4 Easy Steps on How to Pick A Profitable Niche in 2019
Posted On August 19, 2019
Picking a profitable niche for your online business or blog does not have to be complicated but it is a very important first step. The best advice I can give you is to not pick a niche that is too broad otherwise you are sure to run into some pretty stiff competition. For example, the health and fitness niche is a great niche to get into but you are going to have to delve deeper into your niche in order to get a slice of the pie that belongs to you. To keep things simple, let’s walk through 4 easy steps you should take when picking a profitable niche in 2019.
Step #1: Find Your Interests – From Knitting to Mountain Climbing
Begin by brainstorming the hobbies and interests you like and the activities you enjoy doing in your spare time. There are niches that range from knitting, cake decorating, scuba diving to mountain climbing. Think about current and previous careers you have had and what aspects of the job you enjoyed. Perhaps you are an introvert and enjoy working on your own then these may be the type of people you want to target. Perhaps you are very handy and can show people how to complete various DIY projects in their home. Or maybe you are a really good public speaker and you have developed some handy tips and tricks to help people overcome their anxieties. These are all valuable skills you can share with others and build your business around.
Next, take a look at the kinds of books, magazines, and online resources you read that interest you. What are you passionate about and what topics of conversation do you enjoy discussing with family and friends? Examine your values and think about the organizations you are a part of or that you support. Maybe you are very involved in your Christian community and you decide to start a blog on how to extend your faith community through events, prayer, activities, youth groups and fundraising. Once you have brainstormed a list of possible niches, you are ready to move onto the next step.
Step #2: Soft Skills Can Catapult Your Niche Choice
Hobbies, interests, and passions are important but on their own, they are not enough to help you laser focus your niche. The next step requires writing down as many skills as you can that pertain to the passions you outlined above. Skills can include how to write a resume to how to play the piano to how to snowboard. Furthermore, think of skills that you have that are not related to a hobby or interest but rather to a job or career from your past. For example, creativity, conflict resolution, organization or communication skills are important skills you can transfer to any career. Here are some examples of soft skills that are transferrable in any profession and that might help jog your memory.
Next, write down any skills you would be interested in learning and then sharing with others. Think about the courses you have taken, interests you would like to pursue or even what career you always dreamed of having. Next, think about how these skills could be used to help others solve their problems. At this point, you should be ready to narrow down your list a little further to find the niche that suits you best.
Step #3: Provide the Best Customer Service
Brainstorm some pain points or problems your target audience may face in your niche. If you are not sure what these pain points may be you can do some research. Firstly, you can ask friends or family that encompass your target audience what their biggest obstacles are with regards to your niche. Ask them how they solve these problems and where they go to find solutions. Furthermore, have them consider what products or services may help them with their pain points. A great way to do this is to create a survey on your social media pages to get authentic answers from your nearest and dearest.
Next, you may want to go to various groups or forums to get more answers to the questions outlined above. There are group and forums on every topic imaginable and just by scrolling through these groups you will see what pain points your target audience struggles with. Take a look at magazines, books, and tv shows that center around your niche and looks at the kinds of services and products that they are advertising to their respective audience.
Scope out your competitor’s websites and blog posts and look at the comments and questions that people leave in blog posts to determine what other problems your customers face. Once you have a pretty good idea of the obstacles your customers need to overcome, you can provide them with solutions which could come in the form of free resources, products or services. Remember to provide your audience with as much value as possible and to build trust before you can expect them to purchase products from you. At this point, you should be able to narrow down your niche to one that you feel confident enough to pursue. Create a strategy and plan as to how you would like to build out your business and outline what tasks need to be accomplished.
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Step #4: Stand Out From The Crowd
There is one last step before you are well on your way to picking a profitable niche and that is to try and set yourself apart from the competition. As someone new in your space, you want to choose an angle that is different and makes you unique. Although this seems hard to do at first, you will reap the rewards in the end. When trying to stand out think about personality traits, skills, hobbies and life experiences that are unique to you or different from your competitors.
For example, let say your niche is yoga and you are a 50 something woman who uses yoga to stretch, relax and get fit. You have had some serious injuries and so your exercise regime is limited and yoga has been your saviour. You enjoy practicing yoga, meditation, and mindfulness to help you get through difficult times. You are able to set yourself apart from competitors in the yoga space because your focus is on 50+ individuals that have gone through a serious physical injury. Your hobbies, life practices, and experiences would make you a fantastic resource for people who are going through a similar experience. This is an example of a person with a very targeted niche who is unique from other yoga enthusiasts.
Another way to set yourself apart is to narrow your niche down to include a specific audience. So if you are in the internet marketing space you may want to focus on beginners, or just bloggers, or college students or perhaps retirees. Focusing on a specific audience will help to narrow your niche and then you can show your uniqueness by helping them with their specific pain points. For example, a stay at home mom has different obstacles and desires than a retired couple so targeting your efforts to one group may set you apart from your competitors.
Sometimes, letting your personality come through to your audience is a great way to find your own following. For instance,
maybe you have a quirky, funny personality and this comes through in your photos and content on your site and this entices a certain target audience to follow you. Perhaps you have a sarcastic and dry sense of humour that your followers love or you like wearing coloured glasses and bow tie or your pet Yorkie get featured in all of your vlogs. This may attract followers that like your style or who like small dogs or any other personality or style feature that are uniquely you. In essence, you want to be able to carve out a slice of the pie of potential followers that belong to you and may buy from you in the future.
So before you make a decision about what career path you want to follow, the type of niche to choose for your online business or the type of product to sell follow these four easy steps to avoid disappointment. Invest the time initially to find your passion, use your skills, show your personality and provide your customers with the best value you have to offer.