How To Pick The Right Niche To Guarantee Business Success - Win The Wealth Game

How To Pick The Right Niche To Guarantee Business Success

By Dr. Daleen Smal | Online Business

Mar 12
How To Pick The Right Niche To Guarantee Business Success

Unfortunately, many new entrepreneurs search endlessly for that one profitable niche nobody has found yet. They fixate on trying to pick the right niche to guarantee success. Sadly, they’re wasting their time.

There is no question that you need to find a profitable niche, but the good news is you don't need to reinvent the wheel.

When you are talking to everyone you are talking to nobody. You simply don’t have their attention.

By focusing on a narrow niche, you will have a far better chance of grabbing peoples’ attention and make a sale by making it clear that your product is for them specifically.

Identifying your ideal client is important for your business because without clients you won’t have a business.

The passport to your success is to pick the right niche.

Would you agree that shoes for ethical vegan women, plus-sized women, and crossdressers are examples of sub-niches in the niche for women’s shoes?

Would you further agree that in your marketing you would use different angles and words to sell shoes in those different subsections to appeal to different needs, wants, or preferences?

To pick the right niche is to understand the different needs of each niche. This allows you to speak directly to people with those specific needs in your marketing.

Here's how you pick the right niche that will bring you success in business.

To pick the right niche is to understand the different needs of each niche. This allows you to speak directly to people with those specific needs in your marketing. When you are talking to everyone you are talking to nobody. You simply don’t have their attention.

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1. An Evergreen Niche Is Gold

The best niches are "evergreen."

To say something is evergreen simply means that it's not just popular now; a flavor-of-the-month type of thing.

A fad is a product that has a very brief product life cycle that rises quickly in popularity but then declines almost as quickly.

Examples of fads include something like the hula-hoop or pet rock. On the other hand, evergreen products are something that people will still want years from now.

Broadly speaking, an evergreen niche would fall into wealth, health, and relationship niches.

People always want to have more money, be healthier and happier.

Remember, setting up a business requires a great deal of blood, sweat, and tears. If the ‘flavor-of-the-month’ change and your audience leave you, you'll have done all of that work for nothing.

Think long term when you’re setting up your business and picking the right and profitable niche.

Key Points:

  • The best niches are "evergreen."
  • An evergreen niche would fall into wealth, health, and relationship niches.
  • Think long term when you're setting up your business and pick a profitable evergreen niche.

2. Find A Niche With High Demand, Don’t Try And Create Demand

Choose a niche that has a high demand for solving a problem.

It’s easier to sell something that loads of people already want than to sell something to only a handful of people.

As an example, compare the demand for fitness and weight loss advice against the demand for advice to keep your pet turtle healthy.

Where there’s a high demand for solutions there is probably a high volume of searches on Google and it’s easier to rank for keywords in search.

The golden key to online success is to target a large, or fast-growing, market that you can reach efficiently.

Look at the size of the total market and then plan on carving just a small percentage of that towards your business.

Where there are lots of people and searches, it means there's a great deal of engagement going on.

People are actively talking about it and searching for solutions online.

For example, if you see social media groups talking about the topic you’re interested in, it is a sign that you have a good niche, provided it’s not a fad.

You can also use these groups to learn about your market, their problems, and needs.

Some groups will allow you to promote your product or service but check before you do, else you may be kicked out of the group.

It’s never a good idea to spam people or other groups.

Key Points:

  • Make sure there is a high demand in the niche and people are searching for solutions online.
  • Where there are lots of people and searches, it means there's a great deal of engagement going on.
  • The golden key to online success is to target a large, or fast-growing, market that you can reach efficiently.
  • Look at the size of the total market and then plan on carving just a small percentage of that towards your business.

3. You Need People Who Want To Pay

Look for products in the niche that are already selling.

When you see people are buying in Black Friday frenzy every day, you know there’s great demand.

Remember the old fisherman story?

If you want to increase your chance of catching fish, you need to go where the fish are biting.

Your business needs people who are willing buyers.

It’s only when they are willing and able to open their wallets that you are making money.

For instance, there may be many people in debt but they are either unwilling or unable to pay for your advice on how to get out of debt.

So, be aware some niches are popular with a great deal of engagement, but no one is buying anything. Engage window-shoppers don’t put food on your table.

For a niche to be profitable, people need to be buying products or services.

Key Points:

  • Find a niche where people are buying products like hotcakes.

4. Provide Solutions To Problems

The best products and services to sell are those that solve peoples’ problems.

Traditional marketing is no longer effective because it doesn’t give value. If you want the attention of customers, you’ll need to give them real value.

You give people real value when you solve their problems.

