How to select a profitable Niche


There are two primary ways to do this

1) Decide to teach something you already know that can help others (and
possibly learn more about doing it yourself so that you can more effectively
teach others)
2) Find a niche you are not an expert in and become an expert.

Obviously, if you already are an expert in something marketable, or you have a skill you can teach others, then the easiest way to go is with teaching what you know to others. But if you know that you donʼt know something that others will pay to learn, then frankly if you want to start a virtual coaching business, you will need to
learn something to teach. To do this, you will need to do a few things:

1) Choose a profitable niche
2) Decide to begin learning
3) Once you have more knowledge than some pool of prospects in your
niche, you can begin teaching those who donʼt know as much as you
4) You should make every effort to become a bona fide expert in your niche
as fast as possible.

Please note I am both saying that you can begin teaching before you are an expert, but you will be limited to teaching people who donʼt know as much as you, and I am also recommending you become an expert. I believe you should do both. I donʼt believe you must become an expert before you begin to teach (as long
as you donʼt try to pass yourself off as an expert) but I also believe that long term success means you need to become an expert as soon as possible.

First, I want to contrast what I am going to share here with what I have heard a few times in the past and perhaps you have too. Perhaps you have heard something like this “do what you love and the money will follow”. I believe there is SOME truth to that. And probably in most cases, if you are creative enough, you could probably find a way to make almost everything profitable.

However, if you love something that hardly anyone else on earth cares about, and you are going to have to spend most of your time persuading people that what you care about is important, it wonʼt leave you much time for coaching! And of course, the inverse is true as well, if you go into a niche that everyone
else loves and is profitable, but you canʼt stand it, you wonʼt make money, and if you do, it wonʼt be worth the hassle and frustration in your life.

I recommend you choose something that can quickly become profitable AND is something you could enjoy teaching. It might not be your first choice of something you love, and it doesnʼt need to be the most profitable thing on earth, but it does need to be something that you enjoy AND that you can
make money with.

So how do you choose a profitable niche?
In todayʼs market, I believe you look for a niche where others are making money, and go from there. Start teaching in a topic where there is proven revenue, then as you get to know the needs of the niche, you can begin to specialize based on what people in your niche tell you they need more of that
others are not providing. At one time on the internet, the recommended way to find a niche was to find
something that a lot of people were looking for information about, but relatively few, if any, people were teaching that information. But I believe that people have been doing that for so long now that almost every profitable area of information is being monetized. And although there may be a few scenarios where you can make money where no one else is now, they are so few and far between that trying to choose one is a real gamble. And I donʼt believe you want to start a coaching business to take a gamble. I believe you want to
start a business that will make real money, and where you can help real people, the first time around, without trying a whole bunch of different ideas and topics. So start where people are already making money (perhaps in a related niche to the one you think might make money but no one else is) and when you are firmly entrenched, have a following of prospects and clients who trust you, then begin to create training in the area where there is no training. Your clients and prospects can help you determine exactly what they
would want to learn in that new niche. That will be much easier than you
trying to guess what people want, and likely making the wrong guess.

The first place I like to start is to determine if people are buying instruction in that niche. If a lot of people are selling information and a lot of people are buying information in a given niche, it is likely that niche can be profitable to you. Notice I donʼt suggest looking to determine if a lot of people are profitable, but instead I suggest you determine if a lot people are buying information in a niche. You see, when there is a lot of competition in a niche, most people in the niche resort to trying to sell the information at the lowest cost. And of
course when that happens, they sell the information for the least they can without going out of business. Which is not a recipe for true profit. However, in a niche with alot of competition, if you come into that niche and focus on delivering high quality, discovering or creating new ideas, and building relationships and trust, you will find that the same people who will pay the very least for commodity information in the niche, will pay you a much higher price because because you are constantly creating and revealing new ideas, and that they will pay a premium for the trust and relationship you offer, as well as your availability as a coach. I would much rather work in a highly competitive environment with lots of competition, lots of buyers, and simply be the best and focus on the people in the niche who are willing to pay more for the best, than to go into a small,
non-competitive market and only have a few clients. And personally, in todayʼs market, I believe that in order to generate the highest profits, you should also be in a competitive niche.

There are a few exclusions to that – but in reality, once each small non competitive market has a few players, then the opportunity is gone for future players. So if you are already in a profitable niche, small or big – stay there. But if you are just starting out, find a competitive niche and instead of competing on price, which most people do, compete on service, availability, quality, and strength of your expertise, and charge a higher price than your competition. So how do you find a competitive niche? I hesitate to give you a precise formula that works today, because just about every formula offered in the past is no longer valid, and likely a formula that works today wonʼt work in a few years. So although I will give you a few places to go to find the relevant information, what is going to be most effective is understanding the concept I share next, and then you can find your own sources of information for what is competitive and has buyers. But the idea is to find out where people are spending their money. My experience is that if people are paying for information in one medium online, that means that people are willing to pay for information in that niche. It doesnʼt matter the price point, as long as people are willing to pay for information. If people are willing to pay for information, they are generally willing to pay for help implementing the information. Meaning that there are usually more people selling information without coaching or step by step take you by the hand help than are offering coaching and other help. And if people are purchasing information, a percentage of them will likely need help
implementing it. So the idea here is to find out if people are spending money in a certain
niche. And to do that, you have to go to where people might spend money in
a niche, and do some sleuthing and attempt to deduce if they are spending
money there. A few places that work really well for this are online bookstores, magazine
subscriptions, best seller lists, buyers lists, etc. How many more can you think
of in your niche?

Here is why those places are effective:

If people are buying non-fiction books on a topic, there is generally a market in that topic. The reason is that most people who buy a non-fiction book on a topic rarely read past the second chapter. And those who do, rarely implement what they learn. What does that tell us? First – they wanted to learn more or they wouldnʼt have paid for the book. But if they donʼt read the book, or after they read it they donʼt take action and implement what they learned, then they still have the same need they had before buying the book,
and they are a proven buyer. So if people are buying books, they will likely buy coaching if offered.

How do you determine if people are buying books?
Several ways. Look at bestseller lists. If a topic is a best seller, and especially if there are several best sellers in a similar niche, that topic is likely profitable for coaching. Look at sales volumes (you donʼt need to know empirical numbers, only relative numbers). Meaning you donʼt need to know how many books are sold, only that one book sells more than others. So if you are comparing 2 niches, and one has more books selling more, then that is generally a more competitive and lucrative niche. What about magazine subscriptions. Find the paid readership of magazines in your niche. If they have paid readers, they are likely in a profitable niche. Buy
the magazines in the niche. Look at the advertisers. Are they advertising information products like books or education? Look at several months of the magazine. Do the same advertisers advertise each month? If so, they are likely making money. Rarely will advertisers advertise in the same magazine month after month if they arenʼt making money.

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