Top Online Niche Markets
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.
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.
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.
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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