In this week’s episode of the Extra Paycheck Podcast we’re talking about seven profitable niche ideas that will help you launch your own online business.
Finding the “right” niche idea might feel like a daunting tasks. I understand that.
When I first started learning about online marketing I launched about 10 different niche websites in just a few months and most of them failed. I am not sure if they failed because I tried to juggle too many projects at the same time and some of them simply didn’t get any attention. Maybe they failed because I picked a niche that wasn’t profitable. Maybe there was another reason. However, if you’re spending too much time thinking about the right niche – you may never actually start. Don’t overthink it and just launch your first website. With time you’ll be able to improve it or change your niche completely but first of all you need to just take action.
In this episode I will look at 7 different industries that in my humble opinion have a huge potential. Feel free to pick any of them, dig deeper and launch your business within any of them. Disclaimer: these niches and industries are awesome in my opinion and I might be wrong. If I was to launch a new niche website today I’d seriously stick to one of them.
Virtual Reality and Augmented Reality
VR and AR industry is seeing an amazing growth. A $3 Billion hardware and software industry (in 2016) is expected to become a $40+ Billion industry in 2020 (I said $20 Billion in the podcast, that’s a 2019 projection).
In episode 89 I had Samuel Poirier the founder of Retinad going much deeper on the subject of VR/AR. Make sure to listen to that episode if it’s something that interests you.
From baby food to baby apparel, footwear and accessories, toys, health and personal care products – the “baby industry” is a $65 Billion market. According to Nielsen this market is steadily growing from year to year. This is an evergreen market with thousands of different profitable niches. Have you seen how much those baby strollers go for? Did you know that pretty much every manufacturer of baby related products has an affiliate program?
Also inside the episode I share an idea of how you can turn a one-time buyer into a loyal 15-20 year repeat customer.
Man’s Grooming Products
We’ve seen the birth and steady decline of a whole new industry in the past few years. The urban lumberjack, or the lumber-sexual, or the bearded hipster crowd gave birth to a whole new line of beard care products. We all knew it was a trend but we didn’t realize how big (and profitable) of a trend would be. I even posted a case study how my girlfriend and I made $10k on the side selling beard oil.
But running after a trend is not always a good idea. The industry of razor blades, facial hair trimmers and high quality men grooming products is still growing. This industry is here to stay for many many years. Definitely look into this one.
I am sure you personally know people who own these vapor making devices. Did you know that some of them go for several hundreds of dollars and some even reach thousands? It’s a hobby for some and a way to quit smoking for others.
Smoking cigarettes in public is becoming more and more problematic. The health risk awareness as well as the rising cost of tobacco also contribute to the growing popularity of electronic cigarettes all over the world. Vape shops are popping up like mushrooms and thousands of new online shops are popping up. This industry is only going to grow and should definitely be considered.
Mods, tanks, batteries, skins, e-liquids and even fancy e-cigarette cases covered in diamonds are being sold on and offline. A lot of money to be made here.
Self-Care Products And Cosmetics
This industry has also been around since… forever. In the past few years though the demand is on the rise. Especially for organic, Eco-friendly and fair trade cosmetics. Some Instagram celebrities built their careers by simply trying out such products are inspiring millions of fans.
If cosmetics, essential oils, artisan soaps interest you then you should definitely look into this growing industry.
The interest for drones peaked in December of 2016. It went down a notch since then but it has been steady for the past 11 month (which is a good thing). More and more people are buying drones because their quality is going up while the prices are going down.
While some people buy them for professional purposes many others are buying them for recreation. And you know that people can spend a LOT of money on hobbies. Don’t forget that folks often crash them into trees and lakes. Batteries also don’t last too long so a lot of people will buy extra batteries. While the drone market is getting competitive, I think there is a lot of money to be made if you niche it down (just think of all the accessories).
Echo Dot, Fire TV, Google Chromecast, have you heard of these gadgets? Streaming devices are becoming a norm in every household. I think we can add other “smart home gadgets” to this list as well and we’ll get a long list of popular products to promote.
I personally spent a lot of hours reading articles online trying to figure out which of these gadgets is the best for me. I can assure you that there are millions of other clueless consumers who are doing (and will be doing) the same research. Hopefully they’ll stumble upon your blog where your content will help them make an informed decision.
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