Derek's Four Favourite Markets To Find New Online Business Ideas
People are always asking me if I have any great online business ideas they can "borrow" 🙂
And my answer is always the same...
I will NEVER tell you which specific niche market or online business you should target or what product to sell.
I'll never tell you your niche should be dog training, teaching people to cook Italian food, helping people start a business, or creating online yoga courses.
Because I want you to discover something that is unique and that is authentically yours.
I mean, think about it...
If I told everybody I work with to "teach people to cook Italian", soon there would be 10,000 people online trying to compete selling pasta tutorials.
But I see it happen all the time.
Some guru says you need to go sign-up with company X and sell product Y.
You follow their advice, wasting your time and money, only to find out there are already thousands of other people that have taken their advice and the market is saturated with competition.
And that’s why you'll never hear me say "Here, go sell this."
I want you to find your own unique niche and online business idea.
Do check out my infographic on the "Top 10 Pandemic Growth Markets" blog post to discover the most profitable niches online!
But if you're really struggling, here's how I can help:
Below you'll find my my four favorite markets that have hundreds, if not thousands of niches to explore within.
How is this going to help you?
I'm hoping it will help you narrow things down and give you a more FOCUSED place to start.
Good. Let's do this...
1. Wealth Creation Online Business
Wealth creation is a massive (and lucrative) market of niches that are full of customers willing and able to spend money on YOUR products.
In essence, the wealth creation market is anything that helps people make more money.
That could be through saving more, investing better, starting an online business, getting a raise...the list goes on.
Now the primary reason this is such a lucrative market is because when you are selling products or services in the wealth creation space...
There is a very clear "Value Proposition".
For example, let’s say you’re an investment virtuoso and you can teach me how to make extra $50,000 a year trading stocks with minimal investment.
Would I pay you $500 to teach me that?
Because the value proposition is so damn clear.
If I invest X in your product or service I could make Y.
When you offer someone a product or service to help them create more wealth, they do the math in their heads very quickly, whether consciously or subconsciously.
And if they see that the ROI is in their favor - in other words, when they invest in your product, they’ll make more money than they invest - they will make a buying decision.
It’s that simple.
The wealth creation space is fantastic for both products (think anything and everything from saving apps to financial planning software) and services (courses, tutorials, consulting), and even affiliate businesses.
If you’ve got the skills to teach people how to make or save money, or if you’ve come up with a product or service that will help folks make more money, the wealth creation market is a great place to start.
2. Health and Wellbeing Niche Market
This is another massive sector with countless niches where people are spending literally billions of dollars every single year.
And there is no denying, people are very willing to invest money in health products and services.
And today, when people want to live healthier, feel better, look amazing, and live longer, where do they go to find solutions?
Yup, you guessed it: The Internet.
And let’s face it, although Western medicine has done incredible things for humanity it has a fundamental flaw...
That is, it mostly focuses on treating the symptoms rather than preventing diseases and focusing on overall wellbeing.
So as people become more educated, have more money, and want to invest in quality of life, we tend to look for a more holistic approach and find ways to stay fit, eat healthy, and feel good.
In fact, we want to avoid having to use Western medicine altogether.
And that’s why we’re so willing to spend a fortune on fitness, healthy food, wellbeing practices, health products, and anything else that will boost our health and productivity.
3. Hobbies and Passion Online Business
I love this sector because we all have that one thing we’re willing to invest insane amounts of time, money, and energy into.
For example, I’m obsessed with mountain biking and I spend most of my time riding down mountains.
Mountain biking is my passion, and to me, its value is limitless because I love it so much.
However, for someone who isn’t into mountain biking, my spending on bikes, gear, helmets, and bike accessories would appear completely crazy.
And that’s the thing: when you have a passion, you’re willing to spend obscene amounts of money on it.
Golfers will spend thousands of dollars on clubs and then even hundreds of dollars just to play a single round.
Surfers will part with insane amounts of money for boards or flights to the hottest surf spots around the world, and so on.
Artists will spend a fortune supplies, even if they never make a penny selling their work.
Yes it’s irrational, but if you’re passionate about something, you will spend money irrationally!
This is why the passion and hobby market is so huge.
If you can find a niche here, be it something as popular as mountain biking or as rare as competitive knitting (yes, it’s a thing) and offer people ways to enjoy their passion or hobby more, you’ll hit gold.
4. Niche Market: How-To
The How-To market category is chock full of profitable niche markets with the potential to make a small fortune selling both digital information products, physical products and services.
Every day, millions of people log on to the internet seeking "how to" information to solve a problem or to learn a new skill.
And if you can provide them with the information they need to solve that problem or learn that skill, you stand to make a tidy profit.
Now there are lots of ways you can approach the how-to market...
You could give away information for free and then use the relationship you establish by sharing that information to recommend and sell physical products.
For example, if you taught someone how to make soap for free, you could then make money by selling the supplies they need to make the soap.
Or you can make a TON of money selling the information itself.
In fact, Clickbank.com, one of the biggest affiliate networks in the world, is dedicated almost entirely to digital information products.
Today, we're living in the information revolution and even with the plethora of free, crappy information polluting the Internet today, there is still TONS of opportunities waiting for you.
So there you have it...
My four favorite market categories that are jam packed full of lucrative niche markets just waiting for you!
Remember, it’s not about a specific product or a specific way to sell – it’s about finding a lucrative market segment, narrowing down a niche and finding a problem to solve.
Derek Gehl - Chief Idea Guy