How to find a niche business idea
Use this framework to create your blue ocean niche idea.
Finding a niche business idea can be hard if you don't know there's framework you can use to figure it out fast.
Finding a niche can sometimes be one of the hardest parts of starting a business online but by far it is the smartest thing you can do for the long term profitability of your business.
What exactly is a niche?
A niche is a highly-specialized market. Sorta like a Sub-Sub market.
For example, a niche product could be something like, organic bath soap, chat bots for nail salons, coaching for food addicts or Spanish video game YouTubers.
Choosing a niche starts with doing your research.Â
The point of doing niche research is to refine and understand the demand in the niche and ensure that there is enough of a demand to make an income from it.
The last thing you want to choose is a niche that no one cares about.
This is why it's always more important to define who your dream customer is before you build the solution you want to sell them.
The Most Profitable Niches
Before you start your niche research, you need to know that the most profitable evergreen niche markets are Health, Wealth and Relationships.
These three core markets/desires have proven to be the most successful when it comes to online business.
These markets are also evergreen, meaning that they are always relevant to consumers and will be profitable forever.
Within each of these niche markets are sub-niches and this is what you need to discover and determine for yourself.
Let’s explore each of the Health, Wealth and Romance niches.
Health and Wellness market
The health and wellness market includes niches such as weight loss, dieting, fasting, possible embarrassing health related problems, quit smoking and very specific medical issues.
It is estimated that the health and wellness industry is worth over $1 trillion a year globally.
For diabetes alone, it's been reported that over $322 billion is spent in the Unites States on it every year.
Meaning there's a lot of money around for the taking, if you're willing to help these people get fit and healthy.
REASONS TO GET INVOLVED IN HEALTH NICHES
Health and wellness products and information can cost up to hundreds of dollars and some even cost thousands and up.Â
This is good as you commissions will also be high as well.
Everyone tries to put their health first so you can expect big spenders in this market as everyone wants to live a long and healthy life.
Many health and wellness niches are ongoing and always in demand.
This means it's not subject to seasonal fluctuations and that everyone someone is buying health products.
For you it means repeat purchases are going to be made every month of the year.
The Money and Wealth Market
The Money and Wealth market includes topics like internet marketing, gambling, lottery, finance, forex, cryptocurrencies, jobs and employment, affiliate marketing, multi-level marketing, network marketing and business opportunities to name a few.
The online business industry in the UK alone is worth £100bn according to The Guardian, that's twice as large as the hotel and restaurant industry.
Then the gambling industry is worth over $35.5 billion US dollars according to Statistics Brain.
And the Forex industry trades over $5.1 trillion per day according to Wiki.
REASONS TO GET INVOLVED IN MONEY AND WEALTH NICHES
Everyone wants and needs more money and as the old saying goes, "it takes money to make money" so people spend in this area in a big way.
People are never going to stop looking for ways to make more money and new ways to make money are propping up everywhere, which means ongoing opportunities for success for you.
Many of the wealth niches are expensive and need ongoing purchases as people can be obsessed with getting the most up to date and complete information.
The Romance, Relationship and Love Market
The Romance, Relationship and Love market includes online dating, relationships, attracting members of the opposite sex, finding a husband, wife or partner, marriage, love, getting your ex back, dumping your partner and more.
There are over 54 million single people in the US and over 49 million have tried online dating, showing the huge demand in this market.
People pay relationship Counselors up to $250 an hour which shows you how important relationships are and how much people are willing to spend to get them and keep them.
Does this show you how popular and lucrative these niches can be?
Reasons to Get Involved In the Romance, Relationship and Love market
People will always be either falling in love, having troubles with love or breaking up so there will always be a need for products and services in this space
People are passionate about finding a partner so they are willing to spend constantly to learn the skills that will help them do this from picking up people to keeping them happy.
Relationships is an evergreen topic and is no going to go away ever.
There are thousands of other entrepreneurs running relationship websites in this market so limitless connections to influencers to help you generate traffic and income for you.
Other Hobbies, Activities & Niches That People Spend lots of Money In
Sports:Â Skiing, swimming, golf, sailing, fishing, travel, hunting, boating, running, hiking, surfing, ATVing.
Travel: cruises, safaris, round the world trips, camping, backpacking, eco tours, RVing,
Transportation: Cars, trucks, dirt bikes, ATVS, RVs
A framework for choosing your niche
Having a good understanding of the most popular niches should have helped you get a little more focus on what niche you are going to focus on.
Here is a framework you can follow to help you find a niche area for you to focus on.
1) IDENTIFY YOUR INTERESTS AND PASSIONS
Pick one of the Health, Wealth or Romance niches to start with. Make a list of 10 topical interests and passion areas within that niche. Here are some questions to get you started
What do you like to do?
What are you good at?
What can you talk about?
What are you an expert in?
These questions can help you find a niche where you are interested in the subject so that you can spend a lot of time without getting bored or disinterested. Remember, you are trying to find a highly-specialized market to focus on.
2) IDENTIFY PROBLEMS YOU CAN SOLVE
Every product out there solves a problem for your target buyer.
Think of the interests and passions above to brainstorm problems in these areas, then determine whether you can actually solve them.
3) RESEARCH YOUR COMPETITION
Competition isn’t a bad thing, you just need to make sure your niche isn’t saturated where you will spend too much time and money competing for the same audience.
It can, however, show you that you’ve found a profitable niche. Figure out if there’s still an opportunity to stand out in the crowd.
Ask yourself;
Can you still rank for your keywords?
Is there a way to differentiate yourself and create a unique offer?
What can you do differently?
Research your competition so you know what you are getting into.
4) DETERMINE THE PROFITABILITY OF YOUR NICHE
Now that you have a niche chosen, you should now look for products that you can promote in the niche you have chosen.
Summary
Now the ball is in your court.
Time to do the research, pick the core market you want to work in, find your submarket and start understanding your customers on a deeper level.
Need help?
Take the 7 Step START AND GROW Launch Training
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What you’ll learn in the 7 step START AND GROW training
How to choose a profitable market and niche and how to determine exactly who your dream customer is
How to create highly targeted Irresistible Offers your customers just can’t refuse
How to use storytelling & copywriting to move your audience to action and sales
How to get EVERYTHING You Need to Build and Launch Your First Funnel
How to get free organic traffic and How to use paid traffic to scale
How to manage your Time, People & Projects to be the most organized and efficient entrepreneur.
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Step 3 - Where to find your dream customers online
Step 4 - How to Attract Your Dream Customers
Step 5 - Creating Irresistible Offers