How To Pick A Profitable Niche For Your Online Business

profile-rnd-4-blogToday I received a question on Facebook, (not within my FB group though) that I often get asked and that question was “How do I pick a profitable niche?”.

When I first started I made the mistake of just trying to pick a niche only for the purpose of making quick money.  I often found myself making a little money and then I would have a lack of motivation to create the content and put in the work to grow my business.

When you’re not making sales you’re motivated to work hard to grow your business, but once you get used to selling, it becomes very easy to get demotivated and find other things to do if you’re not very passionate about the business you’re building.

If I could go back several years and tell my own self (who was just starting out at that time) what I would do today it would be this….Think long term and not short term.

Pick a niche that you like, and see yourself doing long term and building a brand around.  When you build a brand you can sell affiliate products, your own information products, services and even coaching and consulting.

Building a brand gives you room to grow!

When you build a brand people buy from you because they know, like and trust you. Selling becomes easy because you’ve built trust and trust is far more valuable than being an expert marketer or having a slick sales page.

Learning all the marketing skills will always help you sell more products, but building a brand will allow you to have a long term business that keeps growing because of all the work and assets you create over time.

(PS. If you need help picking a niche click the image below and I will walk you step by step through my process to pick a profitable niche)

Here’s what you will learn:

1.) How to become an expert in any niche even if you’re brand new with no previous experience or knowledge.

2.) The 3 evergreen markets that are massively profitable and always will be. (Hint: I suggest to always go with one of these)

3.) Why you should “Think Big” and promote high ticket products because it takes the same effort to promote a high ticket product as it does to sell a low ticket product.

 

1).  Understand You Don’t Need To Be An Expert To Get Started

Many people don’t start the business they want to build because they fear competition or they feel that they’re not an expert so they have no value to deliver.  When I started my first blog “The Xsquare Group” I wasn’t an expert and I still don’t consider myself an expert to this day even if I feel very confident I can lead you and your business online.  I’m a constant student and always learning and growing.

I love marketing, testing new theories and sharing what works and doesn’t work.  That is why I eventually created my own affiliate program to invite people and partners to form this exciting community.

I share everything from marketing experiments, productivity and personal development which is a big part of business as well.  I never claimed to be an expert ever, but people follow me and resonate with me for that very reason.  I’m just a normal guy sharing the strategies and lessons I’ve learned building my own business.

You can do the same thing in the niche of your choosing.  You become the expert over time by sharing your value and putting content out to serve your niche.   No one starts out as an expert, they become an expert from delivering massive value consistently to their marketplace.

When you first start out you will face obstacles and problems.  You will have to learn to overcome.  By sharing those lessons and tips you will attract your audience and by helping them solve their problems the natural progression is paying customers.

So you may not be an expert now, but realise when people come across your content you will be the expert in their eyes because you’re delivering valuable content that helps them solve a problem or learn something they’re searching for.  This is why self publishing is so powerful because it’s easier now than ever to become an expert.

Now let’s talk about picking a profitable niche.

2).  The Three Most Profitable Niches Are Health, Wealth & Relationships

In my opinion I would only build a brand around one of these niches because people are hard wired a certain way from birth and we just can’t resist the need of having a better health, or to make more money and having the ideal partner and create a joyful family.  When someone has a problem in any of these niches they will do just about anything to solve their problem and pay a premium to have their problem solved.

Think about it for a second.

If you found out you had an adverse health condition today you would be willing to pay the doctor, or any other types of medical services just about any price you could afford to solve it right?

or

If there was a home remedy to solve your health problem you would pay to get the recipe wouldn’t you?

What about making more money?

Can you honestly say you wouldn’t like to increase your income?  My guess is you’re reading this very post because you want to engage yourself in serious business and generate more wealth.

Same goes for romance and relationships.  We are hardwired from birth to find our perfect mate to grow up and get married, start a family and we can try to fight the urge by saying we’re fine being single…., But we really know we all want to be loved.

The great thing about these niches is that people are usually repeat buyers.  People looking to make money online or learn marketing, buy many courses to learn new skills, to start a new business opportunity or to get direct coaching.

People looking to lose weight will buy weight loss pills, shakes, workout machines, gym memberships and fitness clothing.

People looking to get a girlfriend(pickup niche), get their ex back or repair their marriage will buy everything they can to solve their problem.

If you want a niche that is profitable for the long term and has repeat buyers you can never go wrong with any niche in these 3 categories. There are hundreds if not thousands of sub-niches in each one of these niches.

>>Need Help Picking A Niche? Click Here To Look Over My Shoulder And
Learn My Step By Step Process To Picking A Profitable Niche<<

3). Hobby Niches Are Massively Profitable

Hobby niches are very profitable because people never stop spending because they love the hobby and it brings them entertainment and makes them feel good.

Example: I love video and photography because of business.  I’m consistently watching new Youtube videos for the latest gadgets and cameras to hit the market. I buy new cameras, lens and I’m always upgrading my computers to be able to edit videos faster.

This hobby is very very expensive, but I don’t care.  I love it, I use it for business and I justify the cost.

Do you see the power in hobby niches?

When someone loves something or it entertains them they will buy the latest tools and gadgets simply because they want them.  Just look at niches like golf, motorcycle enthusiasts, car enthusiasts, hunting, fishing and bodybuilding.  People spend crazy amounts of money to pursue their hobbies.  If you have a hobby you love and already have knowledge in this may be a good a choice.

Now let’s move on to one of the most important metric I look for in a niche.

4).  Sell High-Ticket Products

One of the things I look for when entering a niche is the ability to sell higher ticket products or services.  When I first started online I couldn’t imagine people spending $500, $1000, $10,000 and $25,000 + online.

Later after getting mentors and getting around people who “Think Big” I had to make a mindset shift to what is really possible with Internet Marketing.  Not all niches have high ticket offers, but usually you can find high ticket offers in Health, Wealth and Relationships.

Just look at the numbers to make $100,000 a year:

  • Sell 10,000 people a $10 product
  • Sell 1000 people a $100 product.
  • Sell 100 people a $1000 product.
  • Sell 10 people a $10,000 product.

It’s much easier to find 100 people who will pay $1000 than to find 10,000 people who will buy a $10 product. Trust me I’ve tried it.

Another thing I like about selling premium priced products is the quality of your customers.  People who buy $7-$10 products often refund, complain and expect $10,000 of service for $10.  People who pay premium aren’t usually the type to refund, they don’t complain and they know exactly what they want.

I consistently buy training programs and coaching for $1000+ to get better and learn more and to this day I’ve never refunded a single product(even the bad ones).

When you switch to selling premium priced products it becomes much easier to scale up your business and it gives you money to reinvest into employees and resources to pull yourself out of the business routine. <— What we all truly want(freedom).

Depending on your niche, high ticket could be $200 or $500, but for me personally I won’t enter a niche unless they are selling at least $500-$1000+ products.

Pick A Profitable Niche That Is Right For You

If I was starting all over again I would pick a niche in health, wealth and relationships. Those niches will always have an endless amount of people to serve and help.  If those three niches don’t interest you then anything in the Hobby category will be a great choice as well if you love or have a interest in the hobby.

I think the most important factor is to pick something you can see yourself sticking with and building a brand around it.  Once you build a brand the options are unlimited and it gives you room to expand in the future.

If you need help picking a niche I created a PDF for you to show you how I pick a profitable niche.

(PS. If you need help picking a niche click the image below and I will walk you step by step through my process to pick a profitable niche)

Was this helpful to you? If so I would appreciate if you would leave me a comment below and share on Facebook.

I really look forward to our interactions in this lesson and those to come.  Welcome!

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