Project Life Mastery

The 3 Most Profitable Online Niches To Make Money From

Stefan James — Fri, 27 Jul 2018 15:00:07 +0000

Do you know how to find profitable online niches for your business?

If you don't know, you're not alone. It's easy to get overwhelmed and confused because there are so many niches to choose from.

However, if you aren't crystal clear on who you want to help and what you want to help them with, your business will flounder. Your prospective customers have goals, needs, and desires that are waiting to be met by you.

It is your role as an entrepreneur to create quality products and services that help solve people’s problems. It’s as simple as that. Are you ready to learn the 3 most profitable online niches to make money from?

Watch the video below:

(Click here to watch on YouTube)

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Want to know which online business is best for you? CLICK HERE to get instant access to my free business quiz!

There are millions of different online niches that exist on the Internet today.

Some of these niches are more profitable or competitive than others. I believe that there is a niche for everyone, something that aligns with each person's passions and unique gifts.

A lot of entrepreneurs get themselves into trouble because they try to be an expert at everything. I'm telling you right now that it is impossible to do this. If you go too broad, people won't be able to find you online. This is what dabblers do. Trust me when I say that dabblers never achieve success.

Any business that exists online, whether it’s software, apps, self-publishing or affiliate marketing, exists within a certain niche or market. Whatever niche you choose, you need to go deep with it and then create your entire online business around it.

Here are the 3 most profitable online niches that have been around since the beginning of time. Keep in mind that, within these broad niches, there are many sub-niches that exist as well. A sub-niche is a great starting point.

1. Health

Human beings want to improve their health in some way, shape, or form. Yes, this is general and broad, but if you break it down there are thousands of small sub-niches that exist within a niche. For example, health could be broken down into weight loss, ketogenic diets or cleanses.

The reason why the health niche is such a big market is that there is a high level of urgency associated with it. People are always willing to try and find solutions to problems related to their health.

For example, if people are obese, there is a level of pain there that they cope with on a daily basis. As a result, they are willing to spend money on weight loss programs or eBooks that will help them improve their lifestyle.

2. Wealth

Money is such a big part of our society, especially in the Western world. Everybody needs it in order to survive and live.

People want to know how to make more money, save more money, get out of debt, or invest their money. Specific sub-niches in this niche may be products or services that teach people about options trading, stock investing, how to start an online business, or how to sell on Amazon.

There are a lot of people in this world that are suffering from debt. They may dream of financial abundance but don’t know how to achieve it. People are willing to spend money in order to find solutions to their financial problems.

3. Relationships

As human beings, I believe that we have an innate desire to procreate with others. It is biologically built into us. In my early 20's I was heavily involved in this niche.

I didn't care about anything other than finding a girlfriend. I bought any course or product that would help me attract someone into my life. Interestingly enough, a lot of people invest in products or services in the health and wealth niche for the sole purpose of doing what I did.

Learn as much as you can about profitable online niches.

If you can identify the niche that aligns most with your interest and passions, your online business will flourish. Become an expert in a niche. Be someone that understands that market and the people within it. I've built my online businesses in the health, relationship, and money niches because I was once involved in these niches as a student.

When I was in my early 20's, I was in a desperate place in my life. These niches helped me learn that there was a way out. I had a strong desire to be the best that I could be. That is why I am so passionate about mastering every area of my life.

Once you go deep into a niche, it gives you a higher level of credibility.

A friend of mine once said, “Whatever niche or market you want to be in, go to the bookstore or the library and get all of the magazines on that niche.”

When you engage in market research, you gain a solid understanding of who your target customers are. This is what allows you to determine if there is a demand for the product or service that you want to create in your given niche. If you can find a way to provide more value than anyone else, you are winning.

There are many ways to create an online business around a niche, whether that's creating courses, developing software or apps, publishing books on Amazon, or selling physical products. I encourage you to choose a niche that has the potential for you to create multiple streams of income from it.

When you find your online business “sweet spot” that aligns with your passions, values, and strengths, you know you've hit the jackpot.

The key to online business success is finding and choosing a niche. In the words of Ralph Waldo Emerson, “Successful people live well, laugh often, and love much. They've filled a niche and accomplished tasks so as to leave the world better than they found it while looking for the best in others, and giving the best they have.”

Find your niche, master it, and use your knowledge to add value and help others.

Want to know which online business is best for you? CLICK HERE to get instant access to my free business quiz!

The post The 3 Most Profitable Online Niches To Make Money From appeared first on Project Life Mastery.

The Solopreneur Checklist: Are You Ready to Quit Your Day Job?

