EPP 137: 7 Profitable Niche Ideas For Your Online Business

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this is extra paycheck podcast episode number 137 you’re listening to extra paycheck podcast where you’ll learn how to build and grow your own successful online business now here’s your host Alex Saul welcome to yet another episode of the extra paycheck podcast this is episode number 137 and today I will be talking about one of the biggest issues for beginner all entrepreneurs which is not being able to come up with the right niche a right industry for their very first online business now this episode is not only going to talk to those beginners who have never started an online business but people who already have experience and want to try something else or want to start a new business and a second business they will probably find some value in this episode as well as I will be talking about seven industries that in my opinion have a lot of potential in the years to come and these aren’t just fads or trends that are going to disappear in the next few months these industries are growing and as I just said they have a lot of potential to become multi-billion dollar industries and you could take a piece of that pie and you know the sooner you start with those industries the sooner you start a business in one of those industries the better simply because you’ll jump on it earlier than many other people that will eventually jump on them as well now some of these industries are really old and they have been around and they’re not going anywhere there is a lot of competition of course but that’s what happens when you want to run your own business the competition is always going to be there it’s either already there or it’s going to show up later but you shouldn’t be scared of your competition you should embrace that and see what you can do better than your competitors so let’s jump into those seven profitable niche ideas for your online business number one is VR and AR so virtual reality and augmented reality are really really growing really fast and it certainly is the future for many of us most of you might have heard of we are as in video games and stuff like that but there is a lot more going on behind the scenes there many companies being built right now where they jump into other side of virtual reality they use it for marketing for research and for many many other things one of the coolest things that I’ve seen was advertising so instead of going to a store to check something out or instead of visiting an apartment or a house that you want to buy and you could actually put on those VR goggles and have a virtual tour of that place or the store or even the product if you want to check out that product without physically being present so this is huge and I’m sure that in just a few short years more and more online retailers will jump on that virtual reality and augmented reality as the technologies are becoming simpler to use and much cheaper to use as well if you want more details on this industry you should check out episode number 89 of this very podcast when I had Sam from retina a virtual reality analytics company that company raised to the tune of 1.6 million dollars in just a few short years and as I mentioned that’s exactly what they’re doing analytics within a virtual reality and they’re helping the advertisers to understand the behavior of potential customers within a virtual reality experience now statistic comm is predicting that by 2020 us the arm market alone will be worth over twenty billion dollars while it was only three billion dollars in 2016 so that’s a huge growth and very very big potential that’s projected into that industry and if you can you should be thinking about jumping in that right now so that was nice number one let’s go the second one this is a huge industry and you have probably thought of that at some point and it’s babies yes from baby food to baby clothing to accessories toys health and personal care products there’s so so many things and parents are spending so much money on babies and what’s really cool that it’s not only the parents the friends spend because they all want to buy gifts for those little babies I know that I’ve personally bought some baby items and I do not have a baby but I have some friends who have babies and sometimes I buy them gifts because well they’re just something that you do and what’s really cool that if you go into that baby industry and if you’re building a email list and you should be building that list and you properly segmenting your customers what’s really awesome is that you could retarget them for years and years to come because when a pregnant woman sends up to your email list and you’re helping her with advice on how to handle the pregnancy or how to get ready for the child being born and recommending the products that the mother will need from the get-go if you segment that client properly you know that within a year that baby is one year old so you could mark it and promote different offers to this person now you know how old their kid is and you know what kind of products they will need now and you can do that for the second year and third year and so on so potentially you could promote products for the next 15 20 years to the very same customer because you actually know how all that kid is and what kind of products they are needing but that’s another story so baby industry pulls a yearly 65 billion dollars worldwide huge industry and that market is not going anywhere we’ll always have babies and parents and the friends and grandparents and everyone else will always be buying things for those babies so think about that that’s a huge market and you could niche it down you could concentrate on strollers or clothing or health and personal care products for babies there are just so many ways for you to break this industry down into many smaller niches and make a lot of money with it for years to come niche number three is men’s grooming products this industry has been growing a lot in the past five to ten years and once again it’s not going anywhere now I do need to mention that you have to watch out for trends beards who was one of these trends which seems to be kind of dying down slowly and if you know I’ve made some of my own products that I sold and market two men with beards so beard care products we even saw some of those products through Urban Outfitters and if you want to check out that case study I’ll link to it from the show notes page so that was a trend but the actual products that help men shave those kind of products are not going anywhere and the market is only growing you’ve probably noticed a lot of companies and subscription boxes that industry popping up around and as I just mentioned this industry is here to stay because men are taking more and more care of their appearance so they groom better they shave better and they are looking for higher quality products which means there is a lot of money to be made in this industry niche number four or should I say industry number four is electronic cigarettes as more and more countries are banning public smoking electronic cigarettes still have their place and the popularity is growing for them another reason for electronic cigarettes boom is of course the rising cost of tobacco and this is one of the ways to discourage people from smoking so a lot of people are turning to electronic cigarettes for the simple reason of spending less money better health awareness is another reason why people are switching to electronic cigarettes which so far seems to