Discover how to find a profitable niche and turn your passion into your livelihood. It’s important that you do have a passion for your business, otherwise you’ll end up hating it. Finding financial freedom isn’t just about the money.
It’s better to be passionate about your business and not become a millionaire, than to focus on the big money and have no passion.
You want a reason to wake up in the morning and face the day. You want a reason to set an example to your children. You need to know, deep in your heart, that you are doing good. For yourself and family. For others. Maybe for the planet, if you care about your children’s future.
So having a great idea is just the start. And just in case you are stuck for ideas, there is plenty of scope in the following profitable topics for your individual variation:-
- almost any sport, but especially those that are popular
- almost any hobby, but the arts, crafts and scrapbooking are especially popular
- any aspect of food, but especially good, healthy food
- do it yourself for anything
- making money online
- any area of health for anyone
- self improvement, self image, losing weight, bodybuilding
- wedding planning
Now, you need to see if your niche could be profitable for you. So start with some research. But first, I’d like you to appreciate that finding competition is great! So don’t be disappointed that others are doing a similar thing that you have set your heart on.
For a start, it tells you that there is a market, which is wonderful news.
Secondly, you’ll never get writers block as there will always be many articles and websites discussing evergreen topics as well as the latest. This is not to plagiarise these articles. What they do is to give you an endless source of ideas that you can talk about from your own point of view. Your own angle.
The following ideas will give you an idea of how profitable your niche is likely to be.
- Magazines are a great start. There may be specialist magazines on your niche. This shows your niche is highly profitable.
- Book stores. Are there books being sold on your niche? That’s another good indication it is a profitable one.
- Amazon and Google will give you an idea of how many searches there are and how many marketers.
- Can you see a range of products being sold in your niche? You may only be interested in, say, information products, but the availability of related products shows you how popular it is as well as how profitable it is.
- You want to know the age of those most interested. Children and students may not be able to pay for your creative information or products. Their parents may be, though. So the target market needs to have available assets. In this case, the parents rather than the child.
- Go to www.spyfu.com. Enter your keyword. That will give you the results of advertisers cost per click, clicks per day, cost per day, number of advertisers (max 21), search results and search volume.
Breaking this down, the higher the cost per click, the more profitable it is.
Multiple this by the number of clicks and you get the cost per day. That gives you a really good idea of your niche’s potential profitability.
If you are in doubt, compare your results with a really popular one.
Now you need to decide whether your niche is likely to be profitable for you.
- Does your potential client have a disposable income and a credit card?
- Does your niche have competition?
- Are there a range of products for sale in that niche?
- Are there books, magazines and thousands of online searches?
Being a trail blazer in a brand new niche with few searches, may be exciting and enjoyable, but is unlikely to yield you the financial freedom you may be looking for.
So before you delve into your niche, spending time and money on developing it, do check out its potential profitability for you. It can be quick, easy and free, learning how to find a profitable niche.