It’s well known that people much rather run away from pain than run to pleasure. And problems cause tremendous pain for people.

Look for niches where people are discussing their problems and looking for solutions.

Most of the time, people want ways to save time, money, or stress in their daily lives or businesses.

When you find problems you can solve, you can step in and offer your solution. If you do this right, you're virtually assured sales.

Having a valuable product or service will always be important.

Key Points:

  • People want solutions to their problems.

  • If you offer the right solution you are assured success.

5. Lots Of Competition In A Niche Is A Good Sign

Competition is a good thing when you're looking for a profitable niche. It tells you that there's money in this niche.

One way to assess the profitability of a niche is to look at products in the niche on Amazon or affiliate networks, like Clickbank.

If you find lots of products selling, then you know people are making money or else they won’t offer these products.

Don’t be scared of competition in the right niche. Lots of competition means there are lots of buyers.

All these other companies won’t be selling products and pay for advertising if people aren’t buying.

When you find a niche you’re interested in, ask yourself is there’s something you could do differently in that space to make you stand out. Could you offer something slightly better? Can you promise your audience a better experience?

To be profitable, the key is to find a way to set you apart from the competition in your chosen niche.

Key Points:

  • Competition is a good thing when you're looking for a profitable niche. It tells you that there's money in this niche.

  • Don’t be scared of competition in the right niche. Lots of competition means there are lots of buyers.

  • To be profitable, the key is to find a way to set you apart from the competition in your chosen niche.

6. You Don't Need To Be A Leading Expert

It's helpful if you know something about the niche already. It'll save you time creating content and teaching others.

However, this isn't necessary.

As you immerse yourself in the topic, you'll learn more about it and become an expert in a flash.

In the movie “Catch Me If You Can”, Leonardo DiCaprio Plays Frank Abagnale, the famous con man turned FBI Academy instructor.

He worked as a doctor, a lawyer, and as a co-pilot for a major airline - all before his 21st birthday.

When asked how he did it, Frank said he just stayed ‘one chapter ahead of the class’.

Just to be clear, I’m not encouraging you to become a con man.

I’m simply illustrating that you don’t need to be the world’s leading expert on the topic and know everything there is to know before you start.

You just need to understand your level of knowledge and experience and the level of the people you want to serve and market to.

There’s nothing wrong to have intermediate knowledge on a subject and teach what you know to beginners or those slightly below you in terms of knowledge and experience.

You know more than those people and to them, you’ll be considered a relative expert. Besides, people just starting often cannot afford the extremely high prices that leading experts charge and you’re helping them out.

Of course, if you're already something of an expert, it helps. It saves you time in learning from scratch.

Key Points:

  • It's helpful if you know something about the niche already. It'll save you time creating content and teaching others.
  • As you immerse yourself in the topic, you'll learn more about it and become an expert in a flash.

7. Should You Pick A Niche Based On Money Or Passion

Although you want to choose a niche that you're passionate about, you first need to make sure it's profitable.

It’ll rip your heart out if you toil for months or even years and not make a cent.

Because passion is such a strong word, let me clarify what I mean.

Passion simply means an interest or knowledge about a topic. Passion doesn’t mean jumping out of bed every morning singing the ‘hills are alive’.

Why people emphasize following your passion is because you're likely to stay more motivated when you work on something interesting to you.

Chasing only money in a highly profitable niche you know nothing about or care about, is also not a good idea.

Take for instance the lucrative $21 billion dog niche.

I know nothing about dogs apart from the fact that I’m allergic to dog hair and my skin and eyes start to itch near dogs (and cats).

Because I don’t know anything about the pain points of dog lovers, my content will probably suck and nobody who loves their ‘Woofies’ or ‘Big Boy’ will care about my content.

I won’t be able to make money even if it’s a highly profitable niche.

So, you need to find a balance between your passion and profitability.

Try to find a niche in which you can make money and you have an interest in it.

I would propose that a good idea is to get passionate about the process of building your business.

That will provide you with enough excitement and fulfillment.

If you’re passionate about business, you won’t need to be that passionate about the niche. Seeing your business grow and making money will be exciting enough.

Key Points:

  • You need to find a balance between your passion and profitability.

  • If you’re passionate about business, you won’t need to be that passionate about the niche. Seeing your business grow and making money will be exciting enough.

Conclusion

To pick the right niche means to find a profitable niche and become passionate about running your business. As long as there is plenty of demand and competition you should be able to start a profitable business if you do things right.

How To Pick The Right Niche To Guarantee Business Success

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Do you already have some ideas about the niche you want to start a business in? Perhaps you have other tips to share? Please share your thoughts and ideas in the comments.

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