be a much healthier alternative or at least less harmful alternative to smoking and as the demand for such product is growing so is the supply there’s so many different gadgets being available there’s so many cigarette liquids batteries holders packs and so many different things in this industry that you could mark it on your website now you have to be a little bit careful with this one because some countries or some states or some provinces have very specific laws in place and some of them view electronic cigarettes as tobacco products and you might not be able to sell or market or advertise tobacco products meaning electronic cigarettes as well so you have to make sure that the law wherever you live allows you to do so and if it does once again it’s a huge market with a lot of growth that will be happening for the next 5 10 20 years in my opinion of course News number five is self-care products and cosmetics especially the organic and eco-friendly kinds of soaps essential oils and so much more this is an industry that I’m noticed has been booming lately and there are a lot of video bloggers and Instagram celebrities who made their careers just in that niche all they started doing was doing makeup tutorials or posting selfies every day using different kinds of products and showing off those products and eventually maybe creating their own products and selling them in their online shops but the point is that this industry is growing and there’s more and more demand for that those Instagram celebrities are also helping to grow that industry because as you probably know they influenced millions and millions of fans who want to look like them or who want to feel like them and those fans will be buying those products rather than any other kind of product and just the fact that they will be buying those products at all because someone they look up to is using their product so looking to self care products and cosmetics especially if they’re organic Fairtrade those kind of things are very valuable these days and those kind of products are gaining popularity day by day mutual number six is drones now drones peaked in December of 2016 and then the demand kind of went down but it has been stable for about a year now and once again it’s not going anywhere as drones are becoming much more affordable and the quality of video or the quality of the actual product is growing more and more people are buying those drones simply to have fun and fly them around and maybe film a family vacation while other people are buying them to create videos either professionally or once again for a simple vlog of some sort and because they’re becoming so much cheaper more and more people are buying them every single day I know quite many people that have expensive drones in their personal collection and they are not using them professionally they’re not filming weddings or whatever aerial footage they’re filming stuff for themselves they simply enjoy playing around with them and filming for their personal pleasure so that’s an industry that’s also growing and it’s only going to grow you’ve probably noticed that some of the most popular John makers keep developing new drones they’re making them smaller yet they’re making them more stable they’re making them cheaper and the quality of that video keeps going up and up and up you could buy 4k Jones for under $1000 these days so that’s a really awesome hobby and a lot of people are willing to spend a lot of money on such a hobby this industry will certainly be growing for years to come Muse member 7 is streaming devices and devices the control Smart Home stuff things like echo dot fire TV Google chromecast and many other controllers in that range are gaining a lot of popularity and more and more people are buying those gadgets to have around the house because let’s be honest they’re pretty awesome and they make a life easier although Smart TVs are also popular you still can’t stream everything that you want on a Smart TV and more importantly you can stream it the way you wanna stream it this is why those external devices are so popular and once again it’s another industry that’s only going to grow and there’ll be more and more choice there will be more and more products for you to promote and to make money off one last thing that I’d like to mention here is that when you looking for a niche make sure this is not a fad because those die fast I’d like to give a honorable mention here to fidget spinners because you wouldn’t believe how many people I had contacted me and tell me their amazing idea to sell fidget spinners as affiliate marketers I make whole bunch of Commission’s on those fidget spinners now of course I told every single person that it was a bad idea and they wouldn’t make any money that they will simply waste their time trying to promote special spinners for many different reasons one of them I knew it was a trend the will die really really fast second of all most of the fidget spinners are really really cheap which means that you aren’t really going to make any Commission’s on those just to share a little more details with you the fidgets spinners appeared kind of out of nowhere in February of this year of 2017 the interest for them peaked in May but by October of the same year that interest completely died there is no more demand nobody wants widget spinners it was a waste of time for a lot of people who started small blogs or small websites or even online stores trying to promote those yes there are a few online stores that made a lot of money selling fetching spinners and I’m talking from six to seven figures in short few months however the secret here is that those people knew what they were doing they had experience and they knew how to act fast so they found manufacturers within a few days they had a website set up in a day and then they were spending money on pay-per-click marketing and other kind of paid marketing to get people to their websites they did that within days and they started making money this is how you do it you can make money with ads you can make a lot of money with the trend but you have to jump on it really early and you have to jump on it really fast you can spend the next six months or 12 months or 18 months building content slowly and hoping that one day your website will pick up because by that time the trend will be dead and nobody will be searching those keywords on Google and nobody is going to be buying those products so once again you could make money with a trend but you have to act really really fast you potentially have to throw some money at it and you must have experience in doing something similar or you must at least be in touch with people that can help you take action really really fast and jump on that opportunity right away otherwise you should stay away from trends and fads and look for industries that are proven or that have a lot of growth ahead of them I hope you enjoy today’s episode if you have any niche ideas that you would like to discuss with me please head over to extra podcast com / 137 this is where I’ll be putting up Shauna’s page for today’s episode and this is where you could ask your questions related to either today’s episode or affiliate marketing online marketing internet business in general and I will do my best to answer all of those questions also head over to extra podcast.com slash iTunes in order subscribe to the show if you haven’t already please to leave a review and a rating which will help the show tremendously once again thank you so much for tuning in and I’ll talk to you next Monday [Music]