Updated: Apr 17, 2020
There's an old saying that there's nothing new under the sun and, unfortunately, this is true. Many new businesses search endlessly for that one profitable niche that nobody has found yet, and this is time wasted. You need to find a profitable niche, but you don't need to reinvent the wheel. Here's how you find a good niche that will bring you success in business.
An Evergreen Niche
The best niches are "evergreen." This means that it's not something that's just popular now, but something that people will be into years from now. You'll do a great deal of work setting up your business. If the trends change and your audience leaves you, you'll have done all of that work for nothing.
Choose a niche that has high demand. This means that there's a great deal of engagement. People online are actively talking about it and searching for solutions. For example, if you see social media groups talking about this topic, this is a sign that you have a good niche. You can also use these groups to learn about your market and to promote your product or service.
People Are Paying Money for It
Look for products in the niche that are already selling. There are some niches that are popular with a great deal of engagement, but no one is buying anything. For a niche to be profitable, people need to be purchasing products or services. One way to assess this is to look at products in the niche on Amazon or affiliate networks.
Problems and Solutions
The best products and services are those that solve problems. Look for niches where people are discussing their problems and looking for solutions. Most of the time, people want ways to save time, money, or stress in their daily lives or businesses. When you find problems you can solve, you can step in and offer your answer. If you do this right, you're virtually assured sales.
Competition is actually a good thing when you're looking for a profitable niche. It tells you that there's money in it. If there are other companies selling products here, it means people are paying. The key is to do something unique in the niche that sets you apart from the competition.
Prior Knowledge Helps
It's helpful if you know something about the niche already. It'll save you time. However, this isn't totally necessary. As you immerse yourself in the topic, you'll learn about it and become an expert in no time. But if you're something of an expert already, this cuts corners.
The Money vs. Passion Balance
Although you want to choose a niche that you're passionate about, you need to make sure it's profitable. So, there's a balance that must be struck between passion and profitability. Try to find something you love that also has money in it.
Do you want to learn more about starting a business successfully? Contact business coach Tim Snell. He'll be a trusted partner to walk alongside you and help ensure your success as you get started on the process of launching your business.