How To Find PROFITABLE Business Niches Everyone Ignores

This video is about how to find profitable business niches that are not commonly talked about or known, by looking for unmet needs and buying intent in the market.

This video by Adam Erhart was published on Aug 11, 2023.
Video length: 14:36.

This video is about how to find profitable business niches that are often overlooked.

The speaker discusses the importance of identifying unmet needs and areas where there is high demand but limited supply. They emphasize the need to look for signals and trends in the market, rather than relying on popular search engines or social media platforms. The speaker also mentions the significance of competitors in a market, as they indicate the potential profitability of a niche.

Additionally, they highlight the importance of recognizing buying intent, where customers are actively ready to make a purchase.

• The video is about finding profitable business niches that are not commonly talked about or known.
• Unmet needs are areas where someone has shown interest but is unable to get what they want.
• Having competitors is often a good sign that an industry or market is worth pursuing.
• It is important to train your brain to look for trends and signals in the market.
• Money is the proven currency of business and shows what people actually care about and believe in.
• Think of the outcome a product or service is trying to achieve.
• Use data and analytics tools to identify trends and patterns in the market.

How To Find PROFITABLE Business Niches Everyone Ignores - YouTube

Section 1: Introduction

• The video is about finding profitable business niches that are not commonly talked about or known.
• The speaker will share how to find the best business opportunities that no one is talking about.
• Unusual business ideas that can make a lot of money are discussed.
• Some of the ideas mentioned include starting a cat cafe, selling micro greens, and starting a pet hotel.
• The speaker emphasizes the importance of finding business opportunities with sufficient demand and proven profit potential.

Section 2: Unmet Needs

• Unmet needs are areas where someone has shown interest but is unable to get what they want.
• Examples of unmet needs include sold out signs, no vacancy signs, and businesses with long waitlists.
• Being the direct competitor offering the exact same product or service is not necessary to fulfill the unmet need.
• There are alternatives and substitutes that can fulfill the need.
• Opportunities arise when there is enough demand that a business is unable to fulfill it.

Section 3: Competitors and Buying Intent

• Having competitors is often a good sign that an industry or market is worth pursuing.
• Competitors being in business for a length of time indicates profitability.
• Most industries are significantly larger than imagined, with billions of dollars in revenue.
• Even capturing a small fraction of a percent of the market can lead to substantial profits.
• Buying intent refers to customers who are actively or about to make a purchase.

How To Find PROFITABLE Business Niches Everyone Ignores - YouTube

Section 4: Tuning into the Market

• It is important to train your brain to look for trends and signals in the market.
• Being able to identify market trends helps in finding the perfect business opportunity.
• The business opportunity should not only have demand and profit potential but also be a good fit for the individual pursuing it.
• Personal skills, interests, and passions should align with the chosen business opportunity.
• Google and YouTube are not the best sources for finding new and innovative business ideas.

Money Talks: Finding Buyers with Buying Intent

• Money is the proven currency of business and shows what people actually care about and believe in.
• When doing market research, look for people who have bought before and are likely to buy again.
• Find prospective buyers by looking at their past shopping history.
• Look for related or corresponding products to target potential buyers.
• Utilize organic methods like joining groups and communities or use targeted advertising platforms like Facebook, Instagram, and Google ads.

Finding Low Barrier to Entry Substitute Products or Services

• Think of the outcome a product or service is trying to achieve.
• Find a faster, cheaper, and easier alternative to that product or service.
• Most new innovations and products are created as solutions to existing problems.
• Consider direct competitors as well as alternative products or services.
• Look for substitutes that solve the same problem in a slightly different way.

Identifying Unmet Needs and Gaps in the Market

• Look for gaps in the market where there is a lack of competition or limited options.
• Identify unmet needs and problems that people are facing.
• Consider niche markets that are not commonly talked about or known.
• Research industries or areas that are underserved or overlooked.
• Find opportunities to provide unique solutions or products.

Utilizing Data and Analytics to Identify Profitable Niches

• Use data and analytics tools to identify trends and patterns in the market.
• Look for areas with high demand and low competition.
• Analyze customer behavior and preferences to find profitable niches.
• Consider emerging industries or markets that are on the rise.
• Use data-driven decision making to validate and refine your niche selection.

Ways to Find Profitable Business Niches

• Look for alternative solutions to existing products and services.
• Keep it simple and offer simple solutions.
• Streamline the buying process to make it easier for customers.
• Focus on providing results quickly.
• Make it easy for customers to explain your product or service to others.

Considerations for Uncontested Market Space

• Don't scale up too quickly and make sure the opportunity is a trend, not a fad.
• Understand the risks and challenges of entering an uncontested market space.
• Ask yourself why no one else is in the space and consider potential reasons.
• Keep expenses low and start with minimal equipment and team.
• Build a solid marketing strategy to support your business.

Watch the video on YouTube:
How To Find PROFITABLE Business Niches Everyone Ignores - YouTube