your suitability for the role, but you may have done ‘too’ good of a job!”[1]

With this in mind, how do you prove to your employer that you can add value by being promoted?

From Miller’s insight, she talks about building your personal brand and becoming known for doing a particular job well. So how can you link that work with a position or project that will earn you a promotion?

Consider leveraging your strengths and skills.

Let’s say that the project you do so well is hiring and training new entry-level employees. You have to post the job listing, read and review resumes, schedule interviews, make hiring decisions, and create the training schedules. These tasks require skills such as employee relations, onboarding, human resources software, performance management, teamwork, collaboration, customer service, and project management. That’s a serious amount of skills!

Are there any team members who can perform these skills? Try delegating and training some of your staff or colleagues to learn your job. There are a number of reasons why this is a good idea:

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  1. Cross-training helps in any situation in the event that there’s an extended illness and the main performer of a certain task is out for a while.
  2. As a mentor to a supervisee or colleague, you empower them to increase their job skills.
  3. You are already beginning to demonstrate that added value to your employer by encouraging your team or peers to learn your job and creating team players.

Now that you’ve trained others to do that work for which you have been so valued, you can see about re-requesting that promotion. Explain how you have saved the company money, encouraged employees to increase their skills, or reinvented that project of yours.

2. Work on Your Mindset

Another reason you may feel stuck in a position is explained through this quote:

“If you feel stuck at a job you used to love, it’s normally you—not the job—who needs to change. The position you got hired for is probably the exact same one you have now. But if you start to dread the work routine, you’re going to focus on the negatives.”[2]

In this situation, you should pursue a conversation with your supervisor and share your thoughts and feelings to help you learn how to get promoted. You can probably get some advice on how to rediscover the aspects of that job you enjoyed, and negotiate either some additional duties or a chance to move up.

Don’t express frustration. Express a desire for more.

Present your case and show your boss or supervisor that you want to be challenged, and you want to move up. You want more responsibility in order to continue moving the company forward. Focus on how you can do that with the skills you have and the positive mindset you’ve cultivated.

3. Improve Your Soft Skills

When was the last time you put focus and effort into upping your game with those soft skills? I’m talking about those seemingly intangible things that make you the experienced professional in your specific job skills[3].

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Use soft skills when learning how to get promoted.

    According to research, improving soft skills can boost productivity and retention 12 percent and deliver a 250 percent return on investment based on higher productivity and retention[4]. Those are only some of the benefits for both you and your employer when you want to learn how to get promoted.

    You can hone these skills and increase your chances of promotion into a leadership role by taking courses or seminars.

    Furthermore, you don’t necessarily need to request funding from your supervisor. There are dozens of online courses being presented by entrepreneurs and authors about these very subjects. Udemy and Creative Live both feature online courses at very reasonable prices. And some come with completion certificates for your portfolio!

    Another way to improve your soft skills is by connecting with an employee at your organization who has a position similar to the one you want.

    Express your desire to move up in the organization, and ask to shadow that person or see if you can sit in on some of their meetings. Offer to take that individual out for coffee and ask what their secret is! Take copious notes, and then immerse yourself in the learning.

    The key here is not to copy your new mentor. Rather, you want to observe, learn, and then adapt according to your strengths.

    4. Develop Your Strategy

    Do you even know specifically why you want to learn how to get promoted? Do you see a future at this company? Do you have a one-year, five-year, or ten-year plan for your career path? How often do you consider your “why” and insure that it aligns with your “what”?

    Sit down and make an old-fashioned pro and con list.

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    Write down every positive aspect of your current job and then every negative one. Which list is longer? Are there any themes present?

    Look at your lists and choose the most exciting pros and the most frustrating cons. Do those two pros make the cons worth it? If you can’t answer that question with a “yes,” then getting promoted at your current organization may not be what you really want[5].

    The two most important days in your life are the day you are born and the day you find out why. —Mark Twain

    Here are some questions to ask yourself:

    • Why do you do what you do?
    • What thrills you about your current job role or career?
    • What does a great day look like?
    • What does success look and feel like beyond the paycheck?
    • How do you want to feel about your impact on the world when you retire?

    Define success to get promoted

      These questions would be great to reflect on in a journal or with your supervisor in your next one-on-one meeting. Or, bring it up with one of your work friends over coffee.

      Final Thoughts

      After considering all of these points and doing your best to learn how to get promoted, what you might find is that being stuck is your choice. Then, you can set yourself on the path of moving up where you are, or moving on to something different.

      Because sometimes the real promotion is finding your life’s purpose.

      More Tips on How to Get Promoted

      Featured photo credit: Razvan Chisu via unsplash.com

      Reference

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