Often I’m asked “which are the most profitable niches?”
First of all the most profitable niche for YOU will be one where you get hired and they pay you! Choosing a niche that’s likely to work for you is one area where coaching can help.
Let’s start with the basics.When you’re starting out it’s important just to talk to a lot of business owners and learn that basic skill (asking questions and listening).
And to get a couple of paying clients so you have some experience in that process too.
The theory can be quite a lot different to what happens in practice and what will happen with YOU is likely to be different to other people because you have your own unique set of skills, your own unique personality and the people you’ll be talking to will be different too.
So if you’re starting out talk to some business owners, learn to ask questions and listen and get some experience working for a few paying clients.
Then you can start thinking about
targeting a niche with your services…
What niches are likely to be more profitable?
There are a few different factors. First understand that your own background can play a part (although it isn’t crucial).
If you’ve worked in an industry you may understand it better and speak the jargon of that industry better.
Many people with their background are sitting on a niche that is potential gold mine and they just don’t see it (that’s where getting objective advice from an experienced marketer can be helpful).
Think of transaction size
and profit per transaction…
Businesses making sales in the tens of thousands or hundreds of thousands of dollars and taking a huge profit off each sale can be very profitable clients for you.
They have money and just ONE new client is worth an enormous amount to them.
In other words find them just one new client and they may be happy paying you very well for a year of your time.
I talk in detail about unusual businesses you might consider in the Offline Gold Army product.
One of my favorites is custom engineering (although it might be called something different where you live.)
Basically a business that custom makes truck trays, frames to hold heavy equipment etc etc.
One job is usually in the ten thousand dollar plus range and some jobs involve multiple vehicles and can run into the hundred thousand dollar plus range.
Often you can talk directly to the owner and here’s the best part…
Almost NO ONE is trying to sell anything to him.
Most don’t even know his business exists.
When you try to target a niche like dentists or plastic surgeons you have a pile of people trying to sell to them every day, you have to get through receptionists and find a time when they’re free (they can’t just drop a patient to talk on the phone with you).
All in all these prospects are hard work.
But walk into a truly industrial area
with small to medium sized businesses…
with skilled workers and machinery…
It’s likely you’re the first marketer they’ve ever seen!
Some will be blunt and coarse (don’t let that bother you…those guys often spend the most money with you if you just get past their initial caution).
Many will be really friendly and very eager to hear any ideas you have to bring them in business.
I like the businesses that are buzzing with activity in industrial areas with someone in charge who is as motivated as hell and as sharp as a tack.
Those guys will jump on any good idea and if they believe you’ll execute it they’ll pay you on the spot to get started.
That’s something to get you thinking when you’re thinking about a niche to specialize in.