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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 August 10, 2020

10 Things You Should Do If You’re Unemployed

10 Things You Should Do If You’re Unemployed

Regardless of your background, times today are tough. While uneven economies around the world have made it incredibly difficult for many people to find work, the recent COVID pandemic has made things worse.

Regardless of age and qualification, stretches of unemployment have affected us all in recent years. While we might not be able to control being unemployed, we can control how we react to it.

Despite difficult conditions, there are many ways to grow and stay hopeful. Whether you’re looking for work, or just taking a breather between assignments, these 10 endeavors will keep you busy and productive. Plus, some may even help push your resume to the top of the next pile.

Here’re 10 things you should do when you’re unemployed:

1. Keep a Schedule

It’s fine to take a few days after you’re finished at work to relax, but try not to get too comfortable.

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As welcoming as permanently moving into your sweatpants may seem, keeping a schedule is one way to stay productive and focused. While unemployed, if you continue to start your day early, you are more likely to get more done. Also, keeping up with day to day tasks makes you less likely to grow depressed or inactive.

2. Join a Temp Agency

One of the easiest ways to bridge the gap between jobs is to find temporary work, or work with a temp agency. While many unemployed people job hunt religiously, rememberer to include temp agencies in the search.

While not a permanent solution, you will be in a better position financially while you search for something permanent.

3. Work Online

Another great option if you’re unemployed is online work. Many different sites offer a variety of ways to make money online, but make sure the site you’re working for is reputable.

Micro job sites such as Fiverr and Upwork as well as sites that pay for you to take surveys, are all quick, legitimate options. While these sites sometimes offer lower pay, it’s always better to move forward slowly than not at all.

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Here’s How to Find and Land a Legit Online Work from Home Job.

4. Get Organized

Unemployment is an excellent opportunity to get organized. Embark on some spring cleaning, go through old boxes, and get rid of the things you don’t need. Streamlining your life will help you dive head first into the next chapter, plus it helps you feel like your unemployed time is spent productively.

Try these tips: How to Organize Your Life: 10 Habits of Really Organized People

5. Exercise

Much like organizing your life, another good way to keep yourself enthusiastic and healthy is to exercise. It doesn’t take much to get slightly more active, and exercise can help you stay positive. Even a walk around the block a few times a week can do a lot for keeping you motivated and determined. If you take care of yourself, you can make the most of this extra time.

6. Volunteer

Volunteering is an excellent way to use extra time when you’re unemployed. Additionally, if you volunteer in an area related to your job qualifications, you can often include the experience on your resume.

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Not only that, doing good is a true mood booster and is sure to help you stay optimistic while looking for your next job.

7. Improve Your Skills

Looking for ways to increase your job skills while unemployed is a good way to move forward as well. Look for certifications or training you could take, especially those offered for free.

You can qualify more for even entry level positions with extra training in your line of work, and many cities or states offer job skills training. Refreshing your resume, and interview and job skills may make your job hunt easier.

8. Treat Yourself

Unemployment can be trying and tiring, so don’t forget to treat yourself occasionally. Take a reasonable amount of time off from your weekly job hunt to recharge and rest up. Letting yourself rest will maximize your productivity during the hours you job search.

Even if you don’t have extra money for entertainment, a walk or visit to the park can do wonders to help you go back and attack your job hunt.

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9. See What You Can Sell

Another good way to bridge the gap between jobs is to sell unused possessions. eBay and Amazon are both secure sites, but traditional garage sales are a fine option too. Sell off a few video games, or some electronics, for some quick and easy cash while you figure out a permanent solution.

10. Take a Course

Much like training and certifications, taking a class can be a good way to keep yourself sharp while unemployed. Especially when you’re between jobs, it can be easy to forget this option, as most courses cost money. Don’t forget the mass of free educational tools online: 25 Killer Sites For Free Online Education

Keeping your brain sharp can help you stay focused and may even help you learn some new, relevant job skills.

The Bottom Line

While unemployment numbers are still high, there are many things you can do to better yourself and move forward. While new skills to aid your job hung might seem out of reach, there are plenty of free ways to get ahead, online and off.

Additionally, don’t forget that taking time for yourself can do wonders for keeping you productive in your job hunt. While it is a challenge, don’t give up–being unemployed can offer you extra time to better yourself, and possibly grow more qualified to find work.

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Featured photo credit: neONBRAND via unsplash.com

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