Follow your passion, and the money will come. Sounds inspiring, right? But if you apply this in your business, it could lead to disastrous results – especially in the world of online marketing!
Really, it’s so easy to sink a lot of your time, money and effort into an online business venture you are so passionate about. But consider this: Being well-informed and passionate is not enough to build a profitable business. Painful but true!
To become a successful marketer, you need to make sure your chosen niche is profitable enough to meet your financial goals, especially when you’re going to invest some money for your business to take off.
Now I know most of you are not just in it for the money. You also want to contribute value to the world and have fun doing what you do. However, choosing a profitable and rewarding niche market is critical.
There are lots of ways for you to find a profitable niche – without selling your soul. You can even find one that you’re passionate about. But researching can be quite tricky. To make matters worse, people have different opinions so you just don’t know which one to listen to!
I don’t plan to make things even more difficult for you. I’m just going to share with you some principles you need to keep in mind when it’s time for you to find out where the money really is. So no matter what technique you use to research profitable niches, the principles are pretty much the same.
Choosing a Profitable Niche
Some people say that you need to choose an easy, small niche. Well, I beg to disagree. Why? It’s obvious. That’s because the most competitive niches have the biggest demand! So naturally, the biggest niches have the most potential revenue and profit.
That being said, I would much rather jump into a larger, more competitive niche.
Once you’ve done your research and pinpointed some of the most lucrative niche markets, don’t forget to list them down. And once you’ve listed them down, filter out those niches you’re not ethically comfortable with. It could be gambling, porn, and some other stuff.
From your list of remaining niches, you need to choose the one you are most interested in. It doesn’t have to be really interesting or something you are good at because even if you aren’t, as you go through with it, you will eventually (and inevitably) learn and become more passionate about it, especially if it’s fun AND profitable.
Bottom line is, you don’t have to love any of the niches. Building an authority site encourages you to learn so much about it that you become passionate about it anyway.
Top 10 Most Lucrative Niches
Based on my experience, here are some of the best, most lucrative niche markets around:
- Insurance
- Loans/Mortgage
- Diet/Weight Loss
- Credit Cards
- Credit Repair
- Lawyers
- Education
- Web Hosting
- Finance/Trading
- PC Software/Drivers/Recovery
Besides niches, there are sub-niches as well. Each of the top 10 niches comes with their own set of sub-niches. You can build one website that covers many of these sub-niches, but you can also make multiple smaller sites that target a specific sub-niche.
In my case, I usually start a website that targets a particular sub-niche and gradually develop it over 1 to 2 years to provide helpful, informative, and relevant content to many sub-niches. This strategy actually saves you time and content production costs early on.
So what do you think? What’s your approach to niche marketing? If you have a different approach, what works for you?
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