Can’t pick a niche? Your doing it wrong!
There are hundreds of thousands (probably more) niches out there, but how do you pick one? And more than that, how do you figure out and identify the opportunities in a certain niche that you can turn into a profitable business?
Picking out your niche can be tough…incredibly tough. In fact the most often question I hear being asked is “How do I pick a niche?!”.
Learning how to pick a niche, identifying the opportunities in that niche and then figuring out a plan to turn that into a profitable business is the single most important step in setting up your online business. If you do this wrong, every single thing you do afterwards is going to be affected.
What you’re going to learn
- How to identify a niche your passionate about
- Figuring out what you are actually good at
- How to turn that knowledge into a solid online business plan
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The reason most people have trouble picking out a niche is because due to one of two things.
- You find one niche they like. Work on it, analyze it for days and just when you think you are ready to move forward you find another niche that you like even more and start analyzing and researching again. And then you find something else and the cycle repeats. I call this “shiny object syndrome”.
- You have absolutely no idea what niche you should pick. A couple things might stand out to you but your not really inspired at them. The things your are passionate about you don’t think anyone would ever pay you for.
Either of these sound familiar? Trust me, your not alone.
The good news is I have a solution that will not only help you find a niche that you will absolutely love, but be able to spot the opportunities for you to turn it into a profitable online business.
So without further ado…lets get started!
Finding Your Sweet Spot
We are going to identify three things.
- Stuff you love to do
- Stuff you’re good at
- Stuff someone will pay you to do
Then we are going to find the spot where all three of these things meet.
Natalie Sisson from The Suitcase Entrepreneur has coined the term “Sweet Spot” for the point at which they meet and I absolutely love it.
This is the perfect way to not only identify a niche that you are great at and love, but something people will pay you for.
First off start thinking about things that you love to do. These could be anything from cooking to jet skiing, being a parent to photography.
Start making a list of all the things you love to do. The things you list, at first, might not seem to have have any chance of being turned into a business but don’t judge anything! Just keep on listing things you love to do until you run out of ideas.
Next do the exact same thing for the stuff you’re good at. This might be a little bit harder, a lot of us are unaware of a lot of the things we are naturally good at it. This is because it comes so naturally to you, that you don’t even realize its a skill others can’t do.
If you run into any issues thinking of things ask your close friends. Some of the things they will tell you might surprise you.
Now you should have a list of things you love to do and another list of things that you are good at.
Start combining things on the two lists and see if any of them go together. I know at first most of them will seem completely unrelated, but let me show you some examples that will help get your brain working.
This first example comes from a TV commercial I saw the other day for youtube. It featured a girl named Rosanna Pansino who has combined something she is good at, baking, with something she loves, video games. She has turned this into a youtube channel with millions of fans!
Watch the video below:
How can she monetize this audience and turn it into a profitable business?
She has already started by monetizing her youtube videos with ads, which I am sure she is making quite a lot of money from.
Next she could take all of the recipes and tips she has in the videos she has produced and turn it into one (or several) ebooks at the $15-30 price point.
If those sell well then she could release a print cook book, it is a very creative niche and her built in audience would allow her to get the initial sales and reviews to give it a big push on amazon.
After that she could take her best tips and tricks and create an online membership site that teaches people step by step on how to create creative cakes.
The options are limitless!
My father is a sales manager, has been for most of his life. He is one of the few people in corporate america that loves his job. He’s extremely passionate about sales, always has been, and loves it.
He is also extremely charismatic, has a quirky sense of humor which keeps things interesting and defiantly keeps peoples attention.
How could he monetize this? Teaching sales people is a multi-million dollar industry and with my dads charisma and sense of humor he could defiantly get a piece of it.
He could start with a blog and youtube channel, giving daily advice and tips to sales people with his unique charisma and humor. As he grows his audience and followers he could release a podcast that sales person could download and listen too on the way to work. he could monetize this with sponsored ads.
Next he could turn those daily tips and training into either ebooks. Then eventually a full online video course that is delivered monthly to his subscribers.
He could parley his growing audience into releasing a book and with some hard work and effort could become the next Zig Ziggler.
Again, the options are limitless!
The next step
Do I have your brain working now? Look down at your lists you made earlier. Somewhere in there is a business that people will pay for. Somewhere in there is an online business that you can build and change your life.
What are you waiting for?
Have a question about your niche, or what an opinion on the ideas you come up with?
Leave a comment below and lets talk about it!