Say you make a product that is sold for $49. You build your product, website, and email campaigns; run ads in Google AdWords; and hire a small team. After two months of working on your project, you’ve earned $1,000.
But putting in the same amount of effort in the same time frame in a different niche could bring dramatically different results. You could make $10,000 or $100,000 a month just by shifting your focus to a different niche industry.
Why? The demand varies among niches. One niche might only generate 200 prospects each week, while another might yield 1,000 sales each day.
This is why it is essential to test various ideas. Let’s find 10 niche business ideas and test the demand and profitability of each to find the best ideas.
Do not rush. Try to remember all the things you have been passionate about. Maybe you were good at fashion and you know everything about new trends and how to combine different clothing items. Maybe you used to create gorgeous websites, and your boss was shocked by your talent. Write them all down.
The more data you collect, the more ideas you will be able to generate using your past passions.
List everything you have been paid for, whether by friends, employers, colleagues, or freelance clients. Maybe you used to sell the icons for user interface design on Creative Market. Maybe you wrote email copy for a brand campaign. Include those types of tasks in this column.
At first, it will be hard to generate ideas, but stick with it and spend at least one hour doing this exercise.
Do not focus on ideas that going to change the world. While there is a small chance that you will think of a brand new life-changing idea, it is better to work with the niches that already popular and have proven success rates. You do not need to build another Facebook to earn your millions. Just find the profitable niches, build a product or service inside that niche, run stable traffic, and start selling.
The more ideas, the better! We will test the ideas on demand in the next steps.