… 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.