To build an online business, you need to identify a NICHE MARKET that you can build your online business around.
There are MILLIONS of niches and markets that exist.
It could be self-development, dog training, meditation, weight loss, guitar, gardening, cooking, raw food, etc…
If you can find a niche market that is related to a PASSION, INTEREST or HOBBY – then you'll have even more of a competitive advantage in the niche or market that you choose.
However, not all niches are the same. Some are more profitable than others and have a higher potential for earning you money.
In this video blog, I share with you how to find profitable niche markets online to make money from in your online business.
If you're looking for my exact criteria and a step-by-step process, check out my Affiliate Marketing Mastery training program
Watch the video below:
Hey, everyone. This is Stefan from projectlifemastery.com and I've got an awesome video for you guys today. I want to talk to you a little bit about how to find a niche or a market to build your online business around. If you're brand-new wanting to start your own online business, this is one of the first most important steps that you have to take. You’ve got to identify and find the niche, the market, or the industry that you want to be in, the industry that you can build a business around and actually profit from.
The great thing is we live in the world of the internet where there's literally millions of options. There are millions of niches and markets and opportunities and industries that exist that you can build a blog around, your own little website, you can build a YouTube channel, a podcast, you can build your own following and presence on social media, on Facebook, on Twitter, on Instagram, your email list in that niche and market.
When you're able to attract people and build your brand in that niche and market, a little following, you get traffic, subscribers, whatever it is, there’s so many ways to monetize that, there are so many ways that you can profit, whether that's affiliate marketing by promoting other products and services that can solve people's problems or meet their needs or a desire that your audience might have in that niche or market.
It could be creating and selling your own products. Maybe that's physical products you might sell on Amazon, physical products that you might create and sell yourself for private label. It might be creating and selling your own information products or digital products or Kindle books on Amazon.
There are so many different ways. Maybe even creating your own service. Maybe there’s a service that you can provide that you can solve people's problems or meet their need or desire in that niche or market. Maybe it's creating software or different tools and resources that can benefit people. Every niche and market are different. Every niche and market will have its own strategy and game plan of how to build it up and how to actually profit because each one will have a little bit of a different business model to go with it.
Go through a brainstorming process
Now I think the first place to start, and this is often what I recommend for people, is going through a brainstorming process. There's no exact formula or niche that I can just give you and say, “Okay, build a business around this.” I think you want to think about, you want to have a few options to get started with before you decide the niche, the market you want to be in. I think the first place to start is asking yourself what's a passion, a hobby, or an interest that you have.
If you really want to go deep with this, I recommend take out a pen and paper, open a new document on your computer, and brainstorm. Write out everything that you can think of that is a hobby for you, or an interest, or something that you're passionate about. Because if you can build your online business and you actually have an interest or a hobby or a passion associated with it, you're going to have a huge advantage over the long term.
Now a lot of people, some people when they start a business, they primarily focus on making money and searching for a niche or market that they might not have any interest in but it's a good opportunity to make money from. There's nothing wrong with that. I did that when I got started.
The challenge with that is that once you start making money, and you might make more than enough money to cover your lifestyle or expenses, at that point you're going to lose motivation, because you're not really going to be passionate about it, you're not going to have the interest, that desire to really focus on it and work at it and really grow it over the long term, especially with all the ups and downs that you might have to face.
I know for myself I experimented and dabble in all these different niches and markets. I made money online. I did very well. But then I lost all my motivation once I was making enough to cover my expenses and lifestyle because I didn't have any drive to keep spending time. It was tough to get myself up early in the morning and staying up late and stuff. I had some motivation challenges with that because I didn't really have my heart and the desire and the passion and the interest in the niche, in the markets that I was in.
The great thing that came from that is it forced me to think and actually discover my passion and discover different topics and things that really interest me. That's why in 2012 I created Project Life Mastery, because I asked myself, “What's my passion? What do I love?” For me I love self-development, I love improving myself and being the best that I can be, to actualize my potential as a human being.
I love improving myself in all aspects of life, whether that's health and fitness and relationships, motivation, productivity, business, and marketing, and finances and spirituality, all these different areas I love and I’m passionate about. I decided why not create a business around that, why not identify it and jump into this niche and market and really build it.
You don't have to be a guru or expert
The great thing is you don't have to be an expert, you don't have to be a guru. In fact, I don't consider myself to be an expert or a guru. You don't have to know it all or be the best. For me, I just perceived myself as someone that is on this path to mastery in his life. I'm on this journey to being the best that I can be. I don't have all the answers. I called my brand Project Life Mastery because I approach it as a project. Life Mastery, that's a project for me. It's a never-ending project because I think mastery is a never-ending cycle, a journey that you go through.
