I don’t know about you guys, I have gotten stuck on the ‘how to find a profitable niche’ stage many times…’paralysis from over analysis’ – or as I call it, ‘sheer terror from getting it wrong’.
I imagine there must be scores of people, who filled with passion and excitement about having an online business…just bursting to get going, arrive at stage 1 – the ‘finding a niche’ stage…the hand brake goes on…and they end up pulling their hair out going in circles…and their dreams slowly turn to cinders because of doubts like:
- what if nobody is interested and I don’t make any money
- what is it’s too big and I can’t compete with the big boys
- what if it’s the wrong niche
- what if I change my mind
- I don’t know how to pick a Niche or where to begin
Sound familiar? I remember sitting there…getting nowhere fast…a knot developing in the pit of my stomach…beating myself up for not knowing how to go about it and/or not trusting myself with making the decision…gosh!
So…here are the steps I took…and YES these are the exact steps I took…not something I read about what you SHOULD do from someone sitting behind a keyboard who never actually walked the walk.
How to Find a Profitable Niche
Step 1: Meditate
Yes, just stop! Take a breath. We can get so caught up in the mind and trying to figure things out…that it can become quite hectic and anxious. A pic of my meditation cushion
Take 10 mins out of your day, site down and close your eyes,
- Become aware of your body: Notice your feet on the floor, how the chair is supporting you, any sensations in your body, any noises outside or sounds. There is no need to provide a narrative to what you are noticing, just notice
- Focus on your breath. Place your attention on your breath, notice the air brushing past your nostrils, notice the movement of your belly on the in and out breath
- Follow your breath for two minutes. Take a deep inhale, expanding your belly, and then exhale slowly, elongating the out-breath as your belly contracts.
- Notice when your mind has wandered. Your attention will leave the breath and wander to other places. When you notice that your mind has wandered—simply return your attention to the breath.
- Be kind to your wandering mind. This is not a big deal, there is no need to get annoyed at the mind for wandering.
- Close with kindness. When you’re ready, open your eyes, notice your environment, wriggle your toes, notice how your body feels right now.
You will much calmer and focused as a result of this 5-10 minute activity.
Step 2: What are you good at?
I know your mind might be like…’what!? I’m not good at anything’.
Trust me you are! Our minds have a habit of negating things and being rather negative…so don’t listen to it.
- Think back to all the things you did when you were younger, at school/university
- Your hobbies
- Ask your friends/work colleagues
- What compliments do you get
- What help do people come to you for
- What do you love talking about
- What do you watch/read
Once you have a list, rank them from 1 – 10…10 being something you love doing, something you would do for free…yes free.
My list and rankings are above.
Step 3: Visit your local newsagents
A quick walk to your local shops/mall will reveal the motherload of niches. What do I mean? Just go have a look at the magazine section of your local shop/supermarket; if there is a magazine about a topic/niche…then you bet that it’s there because there is money to be made. There is no way a publisher spends all that money putting together a magazine unless they are making money!
So if you see a magazine, you know 100% that it’s got a money paying audience! So don’t try to re invent the wheel…the work has been done for you. Grab some magazines that interest you and do some research.
Here’s my local supermarket magazine section…rows and rows of ideas
Step 4: Check online
Do you see the number of magazines on the right?
over 6000 digital magazines!
over 5000 magazines!
Are you getting the message? There are no end of niches to pick from.
Here are some of my favourites…please sit down for this
- Practical Sheep, goat and Alpacas – yes you did read that right
- Parking – yes parking!!!
- Potato review
- Brass Band World
- The Hat magazine
- Global Slag – all about metal slag, not what you were thinking!
- Recumbent cyclists – I had to look up the meaning of recumbent!
Please pinch me, am I dreaming??!!
I labour this point just to show you that there is no need to sweat the niche thing…the options are vast
You can even find the readership and circulation of magazines…just search for your country/niche…like
Right I’m going to lie down for a while.
Step 5: Check the world’s largest online marketplace, yes Amazon.com
Love them or loathe them, Jeff Bezos has created a behemoth of an online mall…so why not use it for your benefit is what I say?!
Can you see ‘Best Sellers’, ‘Movers and Shaker’s etc?
I think you get the picture, explore and find a niche…these are going to be hard products…so if ‘chicken coups’ or ‘back pain’ remedies are selling like hot cakes, you can look into these niches and create a website.
Step 6: Check most popular searches and keywords on Google
Check out a site called Mondovo.com. They have date on the most popular search terms/keywords and more
If you scroll to the bottom you will see this:
Will need some sifting and sorting, but there is gold right there waiting to be found
Step 7: Check Answers.com
What a brilliant website…not only great questions people have asked…but also the answers to them! Holy COW batman!
Step 8: Check Udemy.com
The biggest online learning portal in the world…every topic you can think of/instructors and PAYING students…over 50 million students!
Look at all these niches!!
I’ve selected the topic ‘python’…do you see the bit I highlighted in blue, 941,462 students enrolled! That means paying students! Udemy offer discounts on courses as well, but even so…this guy has almost a million students…who have all paid!!!!
Just think about that for a min…
Udemy gives you niche topics AND shows you which ones are making money, they take the guess work out of picking a profitable niche! When I discovered this, my jaw hit the floor!
Step 9: Check Statista.com and the market size
By now you should have either made your niche choice or have a small list to choose from. The research you have done should have already ‘indicated’ if the niche has profitability potential. So let’s just close out that loop
Statista.com is a paid site that offers huge amounts of research and you guessed it, statistics…
If you don’t want to spend the money, check below for other useful ways to see if the niche is profitable
Step 10: Are there products on Amazon
We’ve already determined that Amazon is the biggest product orgy in the world…so check if there are products related to your niche.
Using back pain as an example, that would be a resounding YES!
Step 11: Check the keyword volume
It’s a good idea to check the monthly volume of traffic for your niche topic or keyword…I like to use UberSuggest by Neil Patel
It’s generally agreed that you want over 40,000 search volume but less than 100,000 for your keyword…any more and that could be it’s too competitive
Step 12: Check that there are Google Adwords
In other words, are people paying to advertise in this niche
As you can see above, there are ads.
Step 13: Decide
So there you have it, these are the exact steps I followed in order to find and verify my chose niche…except for Statista.com…I knew from my earlier research
Hope that helps
Read about my story and steps to building an online business