How to Choose a Profitable Niche

There are two primary ways to go about 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.

So 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.

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