... Of how you build a business because it is not the thing that's going to help you
make money. In this video, I'm going to teach you how to find your niche. You asked me a
lot about this, so I'm going to break it down and how to figure out what you want to start
selling online. So we can start building a big booming, profitable business for you.
Hit that thumbs up if you are excited about this video. In this video, this is where we're
going to go over. The simple formula that will help you succeed in any niche, the number
one factor to finding a niche that pays why having competition is a great thing, and how
to test for success. So what's the formula that will help you succeed in any niche? It's
pretty simple. It's skills plus profit minus passion. Yes, I said minus passion.
Here's how this works, and how you can start doing this right now. So the first thing you're
going to do is write down something called a mastered list. So, I've talked about this
a lot, and usually it's in relation to YouTube content, but today we're talking about finding
the right niche for you. So step one is your skills. What are your skills? What is it that
you've mastered that you could potentially teach, or help other people with, or create
a product around? So what you're going to do is just brain dump
everything that you know how to do, and that you could potentially teach or help somebody
else with, or build a product around. Just write it on a piece of paper, write it in
the notes on your phone. If you're completely stuck, really great little exercise that I
actually did when I was first starting my business because oftentimes the things that
we're really good at aren't obvious to us. So I asked my friends and my family, and immediately
one of my family members was like, we are really kind of making videos. You've always
done that. Ding, ding, ding. Never even thought about it. I just did it as a hobby and didn't
even think how I could build a business around this. So ask friends, ask family, ask colleagues,
ask anybody in your life who knows you pretty well what your biggest skills are, and also
write down the things that immediately come to your mind. We're just going to leave that
there for right now. The next part of this is to figure out if
it's profitable. So how do you figure out if something is profitable? Pretty simple.
All you're going to do is you're going to go on Amazon, and you're going to go on Google,
and you're going to search whatever skill it is that you have, or that you want to create
a product around or a service around. You're going to see is anyone currently paying for
this? You're going to go onto Amazon and see what kind of books come up, what kind of services
come up on Google. Are there websites related to this? Are there people who are dominating
this niche? Are there influencers in this space? Write down this whole list.
Create a whole spreadsheet with this information on it. You have your skills plus now your
profit. We got to figure out is this something people will actually pay for? Because if no
one's gonna pay for it, it's not really business. We want to make sure that there are people
currently paying for this service, or this offering, or this product. So here's where
the research comes in. Step one is you're going to go to Google,
and you're going to search the term that you want to create a business around. Search it
in a couple of different varieties and see what comes up. Are there courses on this?
Are there people who have websites around it? Are there influencers that you could start
following? Are there products or services currently for sale? I want you to create a
spreadsheet or even just put this in notes, and have all of these links in one place.
Really pay attention to how much people are charging for these products or these services.
If you can't find this information, or if you want to just get bonus points for some
extra work here, what you can do is find an email address, or find a contact forum or
find a phone number and contact these businesses, these companies, these websites, and inquire
about what their services are and how much they cost. Because that's gonna tell you right
away how much people are paying for this skill. That will tell you if it's truly profitable
in something you can build a business around. Step number two is Amazon. You want to go
to Amazon, do the same thing, type in the topic or the skill that you want to build
a business around and see what comes up. Are there books for sale? Are there courses for
sale? What is in that category and what's the most popular thing in that category? Because
that can inform a lot of what you do with creating a product or a service around this
skillset. So that's the second step of the research portion.
Basically, when it comes to profitability or profit, when it comes to a business, you
need to figure out are people actually paying for this and how much are they paying for
your skillset? This is where the bulk of the work comes in to do a lot of research on what
are people paying for and how much could you potentially charge. Third part of this equation
is obviously we have skill plus profit minus passion. Now, here's a thing about passion.
Passion is not the hard data that's going to tell you if something is actually going
to turn into a real business. It's the feeling that you get from it.
Passion is important, because it will keep you going and keep your momentum going even
when the times are tough or you're on this entrepreneurial roller coaster. So I'm not
discounting it entirely. You have to have some passion there. What you really need to
figure out is, is this something that people will pay for? Passion is so important, but
here's what I want you to know. The reason that we don't include it in the equation or
that we minus the passion out of this is because I have a lot of passions.
I dance regularly. I grew up as a dancer. I always thought I'd be a professional dancer
when I grew up for, I don't even know, like an NFL team or something. It didn't happen.
I'm okay with it, but I always thought that would be my career. Then I realized that it
probably wasn't something that I was ever going to be able to make a true living at
and be able to pay my bills with. I had to realize, "Okay, what can I actually use my
skills towards make a difference and build a profitable business?" That turned out to
be videos, YouTube marketing, and what I'm doing today.
