Uncovering Passion For Profit

First things first – let’s figure out what sorts of topics are going to hold your interest.

We’ll do this in two steps.

First, you’ll draw up a big list of potential markets and niches.

Then you’ll figure out which ones interest you the most.

So, let’s start by brainstorming niches.

In order to do this step, ask yourself these questions:

·         What are you really good at?

·         What are your hobbies?

·         What are your problems?

·         What types of things do you like to read?

·         What sort of sites do you have bookmarked on your computer?

·         What sort of apps do you have on your phone?

·         What do you like to watch on TV?

·         What are your favorite topics of conversation?

·         What sort of educational or hobby classes would you be interested in taking?

·         On what topics do people marvel at your knowledge?

And I’d also add - What topics have you loved for years (and that you’re likely to be interested in for years to come)?

Now list all the other topics you can think of that interest you.

Okay, so now that you’ve done some initial brainstorming, I want you to go through the following list and pick out any of these topics that also interest you:

·         Hiking and camping.

·         Medical problems, including physical and mental health issues, as well as chronic illness.

·         Caring for elderly parents.

·         Antiques, collectibles, jewelry.

·         Babies, children, family.

·         Relationships and marriage.

·         Sports hobbies, including golf, archery, fishing, bowling, etc.

·         Other hobbies, such as car restoration, cooking, dining out, etc.

·         Fashion and beauty.

·         Anti-aging.

·         Making money, including marketing, entrepreneurialism.

·         General finances, including investing/debt management.

·         Retirement, financial security/becoming an ex-pat.

·         Traveling, backpacking the EU to living an RV lifestyle.

·         Home remodeling and home improvement.

·         Diets, including vegetarianism, raw food diets, etc.

·         Weight loss.

·         Bodybuilding.

·         Motivation.

·         Productivity and time management.

·         Other self-help (e.g., public speaking, feeling more confident, finding happiness, etc.).

·         Grief and mourning.

·         Bad habits, such as stopping smoking.

·         Pets and animals.

·         Career and job.

·         Music, including learning an instrument or learning how to sing.

·         Languages (e.g., learn French).

·         Self-defense.

·         Home security.

·         Computer security.

·         Stress relief, such as meditation and yoga.

·         Weddings.

You’ll note that many of these are very broad.

What you want to do is figure out what sub-topics/niches within these broad markets most interest you.

For example, maybe you have an interest in bodybuilding, and perhaps you’ve even taken up the hobby yourself. You might find a niche from your perspective, such as bodybuilding for people over 40. Or you might look at a specific problem, such as people who travel a lot and don’t always have access to weights, in which case you’d look at portable solutions like bands.

Another example: you care for your elderly parents, and you’ve noticed that bath time is an especially dangerous time for them. So, you might focus on selling bathing mobility aids and safety devices, such as grab handles, bath benches, walk-in bath tubs, showers that accommodate wheel chairs, and similar items.

The point is, spend some time right now narrowing down your potential markets to a specific niche or problem.

Narrowing Down Your Niche Selection

When you have several niches in mind, you need to narrow down your options. Ask yourself the following questions (and be prepared to possibly do a little more research in order to answer them):

Which niches are evergreen?

To help you figure out the answer to this question, you can use a tool such as Google Trends, which will show you if a niche has enduring popularity.

Unless you’re a seasoned marketer who can spot new markets/trends, it’s better to stick with niches that have a history of being popular (meaning they are likely to continue to grow in popularity over time).

Which niches appear to be the most profitable?

Check your research, and look to see whether an overall market has a lot of competition. If there are a lot of marketers selling a lot of products, consider that a good sign!

Of course, you don’t want to compete with everyone, which brings us to the next point…

Where can you carve out a niche?

It’s okay to have competition – it will make you stronger and better. And it’s a sign of a healthy market.

But what you want to do is carve out a smaller niche so that you can dominate it. Ask yourself if you see any gaps in the market.

Let me give you an example…

Remember when cell phones first started exploding in popularity? And then the smart phones came along, and everyone was racing to sell the most sophisticated phones on the planet?

Well, that is except for one company: Jitterbug.

This company focused on selling “dumb” phones with big buttons to senior citizens. These phones were for the technophobes who wanted to use their phones to make calls (yeah, I know… weird!). And the company did really well, because they found a gap in the market and dominated their niche.

So again, ask yourself where the gaps are in your market.

Is there an under-served niche where there is a demand, but the companies aren’t all that great at supplying that demand?

That’s where you can step in.

Which niches appeal to you the most?

With all else being equal in terms of profit potential and so on, the last question you need to ask yourself is which niche most interests you? Because again, you’re going to be working in this niche every day for quite some time to come, so you need to make sure it’s something you’ll enjoy.

Consider these questions carefully, select the niche and product line that is most profitable while still being of interest to you.