Stefan James — Sat, 20 Jan 2018 18:00:06 +0000

Do you have a desire to be a solopreneur? Solopreneurship is a business strategy and lifestyle that is gaining popularity in today's world, but it's not for the faint of heart.

I have first hand experience being a solopreneur, which is why I wanted to invite Josh Elkin, the founder of Best Coast Marketing, to share his solopreneur checklist with you.

This checklist will help you determine whether or not you are ready to quit your day job and dive into the world of solopreneurship.

Take it away Josh!

Coming up with a business plan can be exciting, especially when you find yourself in a less than interesting day job. You start to imagine all the benefits of being your own boss, doing the work you want to do, and making your own hours.

The more you plan and take steps to start your business, the more real it becomes, and you realize that this isn’t just a dream. This is something you can actually do. Which leads you to the tricky question: are you ready to quit your day job?

To someone working in a dead end day job, the idea of starting a business and becoming a solopreneur is appealing…and quite possible if they know what they’re doing.

You can even run your business on the side to supplement your day job income. But as your business expands, balancing the two can be difficult, to say the least. The trouble is knowing when you’ve reached your breaking point.

Are ready to become a full-time solopreneur?

It may be easy to supplement your income with your business, but until you devote yourself to it full-time, it’s hard to say whether you’ll be able to fully support yourself that way. Business always involves risks, but you can minimize those risks with careful planning.

Here is a checklist of questions to determine whether or not you are ready to quit your day job and become a full-time solopreneur:

1. Do you have 3-6 months of savings?

In the beginning stages of building a business, don't expect to make money right away. It will take time to build the foundation and establish credibility in your industry. There’s also the feast-or-famine nature of business to consider.

A solopreneur knows that they have to be ready for dry spells. While you are balancing your day job and your business, start to build up an emergency fund. Most financial advisors recommend that you have 3-6 months of savings in an emergency fund before you go off on your own.

If your business is successful early on, great! Continue saving. It never hurts to have that cushion, in case of emergencies.

2. Have you done your market research?

Before you launch your business, you need to know what you are up against. Take a look at the competition. What do they offer to your potential clients? How does what you offer differ from what you offer? Does it differ at all?

Before you quit your day job, have a clearly defined idea of what sets your business apart, and exactly why clients should choose you over the competition. It’s also important to make sure that you are networking in all the right places.

Figure out what social media platforms your target audience is most likely to frequent and establish your brand there, before taking off on your own.

Run analytics on your social media accounts and your website to see how well you are doing and where you need to improve. Once you feel confident that your brand stands out, you can consider drafting that resignation letter.

3. Do you have a network?

Word of mouth is one of the most effective methods of bringing in new business. Marketing research reveals that the vast majority of sharing of information about brands is actually offline, rather than online.

Have you told all of your family and friends about your business, and are they telling their family and friends? Do you have business cards printed? Do you have a strong social media presence?

Put your business out there whenever you can and get people talking about it. When customers start coming to you, instead of you seeking them out, that’s a good indication that your network is working and you are on your way!

4. Have you planned for unexpected costs?

It’s difficult to plan for unexpected costs, since they’re…well…unexpected. But you can expect that unexpected costs will happen.

Whether those costs are a client closing their own business or shipping the wrong products to the wrong customers, at some point, the unexpected is bound to strike. Again, it’s important that you have a cushion, but it’s also important that you have a backup plan, in case things go awry in your business.

If your computer dies, will you be able to replace it quickly? If you lose a supplier, how quickly will you be able to find another?

5. Do you have a backup plan for yourself?

Failure happens to all of us. It doesn't have to be a bad thing. In fact, it is an integral part of any success story.

Take it from Michael Jordan who said, “I've missed more than 9,000 shots in my career. I've lost almost 300 games. Twenty-six times I've been trusted to take the game-winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed.”

Embracing failure is the best way to ensure your success. Sometimes business plans, even good ones, never take off. If your business fails, you want to have a backup plan for yourself, so that you aren't left stranded. Will you be able to return to your day job if money is tight? Will you have time to pursue another business plan, while working part-time?

I encourage you to embrace failure. What matters isn't that you fail, but rather, how you are able to transform your failure into success.

Preparedness is key for making the transition to become a full-time solopreneur. Once you have a network, regular clients, marketing research, and a solid backup plan, all that really remains is finally putting in your two weeks notice.

If you have the desire to become a full-time solopreneur, but feel like you are being held back by your full-time job, I hope that my checklist helps you prepare to make that eventual transition. You will never know if you are ready until you actually start taking action to make your dreams a reality.

Josh Elkin is the founder of Best Coast Marketing, a marketing agency which helps increase their clients’ traffic through organic link-building. Josh enjoys writing about entrepreneurship, marketing, productivity and self-improvement.

