How To Choose The RIGHT Niche For Your Business

One of the questions I see asked most frequently by new members is "What niche should I go into?" It's a difficult question for others to answer as the niche you choose is the one you are going to be spending a lot of time building a business in.

Kyle recently wrote an excellent blog post about what niches are going to be popular in 2020 (click here if you haven't read it) but I thought I would try to expand on that a little bit to help you make a decision on which of these niches you should go into yourself.

To recap slightly I will paste in my 3 tips for choosing a niche:

How to choose your niche

1: The niche must be something that interests you otherwise you will quickly get bored.
2: The niche must be something you can write regular content about otherwise your site will die out.
3: There must be products you can sell as an affiliate. If you don't have products to sell you don't have a business - you have a hobby.

Want to know what the most profitable niches are?

In no particular order the top 5 profitable niches for you to consider are:

• Money
• Personal Development
• Relationships
• Healthy Living
• Hobbies

If you build your business in one of these niches then you can be confident that there is money to be made.

However each of these niches is absolutely huge and packed with competition so to have any chance of breaking into them you will need to find a sub-niche within these niches.

How do you do that?

Here's my system for picking a sub niche that you can build your business around. I start by picking a topic that interests me within the niche. I then look for 3 different aspects of the topic that could possibly be the final topic to use.

The aspects I look for are:

• Specific Topic
• Financial Aspect
• Niche Prospect

To illustrate what I mean let's look at an example. I have picked a topic that I know a little about but don't have huge experience to enable me to think it through. The topic is Alternative Medicine. This is a large niche and to focus on the topic in general would have you up against serious competition. Let's see if we can find a sub-niche by looking at the 3 aspects I mentioned:

Specific Topic

Within Alternative medicine I can think of topics such as Aromatherapy, Acupuncture, Herbal medicines, Reiki, Meditation, Massage therapy, Osteopathy and Chiropractic.

All of these are much more specific niche topics than just Alternative Medicine.

Financial Aspect

In this case you are going to teach others how to make money in the niche. How about Becoming a yoga coach, How to train as a massage therapist, How to set up your own Herbal medicines store.

Niche Prospect

In this case you are really drilling down into the niche to find out who are the best audience for your site and who you can specifically create content for.

Some examples might be Aromatherapy for children, Meditation for stress management, Massage therapy for gymnasts, or herbal remedies for back pain.

One of my good WA friends has got this niche prospect idea nailed. Her site is in the digital marketing niche but everything she creates for her site is geared towards mothers who want to build a business from home. This is a great niche prospect in itself but in addition to that because she is a Mompreneur herself she is not only talking the talk, she is also walking the walk.

This is the perfect way to gain rapid trust and credibility. When people see that you are living proof of what you say then you quickly build loyal fans.

I hope this gives you some ideas if you are starting out and trying to decide what niche to choose or maybe if you are thinking of making a change to another niche.

Whatever you are doing - have a great day!

Dave