5 Steps to Discovering a Profitable Niche in 2020
Date: 20 March, 2019
In this class we talk about how you can build a profitable niche in your business. This is one of the most commonly asked questions at Freelance University. “What niche should I choose?” “What niche is in demand?” “How do I know what type of service I should be offering?” Craig Cannings will answer all of these questions today and give you a free guide on the 150 best ways to freelance in 2020. You will also discover five practical steps you can take to build a profitable niche in your business.
Podcast Outline:
[1:04] – Introduction to the topic of freelance niches
[3:00] – Five Steps to Building a Profitable Niche in Your Business:
[3:36] – Step 1: Assess your current interests.
[6:06] – Step 2: Identify your top skills and see where your interests and skills overlap.
[8:10] – Step 3: Research potential niches.
[9:02] – Three types of niches:
– [9:13] – Client Niche
– [10:14] – Skill Niche
– [10:49] – Hybrid Niche
[12:29] – Introduction to 7 core categories in Free Guide: “150 Ways to Build a Profitable Freelance Business”:
– [13:42] – Digital Marketing
– [14:13] – Technology Support
– [14:54] – Online Business Management & Support
– [15:28] – Content Creation & Management
– [15:43] – Graphic Design
– [16:06] – Digital Media & Events
– [16:34] – Web Developer
[17:29] – Step 4: Test the niche.
– [18:07] – Four questions to ask:
– [18:15] – What do my clients say?
– [18:53] – What do my colleagues say?
– [19:40] – What do the stats say?
– [21:01] – What does Google say?
[23:01] – Step 5: Determine your core and complementary niches.
[26:57] – Summary of Five Steps to Building a Profitable Niche
[27:42] – Closing thoughts and instructions for accessing Free Guide
Resources and Tools Discussed in this Episode:
Access Free Guide: “150 Ways to Make Money From Home as a Freelancer.”
Email Marketing Platforms:
Other Tools:
2018 Social Media Marketing Industry Report by Social Media Examiner
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3 thoughts on “5 Steps to Discovering a Profitable Niche in 2020”
Awesome episode Craig. I love the way you avoid overly technical descriptions and get straight to the value add driving your discussion points. I am curious, can you share any real world examples of freelancers who are hitting home runs as it relates to one or more of the niche building principles you outlined?
Hey John. Glad you enjoyed the episode! I see a number of students finding success related to STEP FIVE on discovering your “Core” and “Complimentary” niche service. In that step, I discussed Amplifying Your Niche and looking for ways that you can deepen your income opportunities with clients. One of our students, Lisa G, started out providing social media posting services for her clients and has now branched into Social Media strategy and consulting as well as offering Facebook Ads packages. This is a great example of “Amplifying Your Niche”, by looking at what other related skills or services you can offer your existing client base. Hope that helps!
I always enjoy every class/podcast. Very informative and resourceful. Will start been practical cause i feel i know enough already, and its time i put all these various tools and information to use.
Thank you Craig.