The post The Solopreneur Checklist: Are You Ready to Quit Your Day Job? appeared first on Project Life Mastery.

#AskStefan Q&A: How Can I Add Value To You Today?

Stefan James — Wed, 06 Sep 2017 20:26:58 +0000

I have created a new and improved version of K Money Mastery which is called, Mastering Book Publishing!

Welcome to my live #AskStefan Q&A, with a focus on how I can add value to you today!

As many of you know, my ultimate mission in life is to grow and to give. Every day and I wake up and as myself, “How can I serve and add value to others?

There is no greater gift that I can receive than knowing that I have made a difference in someone’s life by way of my content. I hope that the knowledge that I share with you inspires you to take massive action and live your life to the fullest.

I share Francois Baird’s thoughts, when he says, “My mission is to add value. My attitude is of active curiosity, and my method is through relationships of trust.”

Are you ready for a sneak peak into some of answers from my live #AskStefan Q&A?

Watch the video below:

(Click here to watch on YouTube)

[smart_track_player url=”http://www.buzzsprout.com/9299/561789-plm-467-askstefan-q-a-how-can-i-add-value-to-you-today.mp3″ background=”default” ]

Do you want to learn the 7 online business models that have made me an Internet millionaire? CLICK HERE to receive instant access to my free course!

I would like to share with you a few of my responses from my live #AskStefan Q&A:

How do you do market research on popular items for ecommerce?

For marketing research on Amazon I use Jungle Scout by my friend, Greg Mercer. You can do manual research, just by looking on Amazon and reviewing the best seller rankings and getting an idea of what the demand of products are, but the beauty of Jungle Scout is that it makes this whole process so much easier.

When you are deciding on a product, choose one that has the potential to develop future products with, that you can develop a brand out of, etc. When I’m deciding on a product I think to myself, “What strategies can I utilize that can really help me market this product?” I also see if there is an opportunity for me to do affiliate marketing with a product, create online courses, or find bonuses that are relevant to the product.

Can you still make money with Kindle publishing?

Of course! It is still one of the best ways for someone to make money online. Why? While it can take many months to launch a physical product on Amazon, the beauty of Kindle publishing is that it’s a much faster process. For example, if you’ve got an MS word document on your computer right now that is 5000 words, you can take that content, create a cover, launch your book, and tomorrow it will be on Amazon for sale, and you can start making money from it. It’s a newbie friendly, relatively quick way to launch something on Amazon. Sure, Kindle publishing is a competitive market, but you don’t have to worry about competition if you are utilizing good marketing strategies and are building a brand.

It’s a newbie friendly, relatively quick way to launch something on Amazon. Sure, Kindle publishing is a competitive market, but you don’t have to worry about competition if you are utilizing good marketing strategies and are building a brand.

Do you invest your profits into hard assets, like real estate?

The money I make I use to invest in stocks, companies, and real estate. I like stocks that pay dividends so that I can get a passive income from that. I get taxed a lot less on dividends than I do on other sources of income. I also like real estate investment trusts, where I can still own real estate, without having to actively manage it. Some great advice from Warren Buffett is to make sure that whatever you invest in, the company is still around in 20 years.

How do you manage your time so that you are able to cover so many things?

The key is to learn how to master the concept of leverage because there is only so much time in one day. The greatest gift that money provides is that it gives you the ability to get more time in your life. At the end of the day, this is the most valuable asset that you have. I use money to have someone prepare all my meals for me during the week, to clean my apartment, to have a personal assistant, a fitness trainer, employees and teams that do a lot of things for me so that I don’t have to spend time on things that don’t matter.

At the end of the day, you can’t do it all. During the beginning stages, you may have to learn new skills, but you need to ask yourself, “Do you want to be good at 10 things or do you want to master 2-3 things?” Focus on doing a few tasks really well, rather than overwhelming yourself with a massive to-do list.

How do you know when to give up on a business idea and try another one?

Whenever I pursue a new idea, goal, or plan, I always give it a fair amount of time, like 6 months to a year before I expect to see any results. I know that, in order to succeed in business, you need to invest, long-term. It’s going to take about one year for your business to really take off and start doing well. If your business isn’t working in your favor, don’t be a dabbler and jump ship when things get tough. Rather, tweak and make adjustments to your business along the way. Experiment with different strategies, and commit to mastery.

Do you want to learn the 7 online business models that have made me an Internet millionaire? CLICK HERE to receive instant access to my free course!

The post #AskStefan Q&A: How Can I Add Value To You Today? appeared first on Project Life Mastery.