Just because you're passionate about something doesn't mean that it's necessarily going to
be the business for you. That's why we minus it off of the equation, but if you can find
something that you're skilled at, and it's a profitable niche, plus you have a passion
for it, that's awesome. Minus passion off therefore the beginning because that will
grow with time, and it's not a vital piece to building a real business, especially in
the beginning. Now that we've created somewhat of a short
list for the niche that you want to build a business around. The next thing is you have
figured out how painful it is because people pay for pain. Sounds weird, right? What I
mean by this is let's say a pipe burst in my house. That's painful. It inhibits me from
doing anything in my house. I have to maybe move into another location. It's really, really
painful. I will pay to make sure it's fixed ASAP. I. E., this is why lawyers get paid
so well and doctors get paid so well, because usually when people go to them they are in
high need and in high pain. So you have to find something that's painful
enough for people to pay for. So in my niche, a lot of people are teaching YouTube and showing
people how to become a creator on YouTube, but I noticed there was a gap in people teaching
how to use YouTube to build a business or generate leads. If you're an entrepreneur,
or you're a business owner, you're constantly trying to figure out how do I get more clients?
How do I generate more leads for my business? How do I get more traffic? How do I get more
people in the door? I was like, that is the pain. That's what
I'm going to solve. That is how I built a multimillion dollar business. I had to dial
into exactly what the pain point was and what was painful enough for people to pay me for.
Let's talk about some things that are super painful that you can technically build a business
around. This actually starts from something called Maslow's hierarchy of needs. So let's
dive into it. The first thing is self-actualization, achieving
one's full potential, including creative activities, esteem needs, perceived and feeling accomplished.
Belongingness and love needs, intimate relationships, and friends, safety needs, security and safety
and physiological needs, food, water, warmth and rest. That's why you'll see so many businesses
around how to make money online because if you're making money, it fulfills a lot of
those needs. You're seeing a lot of dating and relationship
coaches. You know, of Abalone [Aponte 00:08:02] who is one of my clients who has skyrocketed
on YouTube and built a really successful business around teaching men how to find the love of
their life and attract their soulmate. because again, it's a basic human need. So really
easy way to find something that's painful enough for people to pay for, is to really
pay attention to those basic human needs and figure out which one of them that you could
solve or add value to. Cool. Now you have a lot of the information
that you need to really hone in on one niche. Now, what's really exciting about this is
you can dive into what are the top experts in the world being paid. We've already gone
over what are some of the businesses that you're finding and what are they charging?
You've got that information, but what are the top experts in the world being paid and
who are the peak performers in these industries? Those are going to become your models for
success, or what I like to call, proof of profit.
They're the people who have built really successful businesses around the niche that you want
to do the same thing in. That's why competition and competitors are a wonderful thing. You
want to basically get to a point where these people who are peak performers in your industry
become your peers. It is totally possible if you follow their success clues and follow
how they created their business model. The thing about competition and why it's so great
is that you don't have to reinvent the wheel. Pretty much every business in the world has
been created. You don't necessarily want to build a business
that hasn't been created because it's a lot more work to start it from the ground up.
So, find a model that works. Find someone who's already done it, and follow them thoroughly.
See what they're doing on social media, see what kind of content they're putting out,
see what their website looks like, see what their services are, and start making notes
of all these things because that's going to help you build a profitable business following
a proven model. This is why having competition is probably
your greatest advantage. Now, the next part of this and the final step that we're going
to dive into right now is all about how to test for success. There are so many different
ways that you can do this. If you're just getting started, the way that I test it for
success is I just started putting out content on YouTube, and I wasn't even sure I was going
to build a business around it at the time. I was really just helping the current clients
that I had. Then I figured out that the content that performed
the best was content around YouTube marketing. Therefore, I realized, okay, if people really
want to know this from me. How can I create a service around this that people will pay
for it? That's when I created my programs and my consultancy and have now built, like
I said, a multimillion dollar business around it. You can test using free content, which
is a great way to start because you're not losing anything.
You also can test by doing beta launches of your courses, your programs, your services.
So having a small test group of people who let in for free to try out what it is that
you want to create in the marketplace, and see what kind of results they get. Having
those results is amazing because then you have built in testimonials to then sell your
product in the future. Building a business is a long run thing. It's
a long game. It's not a short-term sprint. It's not something that happens overnight.
So doing all of this work upfront is going to help you build a really, really successful
business in the right niche for you. So there's a million ways to test your theories, your
products, your services. Those are just a few of the options, and those are some of
the things that I've personally done to test to make sure that I have a profitable niche.
Those are the four simple steps to finding the right niche for you. If this was helpful
for you, take a screenshot right now, share it out on Instagram or your Instagram stories.
Tag me and let me know if this was helpful in finding the right niche for you. Also,
let me see your homework. Let me see what you did from this video to actually drill
down and find the right niche for you. If you really want to own your niche, make
sure that you sign up and register. Grab a seat for our boss YouTube strategy masterclass.
It's a free one hour masterclass on how to 100 X your subscriber base and double your
revenue in the next year using YouTube. I talk a lot about how I started this particular
business, so I know I'll be super helpful for you.
If you liked this video, hit that like button below, share it with your friends and be sure
to subscribe. Thank you so much to our comment of the week. Again, this video came from the
fact that there was a comment asking me all about what kind of niche they should be in
and where they should focus, particularly on YouTube. So I decided to take it a step
further and teach you how to not only find your niche, but also figure out how you can
start selling something online today. Thank you so much for watching and I will see you
in the next video.