How to Find a Niche Business Idea That Makes Money

How to Find a Niche Business Idea That Makes Money

If you’re looking to set up an online business soon and start earning right away, you’ll need to choose the right market. Because most fields are saturated and it will take a lot of time and work to rank high for keywords, beat the competition and become an authority, it’s better to choose a specific and profitable niche. So first, you’ll need to learn how to find a niche business idea.

A niche business might not appeal to everyone but it will target a certain group of people. Because that audience isn’t too big and your topic isn’t broad, you’ll be able to learn exactly what people want, get to know your competitors, write great content and optimize it.

You can then monetize your niche business idea through affiliate marketing, your own product, or else.

With a standard online business idea, I’d suggest you follow your passion. Meaning, it would be a market you enter that you’ll stay in for years, so it makes sense to be interested in the industry and know a lot about it. This way you can teach others, share your experience, master the skill, and see progress much faster.

However, a side hustle that’s a specific niche might be boring, complex and rare. With the right amount of research, though, you can easily become known and start making big bucks.

To help you with the idea generation process, here’s how to find a niche business idea:

Steps to Finding Niche Business Ideas

1. Follow trends.

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Technology is advancing, new niche markets are popping up every year, and certain fields that you might not be aware of are booming.

Getting your eyes on a niche product and starting a business around it early on can guarantee you ten figures if you do the work in the beginning. It can even become a passive income stream.

Some services in demand include bookkeeping and payroll, influencer marketing, renewable energy, cloud computing, 3D printing, consulting, home renovations, real estate marketing, virtual assistance, and more.

Some money-making industries are eSports, video gaming, drones and vaping, to name a few.

The fastest-growing companies in America for 2017, for example, are in Software, Energy, Finance and Consumer Products.

2. Involve tech.

Did you know people are now buying shampoos that use algorithms to customize the product according to the needs of the individual and give them the ideal hair? Yes, there’s a company like that.

This is what happens when you combine tech and beauty. The beauty market itself is worth $22 billion and every next year that number is getting bigger. So coming up with innovating ideas for products, simply starting an eCommerce business around them or just being their affiliate and offering them to your audience, is a sure way to enter the niche market and start making a solid income.

But tech can be combined with many other things too to create a profitable niche business idea. People now make apps for fertility tracking and thus enter yet another profitable and highly lucrative field.

But tech is transforming every market and aspect of life too. Take agriculture, for instance. Digital technology is changing farming. Tech-savvy entrepreneurs know that this sector is a huge part of the world’s economy and is only going to evolve, so it makes sense to enter it in an innovative way.

However, the easiest way to combine tech with a profitable niche business idea is by starting an online business. For example, you can teach people how to use new beauty products with a video or write about the results.

You can offer Cannabis licensing consultancy via Skype and promote your services on your site and social media. As the legal cannabis industry is growing rapidly, more and more people are choosing this as their next niche business venture. You can help them with the legal part.

Did you know that the CBD industry is predicted to grow from $202 million in 2017 to $2.1 billion in 2020? It’s the reason why products like CBD Isolate are in high-demand.

3. Learn a lot about the niche business idea.

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After finding the right side hustle idea for you, you need to start the learning process. This is the time-consuming aspect of a project like that as the industries that grow at a fast pace also have a big learning curve. Especially when tech is involved and it’s not something you have experience with.

But don’t worry. The Web is full of online courses on each subject and you can gain knowledge directly from experts.

One day you can teach others how to do the same. But for now, learn the basics related to your niche business idea and give it a try.

4. Know where other entrepreneurs find their niche business ideas.

Sometimes it’s smarter to work with what you got. Meaning, you might have the right person in your surroundings who can introduce you to a profitable niche but will need your skills and qualities to actually set up a business.

Or it could be a forum, social media, Ebay or Amazon, or a product discovery site that helps you come up with the right business idea at the right time.

You never know what your next side hustle might look like so you need to keep your eyes open.

Understanding how to find a niche business idea that makes a lot of money might happen in a day but it might also take weeks or months just to make sure you’re onto something.

Don’t give up. Even if we’re talking about investing some of your savings into this profitable venture and having a lot to learn down the road, it’s worth the effort. That’s because you’re entering a niche that’s proven to have the highest ROI.

If you’re looking to set up an online business soon and start earning right away, you’ll need to choose the right market. Because most fields are saturated and it will take a lot of time and work to rank high for keywords, beat the competition and become an authority, it’s better to choose a specific and profitable niche. So first, you’ll need to learn how to find a niche business idea.

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How This Family Guy Makes $10,000/Month Online Teaching Others How to Make, Save and Invest Money

How This Family Guy Makes $10,000/Month Online Teaching Others How to Make, Save and Invest Money - Interview with R.J. Weiss from TheWaystoWealth.com

This is an interview-style post with R.J. Weiss from The Ways to Wealth.

Hey R.J. What’s your background and what do you do?

I blog about all things personal finance at The Ways to Wealth.

Before I went full-time into blogging, I spent ten years in the financial services industry. Specifically, helping families buy the right type of life insurance.

During my time with a full-time job, I’ve always had different side hustles going on. From freelance writing, Amazon FBA, conversion rate optimization, to website design — there were many projects I pursued outside of work.

