How do I know which niche is right for me?
This is a question we get asked all too often and is one which is difficult to answer. When you want to know which website to startup, what are you actually asking?
Which is the most profitable store?
Of course, if I was to tell you and everyone else of a secret profitable store right now, everyone would startup that store, the marketplace would become saturated pretty fast and the ‘magic’ store would no longer be as magical.
The truth is that we don't have many case studies for you as customers are reluctant to tell us of their successes, knowing that we’d probably promote it to you. Say if someone made lots of money with a baby niche store with a particular marketing strategy, they wouldn't tell me because then everyone else would startup that store - you’d do the same right? Keep it to yourself?
For this reason, there is no secret store regarding which is the most profitable. All of our stores contain digital products to sell, all with 100% profit margins, so it isn’t about the product margin as much as it is about how you go about marketing it. As an example, one Startup Streams store owner started a store and made 800 sales in the first 2 weeks - selling each ebook for $30 each! Of course, we could say that niche was the most popular at the time, but it’d of course be unfair to not mention that he already had an Instagram following in place to sell to.
At the time of writing, and as a Shopify Partner, we can see that we have hundreds of stores active on Shopify - meaning that these stores are all at least being profitable beyond the $29 / month Shopify plan fee and marketing costs to make sales in the first place in order to still be in business. The stores which are currently active are inclusive of every single niche available at Startup Streams today. Some of our stores are still going strongly since we first started out in August 2019.
Which is the most popular store?
This question is easier to answer - we can just look at our download figures! Whether starting a popular store is a good thing is open to debate. On one hand you could argue that if you start a popular business, it means there is a big target audience but lots of stores targeting these customers. Equally you could argue there would be more ‘low hanging fruit’ in the less popular niches but the target audience would be smaller. What do you think?
As of January 2021, the top 10 niches (the stores which have been started the most) are as follows…
In no particular order:
- Keto Diet
- Paleo Diet
- Social Greetings Cards
- Mental Strength
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Which business can you run forever?
Think of it a bit like a diet. Most people not only fail a diet, but end up putting on more weight than when they started. Going from fad diet to fad diet isn’t a recommended way to live. There are no shortcuts to living healthier and getting that ‘dream’ body you aspire for. It would be recommended to make incremental changes which you’d be able to implement for a year, 5 years… for the rest of your life. What one thing can you happily do to impact a healthy lifestyle daily? The same thinking goes for business if you think you’ll struggle with motivation down the line. Which business will you be excited to see succeed daily, ideally for the rest of your life (which niche would you not get bored of)? You would be more emotionally invested in a business you have genuine interest in and therefore perhaps more inclined to see it succeed.
How can you combine interlocking niches?
A prime feature of Startup Streams is that you can start multiple businesses and run them at the same time. This means you may want to pick interlocking niches, or ‘Super Sets’ as we like to call them (a term coined by the fitness industry, we know). Perhaps you are keen about fitness, so you can start a fitness store, CrossFit store, healthy eating store and weight loss store at the same time. As one store grows, the others grow with it as you’d be able to cross promote - the most likely people to buy from you in the world are those who already have. When you have made a sale from one store, link them to your others to offer a greater selection of similar products which your customer may be interested in.
‘Super Sets’ = Interlocking niche examples:
Fitness: Fitness niche, CrossFit niche, healthy eating niche, weight loss niche
Healthy Eating: Healthy eating niche, Keto diet, Paleo diet, juicing, weight loss niche
Holistic living: Yoga and meditation, clean eating, self improvement, juicing, ecological
Starting a business: Blogging, branding, marketing, freelance, SEO
Celebrations: Birthday cards, Christmas, cocktails, wine
Who else can you utilise and partner with?
How can you leverage an audience which you already have access to? Perhaps you know of a social media influencer and you can invite them to join your Startup Streams team? This would be a great way to kickstart a new store! With Startup Streams, you can invite a co-founding team and use everyone’s strengths to the team’s advantage. One member of the team can be a project manager, one to look after customer care, another to manage marketing etc… and can you think of someone you can invite to your store with a pre-existing target audience you can leverage within one of the Startup Streams niches? Invite them to your store.
How should I proceed?
Our advise is this… Which niche do you already have a genuine interest in? Which niche caught your eye first?
Of course, the most successful owners of Startup Streams stores are those who already have a target audience in place, but this is a rarity. For the majority of our customers, they start from scratch and that is exactly what we’re about. We therefore state it is best to go with a niche you already know personally. This has a some great advantages:
- You would be better equipped to answer customer messages as you already have a better knowledge than those seeking ebooks to get into the subject in the first place.
- You can edit and improve the available ebooks to make them unique using your own knowledge - something which may be hard for a competitor to replicate. You can also use your subject knowledge for content marketing like starting a blog (all Shopify / Startup Streams stores come with a built in blog engine to allow you to do this for free).
- As stated earlier, you would be more emotionally invested in a business you have genuine interest in and therefore more inclined to see it succeed.
Maybe you have a dog at home? Start with the dog niche. Maybe you love running? Go with the fitness niche. Maybe you love to get out in your garden over the summer? Startup a gardening niche store…
Still not sure?
So, how is you decision making going? Have we managed to make you change your mind or have we reinforced your original thoughts on which niche to startup first? If you are still struggling, please get in contact with customer success and we’d be happy to help out: firstname.lastname@example.org