For me, I decided I don't have to be the expert, I don't have to know all the answers. But what I can do is I can use the Internet and I can share my experiences. I can share what I'm learning. If other people can benefit from that, great. The problems that I solve in my life, if I can solve these problems, I'm sure there are other people out there that have the same problems, the same challenges, the same needs, and desires.
If I can share what I've learned and share and help save people time and shortcuts and save them money in the process, then awesome. That's basically what I did, is I built my online business around that. Again, not having to be the expert, the know it all, but something just on this path and being transparent and sharing my life and trying to help other people in the process. I think that's the key thing.
If you want to be in the fitness market you don't have to be Arnold Schwarzenegger, you don't have to be a fitness competitor, or a bodybuilder, or anything like that. There are many people that they're just on their own path and journey, and other people want to follow them for that. They can share things that have helped them and help people along the way and build a business that way.
Find your passion and interest and make a list
There's many different industries and markets that exist, but again, ask yourself what is a passion, an interest, a hobby that I have. Make a list. It could be anything guys. Maybe it's weight loss. Maybe you're passionate about that. There are so many potential opportunities that lie within that. There are so many different ways you can market and attract people and make money in that space. Maybe it's building muscle mass. Maybe it's dog training, you love animals. Maybe it's traveling the world and you can build a business.
There are millions of people that all love these things. Millions of people search for weight loss every month. Millions of people search online and are interested in gaining muscle mass, or training their dog to be more obedient, or cooking, or raw food recipes, or different vegan diets and recipes, or photography, or gardening. There’s millions of people that want to build their own garden, and they're looking to learn from other people and follow other people and maybe look for different products and services that might exist in that niche and market.
Maybe it’s sports. Maybe you love tennis. Maybe you love basketball. Maybe you love badminton or table tennis. I got a friend super successful in the table tennis market, killing it. Maybe it's a musical instrument. I got a friend who’s killing it in the guitar market, how to play guitar. He loves that. That’s his passion and he's built a whole business around that. How cool would it be if you can build a business around your passion, something that you're interested in, or a hobby? You don't have to be super passionate, but at least have an interest in it.
That's going to give you a huge advantage. It’s going to transform your quality of life. You're going to wake up early motivated and excited to spend time in that business. You're going to stay up late at night because you love what you do, you love, and you want to impact people, or you're growing and you have all your needs being met because of the niche or the market that you're in. That's going to give you a huge advantage like no other.
If you can really think and make a list and identify the interest and have a few options, that will help you get started. Maybe you love computers, maybe you love technology. There are many technology and gadgets blogs and websites and YouTube channels that exist. Maybe you love self-development. Maybe you love business. Maybe you love marketing. Maybe you love Facebook marketing or you love Instagram marketing.
Make sure there's a potential to earn money from that
There's a whole industry for that as well. There's spirituality and there’s meditation and there's yoga. Then there's astrology. There are so many different things that exist. Really that's the first place. Make a list. From that list, you want to make sure that whatever opportunity you pursue, whatever niche or market that there’s potential to earn money from that. That's a key thing because you don't want to just put this time into something and not be able to actually monetize that in some way.
Now the great thing is you can pretty much monetize and make money from anything now if you're getting traffic, because if you're getting traffic that shows there's a demand there, there's a need, a desire. You've got to make sure that there is that. One of the best ways to do that is to do research online to see what other people are doing in that niche or that market. If it's meditation you’d want to look and find other blogs, other websites, other YouTube channels and people on social media. You want to follow them. You want to learn from them.
You want to see what they're doing, because they've already paved the way, they've already shown you what's possible, they’ve already seen how they’re marketing and how they're attracting people and how they're making money and monetizing their business. The Internet, everything is transparent. You can see how everyone's running their business. That can provide you ideas and validation that there's money to be made here and that there's potential for you to make money as well.
That's a really important piece, is doing the research in that niche and market online. Maybe look on Amazon, typing in those keywords to see are there products being sold, are physical products or e-books or whatever, is it a big enough niche on Amazon. Looking on Google, looking on YouTube, looking on iTunes, looking on Facebook, looking on Instagram, typing in these keywords relevant to that niche, that will give you a wealth of information right there.