How did you start your career in finance?

I got started in finance straight out of college working for my the family insurance business. As I love the financial planning side of things, I choose to specialize in life insurance planning. This led me down the path to obtaining the CFP® Certification.

What made you start blogging?

The Ways to Wealth, which I started in 2016, has been my 5th blog.

The others mostly fizzled out most due to a lack of interest. But, in 2009 I started a personal finance blog called GenYWealth.com (no longer around) that had some success.

The idea GenYwealth.com was to write about what I was learning about studying to take the CFP®. The blog was, by all means, a success. I was able to gain valuable knowledge, pass the CFP® exam, earn some extra money and build up a good community.

I then took this knowledge and started a business blog, which allowed the insurance agency I was working for to generate leads.

I started The Ways to Wealth because my passion is personal finance–from investing to travel hacking, I love the challenge of optimizing my finances.

How was The Ways to Wealth born?

I didn’t have much of a plan for starting The Ways to Wealth when I purchased the domain name.

I was actually thinking it would be a niche site, which was inspired by Pat Flynn’s niche site duel. Then, I came across the income reports of Michelle Schroeder-Gardner and wisely changed direction to a more traditional blog.

This change came about 6-months after starting to blog.  I did a timeline of the site in one of my income reports.

What worked best when trying to grow the site?

I had a decent knowledge of SEO. So at first, I started growing the site with email outreach. One of the first posts I had about best investing books of all time, had about 15 links to it.

This was nice to start with but was quite slow to build up, as it can take a while to earn Google’s trust.

The big turning point came when I started to understand Pinterest. I spent a few frustrating weeks on the platform, then it finally started paying dividends.

I went from about 100 sessions a day to 1,000, which was huge for me at the time.

How did you get to 3 million monthly viewers on Pinterest?

the ways to wealth pinterest 3 million monthly views

I lay out my Pinterest strategy here. But at the core the idea is to:

1) Write high-quality content that Pinners want to click through, read, and share.

2) Pin to my own and high-quality group boards, with a keyword-rich description.

3) Continue to Pin my best pins across my own boards/group boards, ruthlessly eliminating Pins that don’t perform well.

One thing to keep in mind is impressions don’t mean much on Pinterest. What counts are clicks to your website. So, you want to design not for impressions but clicks.

What aspects of the online business are you outsourcing or automating and how?

The first thing I outsourced was Pinterest design. I’ll design about 30-40 pins a month, so this was big time saver for me.

Of course, it took some work to get going. At first, I hired 5 or so people on Fiverr. I found one decent designer but the work quality deteriorated over time.

I then went to Upwork and posted a job for a  graphic designer. I found a great team down in Argentina, who I’m very happy with.

I’m currently experimenting with working with a ghostwriter. A few of my latest posts have been transcribed from my recording, with the ghostwriter making sense of it all.

I can compile about 3 posts in 90 minutes, then take another 90 or so minutes to prepare them. Saving me around 3-4 hours per post this way.

What’s your main income stream and why do you think it works for you?

My main source of income for the blog is affiliate revenue. It works because the partners I do have are high-quality businesses, who deliver value and solve real problems. This makes it easy to naturally link to such a partner.

When did you start making more than $10K/month and what was the turning point?

My first month over $10K was in January of 2018. In December of 2017, income was around $3,000 and in July of 2017 around $500. So, it was definitely a jump.

What happened then in January?

First, personal finance is at its peak interest in January.

Second, I had multiple Pins go viral.

Third, in November I started driving traffic via Facebook to the site. So, in January I could take campaigns I’d been fine-tuning for a few weeks and scale them.

How do you balance work and family life?

I have a routine I stick to Monday through Friday.

When inside of my designated working hours, I work. When outside of these hours, I’m not.

This is a lot easier said than done. But the thing important for me is not to take work everywhere I go. This means I don’t have any apps on my phone that are work-related (email, analytics, etc..)

What are you 3 best finance tips for newbies?

  • Focus on your savings rate. How much you save is the most important decision you’ll make.
  • Small incremental improvements add up over time. My favorite example is increasing your savings rate 1% every quarter, means you’ll be saving 20% of your income in just 5 years.
  • Study happiness. Become a student on how to increase your level of happiness. The natural result is you’ll want less overtime, making the game of personal finance a lot easier to win.

What books, blogs or podcasts help you stay motivated along the way of growing an online business?

I read a fair amount to keep fresh ideas in my head.

My favorite podcast is The Tim Ferriss Show.

Two blogs I enjoy reading are:

Farnam Street
Barking up the Wrong Tree

And as far as books. I try to read one a week. A few books I would recommend to online entrepreneurs would be:

Deep Work by Cal Newport
The Compound Effect by Darren Hardy
The Four Hour Work Week by Tim Ferriss

Pin this post if you enjoyed the interview.

Check out my interview with R.J. from TheWaystoWealth to see how he entered the finance niche, started making money blogging, began bringing traffic from Pinterest and monetizing it with affiliate marketing, and is now making $10,000/month from his online business. #blogger #interview #blogtraffic #incomeideas #income