When I go to speak at seminars and conferences in my country, one of the questions I get asked often is, “Bunmi, what is a profitable niche and how do I find my own profitable niche market?”
That sounded like a brilliant question, right?
Well, in all honesty it is, and truth be told, building a business around your passion is fun and amazing but more fun when you are in the right niche.
So, how do you build a business around your passion?
How do you know which passion to turn into business?
What are the steps to take to growing this business?
You see, guys, it’s not enough to identify or find a profitable business idea, but you have to know how to grow the business and sustain it for a long time.
Albeit, in this post, I shared how to find a profitable niche and how to build a successful business around it.
And based on a considerable amount of research and study, I’ve come to realize the fact that the first step to identifying or finding a profitable niche is to first identify with your passions and personal interests.
Hence, I’d suggest you closely look at and answer these questions:
What are you passionate about?
What are your values?
What are your values?
What do you do brilliantly?
What do you do brilliantly?
Who do you serve particularly well?
Who do you serve particularly well?
Answering the above questions will not just help you find a profitable niche, but it will also help you know which of your passions is profitable and that can be monetized.
More often than not, young entrepreneurs delve into business and entrepreneurship with the idea of “It’s my passion” or “I just feel this is what I should be doing” without taking the time to think deeply as to know whether or not this passion can actually foot their bills.
Well, whatever business you run and that isn’t making profit is not a business.
In fact, Business Dictionary defines “Business” as an organization or economic system where goods and services are exchanged for one another or for money.
In other words, your business should be making profit for it to be considered as a business in the first place.
Building a business around your passion is fun and amazing but more fun when you are in the right niche. Click To Tweet
Take my Advice: Don’t ever start a business based on passions alone, but also based on the viability and profitability of such passions.
What is a profitable niche?
A small but profitable segment of a market suitable for focused attention by a marketer. Market niches do not exist by themselves, but are created by identifying needs or wants that are not being addressed by competitors, and by offering products that satisfy them.
How to Find a Profitable Niche Market – 5 Great Ways
While there are plethora ways of finding a profitable niche, this post shares just 5 unique ways to find profitable business ideas that will help you make lots of money with your passions. Read on…
#1. Create a list
I have found out that when trying to identify and find profitable niches, the first thing to put into consideration is to create a list of all the things that you are passionate about; these things that makes you happy, sometimes, it could be the things that make you sad, for example you get sad when you see new mothers struggle with the kind of food to feed their babies with, that’s a pointer right there!
I mean you could start a meal plan for new mothers and kids, and we have lots of new mothers who need help coming up with meal plan for their babies. I hope you get my point?
So, whatever you do, start by listing all that you are passionate about, things that make you happy find out if it makes other people happy too.
For instance, what are the things you love to do, things that makes you sad, angry or uncomfortable.
By the time you are done listing, rate each passion over ten.
After doing this you will have discovered five different passions you can turn to profitable income.You gotta keep trying to find your niche and trying to fit into whatever slot that's left for you or to make one of your own. - Dolly Parton Click To Tweet
#2. Finding a Profitable Niche
Now that you have created your passion list you want to find out which niche they fall under…
…is it health, business, relationship, make money online niche?
Trust me, the list is endless!
Truth be told, it’s quite important that you find out about this before you start planning anything at all.
So, how do you find a profitable niche market for your passions?
First, you discover your most profitable niche, then you find out which category they fall under so that you will be able to know which people need your service most.
When you identify the niche they fall under, it becomes easy to spot other subniche you can build your business around. For example “weight” is a niche and under it you find other sub niche like weight loss/gain for women, losing baby fat etc
Really, there are plethora techniques for finding a profitable niche, you only have to take your time to dig deep into the process, and only then will you find a goldmine, in this case, your own profitable niche!
The next time you are looking for how to find a profitable niche, just be sure to remember that in finding a profitable niche that suits your passion, you should first identify a general niche topic, then niche down by finding a topic under that broad niche that you have the most knowledge and interest in.
#3. Based on request
The third way to find your most profitable passion is based on request from people around you.
The second rule of turning your passion to business is that people must be ready to pay you, they must be in search for it, it must be ready to solve their own problem and in exchange they pay you for it.
So, if you are passionate about something, find out if people are already requesting for that passion.
For example, you are passionate about cleaning your home, you want to find out if there are people who want their homes cleaned by other people.
If people are requesting for a particular service and you are good at it, then that is a pointer that you can turn it into business.
When my clients ask me, “Bunmi, seriously, I need your professional help on how to find a profitable niche that suits my passion”, I almost always remind them the importance of researching in finding a niche and becoming a go-to-expert in that said niche.
At this juncture, you have to be willing to take your time to find out if there are people already in the business or is it a niche that currently has no search trend.
And guess what, this process is very easy as you can always rely on King Google to help you find, analyze, and collate the results in Google Spreadsheet.
Basically, you just have to find out if people are making profit from this said passion you have just discovered (or not), how much are they making, and is this niche profitable or not.
To help you discover how to find a profitable niche with less stress, here are some thoughtful questions to ask during your search:
- Are there people to pay for this service?
- Are there competitions?
- Can I turn it into digital products and people will still buy?
- Is it a short term or long term effect?
- Is it going to solve their problems and pained-points?
- Are they ready for that kind of business? Is the timing right for it?
Answering the above questions will help to make your life much easier.
And at the end, you would have discovered just how to find a profitable niche that suits your passion, even one that helps you make more money!
#5. Take action
Guess what, there’s no perfect time.
The perfect time is now!
Now is the best time to take action on your dreams and passions.
Don’t wait for other things to be perfect, sometimes over planning will scare you and fear and self-doubts will sets in.
Don’t dwell too much on the perfect name for your business, the perfect logo or the mistakes to avoid because in dwelling on the mistakes to avoid, we also avoid and deter ourselves from starting out.
Just take it one step at a time and you will continue to grow and expand.The best time to plant a tree was 20 years ago. The second best time is now. - Chinese Proverb Click To Tweet
Wrapping Up: How to Find a Profitable Niche That Suits Your Passion
There you go, 5 amazing steps on how to find a profitable niche that suits your passion!
I believe so strongly in my heart that if you could take your time to follow this 5 step process of ‘How to Find a Profitable Niche‘, that you would have taken a giant stride to breaking and overcoming your limiting beliefs, thereby making all the money and freedom living a life of purpose brings.
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