If you were to survey 10 (or even 100) aspiring entrepreneurs interested in starting an online business, what do you think would be their #1 burning question?
Well, there might be a few that come to mind. But from our experience, one of the most common questions is: How do I pick the right niche for my online business?
In a recent post, we unpacked three useful strategies for discovering your niche market.
Today I want to share with you five proven and profitable niches to consider for your online business. But first, it’s super important that you clearly understand the concepts of “Micro-Niching” and “Niche-Combining”.
The Power of Micro-Niching (or Niching Down)
Ever heard of a Matryoshka Doll (commonly referred to a Babushka Doll)? This wooden doll set is a big hit with kids as you open up one doll inside another and they keep getting smaller and smaller until you have 8 or so dolls of decreasing size.
Well, this doll perfectly illustrates the concept of “Micro-Niching”.
As you may know, the field of “health and wellness” is a massive multi-billion dollar market, but it would be virtually impossible to enter that market with a general “health and wellness” product as you would be competing against big players with big budgets. The key with Micro-Niching is to drill down to smaller niches where you might have a better opportunity to find success.
You might take a niche like tennis and drill down to focus on “Mixed Doubles”. Or you might look at a topic like parenting and niche down to focus on “Parenting Pre-Teen Girls”.
Interestingly enough, as you niche down, the price that you can charge often goes up!
The Art of Niche Combining
Another effective strategy can be combining a couple profitable niches into a killer business.
For example: you might combine “teaching piano” with “making money” and create a product that teaches piano teachers “How to Build a Profitable Music Studio”. Or you might combine “moms” and “fitness” to create “10 Minute Fitness Videos for Busy Moms”.
Combining niches is a perfect way to uncover profitable businesses by tapping into two or more proven markets.
5 Profitable Niches for Your Online Business
Okay, so let’s break down the five most profitable niches on the web today:
1. Health and Wellness
- Feeling better
- Health prevention and cures
- Dieting and losing weight
- Healthy eating
- Stress reduction
- Conflict resolution
- Managing money
- Keeping money
- Real estate
- Tennis (how to serve, how to be a great doubles player)
- Guitar and other instruments
- Scuba diving
- Mountain biking
- The list here is endless…
5 Personal Development
- Leadership development
- Self esteem
- Career development
- Life coaching
Again, the key is to look at your interests and passions and incorporate the principles of “Micro-Niching” and “Niche Combining” and see if you can’t identify a solid niche that you can build a serious business around.
Any other profitable niches you would add to this list?
The Jeff Walker Team
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