How to Choose A Profitable Niche
Most people associate “niching” with choosing a small subcategory of a market to target, but there’s so much more to than that. In order for your niche to be profitable – which is your goal as an online business owner – you must to have something of value to offer within your niche.
Choosing a profitable niche starts with identifying your unique profitable problem. A unique profitable problem (UPP) is a problem that you are qualified to solve, and that people would pay you to help them solve. If you don’t have the experience and the results to back it up, and if people wouldn’t pay money for the solution, it’s time to go back to the drawing board.
In this blog post, I’m breaking down the exact steps you can take in order to discover your UPP and start creating content that will lead to profit.
Make a master list
Start by brainstorming the transformations, the journeys, and the changes you’ve made in your life and in your business. Whether you’ve lost weight, housetrained your dog, planted a vegetable garden, or went from broke to selling thousands of dollars worth of skinny teas on Instagram, write it down on your list and count it as one of the problems you’re qualified to solve.
If you have an education, a certification or professional training, add it to the list, too. Even something as simple as acing an English class in your senior year of high school could qualify you to start a business… about how to ace your English class.
While you’re at it, jot down a list of your strengths. Maybe you’re really patient with the elderly, you’re an excellent tree-climber, or you can find the edge on any clear roll of tape. No matter how silly it may seem, your unique strengths are valuable to others, so write. them. down.
If you're already in business, make note of your most popular pieces of content. What was your most popular post on Instagram? Did one of your blog posts go viral on Pinterest? These may be clues as to what sort of content is likely to become profitable for you.
Already thinking about your next move? I created a step-by-step guide to creating content that leads directly to profit – and you can have it for FREE!
Verify your solution
No, I'm not talking about market research and keyword searches – although that's important, too.
Since you can’t effectively solve a problem without providing an answer, this step is all about eliminating anything on your list that you’ve ever left unfinished.
Why? Because trust and belief are key factors in making a sale, and neither of those will be easy to establish without a case study or proof of concept that you can offer as an incentive to your audience.
Not to mention how important it is to know your value, and communicate with confidence. If you don’t believe in your offer, you can’t expect your audience to believe in it, either.
With that being said, the odds are pretty high that YOU will be your business’s first and only case study. Be prepared to stand tall and say “I did THIS, and so can you.”
Check in with your passions
The topic that you find yourself obsessively researching, bringing up in conversation with friends, or answering questions about in online forums is likely going to be the better choice for your business, regardless of how trendy or marketable another one of the problems on your list may be.
Don’t believe me? Just imagine writing a 1200-word blog post, a fifteen-part sales page or a 90-minute masterclass on your chosen topic. If that’s an icky-feeling thought for you, then you need to cross it off of your list and move on to an option that doesn’t make you seasick.
Keep in mind that some hobbies weren't meant to be careers. For example, if you absolutely love writing your own half marathon training plans, but you feel nervous or stressed thinking about creating one for someone else, that might be a sign that running isn't the niche for you.
Get even more specific
Niching down can sound scary – like you’re eliminating opportunities to make money – but what it actually does is ensures that the people who really need your services will find you and fall in love with you instantly.
Let's continue with the running example, but say you're also creating content about travelling, motherhood, budgeting, etc.
When someone reads your blog post about half marathon training, it's likely that they'll scan your website for other running content, freebies, and get a sense for who you are and how you can help them run a half marathon. But if all they see is a bunch of content that doesn't relate to them – say they don't have kids yet, or they've already booked their next vacation – not only will they click away from your website and never buy from you, they also won't think to recommend you to anyone who asks them for running resources (or any resources!) in the future.
Your goal should be to create content that is so clear that when someone mentions your UPP in passing to a friend, you are the first and only person they think to recommend.
If you have to narrow it down...
My advice is to choose a niche that you can move forward with TODAY.
Don't choose a niche that requires a university degree. Don't choose a niche that involves a lot of expensive equipment that you've never used and don't have readily available. Don't choose a niche that, for any reason, will cause you to delay starting a business.
You are a unique and talented person, with skills and knowledge that other people on the internet are searching for right now.
(If you don't believe me, do a quick Google search and see how many results come up.)
My one regret about starting an online business is that I didn't start sooner. I wouldn't wish that regret on anyone else, so I recommend that you put your excuses aside and take a step forward.
Need accountability? Send me a DM on Instagram @basilandbark and let's chat about your new biz!