Monetize with affiliate marketing
Those are the first steps you want to think about. Then you also want to think about the end in mind. What's the back end? How are you going to make money? One thing I teach in my Affiliate Marketing Mastery Training program, and I'll have a link below guys, affiliatemarketingmastery.com. I’ll have a link in the description you guys can check out.
I got a free video series and a training program. I teach, you want to make sure that whatever niche you get into there are potentially different products that you can promote or sell. These are products that you can be an affiliate for. You can promote other people's products because most products on the Internet, they have affiliate programs that anybody can join. You can promote these products. You can send traffic and have links on your blog and social media and YouTube that promote other people's products.
When people click on the affiliate link and they buy, you earn a commission from that. You want to make sure that again there’s profitability, there's potential for that. There are a few products that you can promote or sell to partner with because that will also tell you that there is big enough potential in this market for you to maybe one day create and sell your own products as well.
There's a certain criterion I follow. It’s just a little bit of what I share inside Affiliate Marketing Mastery. I recommend if you guys want to go deeper with this, check out that program because Affiliate Marketing Mastery goes into not just finding that niche but also how to build your business.
Once you find the niche you want to build a brand
You got to register the domain name. You got to make sure it's not trademarked and the .com is available for it. You got to build the blog. You got to get the hosting. You got to install WordPress and get all the right plugins and learn about search engine optimization so you can optimize it.
Then you got to be able to publish content and learning how to create content, and how to optimize your content for the search engines. You got to learn about YouTube if you want to utilize that, and how to create YouTube videos, and how to actually create content that people want, people want to see it or watch it or consume it that adds value because that's what's going to attract people to you.
You got to know how to market your content, how to get it out there and promote it. I know a lot of people, they're in a certain business, but they don't know how to get found, they don't know how to promote themselves and get themselves out there and attract people to get subscribers and followers and traffic. I teach all that stuff.
Then also Facebook and Instagram and Twitter and how to build a following online. Then most importantly, how to actually monetize it and how to make money and promote and market and sell and do it in a way where you're building a legitimate business that will last 10, 20, 30 years from now because you're building a brand. You're not just selling a product or a service. You're building a business. There's a big difference. Everything ties into one another.
If you're publishing a Kindle book on meditation, that's the niche, the market that you're in. There's more potential than just a Kindle book on Amazon. You want to build, okay meditation, I'm going to build a meditation blog, I’m going to build a meditation tips newsletter, I'm going to build a meditation YouTube channel, and I’m going to provide different tips and advice on meditation.
I want to create a Facebook and Twitter and Pinterest and all these different things, Snapchat and build an actual business in that niche rather than just sell a product. Because you build the brand, the business. You can promote your own products, other people's products. You can promote and sell meditation audio mp3s, you can create and sell your own physical meditation stools and chairs and everything associated with that niche in that industry because you're thinking bigger.
Think long-term, not just short-term
Think beyond just the product. You want to think about building a business, building a brand in a niche, and thinking about long-term, not just the short term. If you can think about those things now and those strategies when you identify the niches, the markets you want to be in, and kind of have a business plan long-term and thinking about it that way, that's going to give you a huge advantage.
Hopefully, these tips been able to help you. These are things that have helped me and many other people. But finding something you're passionate, interested, have a desire for, that's always a plus. Not required, but it’s a plus. Profitability. High demand. Competition is always good because the competition tells you can see what other people are doing.
You never want to be the pioneer, though. Pioneers get slaughtered. If you're the first one getting into an industry, there's no one else doing it, that's very risky because you don't know how well it's going to do. Whereas other people have already done it, they have proven the concept for you that there's a niche, a demand there and you don't have to get slaughtered as pioneers often do.
Look at Apple with the iPod. They weren't the first people that created the mp3 player. There are a few other companies, they had their own mp3 players on the market. They ended up getting slaughtered and Apple just came in and just dominated that, because they just had better marketing than everyone else.
Those are a few tips for you. Do some brainstorming, do your research, identify that niche and market. Once you got that man, that's the exciting part, a phase in your business to be in. You should be excited about it. Then it's just taking those next steps to build the blog, the website, the business, and sticking to it.
Thank you guys for watching the video. If you guys want to know more about how to do this, Affiliate Marketing Mastery, that's my course. I got a free video series. Go to affiliatemarketingmastery.com. I’ll have a link below. Head in over there. Check it out.
You guys will love it. Make sure to leave a comment below. Let me know what you guys think, what niche or market, any questions that you guys have. Hit the Like button if you guys received value today and subscribe for more videos. Thanks for watching.