I get this question all the time! And as a coach, please know that I’m not an expert in your business. You are.
Which niche makes the most money?
In fact, coaches such as myself guide you in finding out and then I help you create the strategy/action plan to go ahead and niche.
And, make sure it’s lucrative!
Many entrepreneurs are nurturers. We want to take care of others and we hate to see people suffer (financially). I applaud this to no end! With that said, it’s OK to have a niche that can pay you. You’re not neglecting everyone else especially if you’re providing free content for them that they can digest, for free, on their own. THIS is nurturing. Perhaps they can’t afford you now. But maybe in 6-12 months time they can.
Another way to nurture is to take a percentage of your net profit and donate it to the causes that speak to your heart.
Please read this mantra and practice saying it/feeling it.
“It is safe to attract customers that can afford working with me.”
Which Niche Makes the Most Money
When we get down to it, I envision a new entrepreneur, researching on the internet, this very same question. While market research is key to success, the questions should be:
- What’s my expertise?
- How can it help other people achieve their goals or experience a positive transformation?
- Who am I excited about working with?
- How can I reach them? And, can they afford me?
Can you feel how these questions start internally, with you? That’s why I take issue with the question, “which niche makes the most money?” or even, “What niche is trending?” because these are external questions that might not have anything to do with your business.
Why Niche Down?
With that said, I believe that you have to start first with you (internal research) and then expand outward to do the external, environmental, and trending market research to find out what niche is trending.
For example, say you are a new parent and holistic healer and it’s your ultimate goal to help other parents achieve peace and wellness through holistic means.
You charge $997 per day-long workshop. But so far, your community has said, “You’re too expensive and that they can’t afford you.”
At this stage, if you were my client, we’d work together to find a more lucrative niche. For example, who else desperately needs to achieve peace and wellness and can afford the $997 day-long workshop?
stressed out entrepreneurs
Can these lucrative niches afford the $997? That is very likely!
If you’re feeling stuck here, I highly recommend that you focus on cultivating a positive money mindset. Click here to learn more about my unique approach regarding money midset. It’s likely not what you think it is!
I want you to know that the goal isn’t to abandon your initial niche. Instead, we’re expanding outward to those that need you.
Learn More With Me!
Janet Johnson is a small business advisor and author of My Money Pivot: An Entrepreneur’s Guide to Finding & Making More Money and this educational blog. All views expressed belong solely to Ms. Johnson and do not represent the views of her employer. The website, MyMoneyPivot.com, is currently managed by Luz Marcos, Virtual Assistant.