How to Choose a Profitable Business Idea
May 02, 2023
Starting an online course business is exciting, but it can be overwhelming to choose a profitable business idea. There are so many options out there, and it can be tough to figure out which one will be successful. In this blog post, we'll share three tips to help you choose a profitable business idea. If you're ready to get started with your online course business, keep reading!
This post will discuss three profitability factors to consider when choosing a niche for your online course business. If your business idea meets at least one of these factors, you can feel confident moving forward with this niche!
Solve a Need, Not a Want
Any online course can be profitable if you're solving a problem, but some topics are naturally more profitable than others. If your niche can solve a "need" instead of a "want" that is a great indicator that it will be a profitable business idea.
A "need" is something that relates to things like money, health, or relationships. A "want" is something like a hobby or a nice-to-have. If you have an idea for a niche that is a "want" right now, try to think about if you can adjust the customer outcome so that it becomes a "need".
For example, maybe you love planning parties for friends and you would like to create an online course about DIY Party Planning. This would be a "want" because people don't have to throw parties in life--it's something they would like to do.
But what if you could teach people how to start a party planning business so that they can earn money? Now this idea is solving a "need" because people could earn money from what you teach in that course.
Research Successful Businesses in Your Niche
Another factor to consider when deciding if your business idea will be profitable is whether or not other people have created successful businesses in the same niche. If someone else has already been successful, that indicates that it is possible to earn money from that business idea.
While it's possible to be a trailblazer and create a new market, it's often safer to choose a proven niche that already has successful businesses. Researching successful businesses in your niche can give you insight into what works and what doesn't.
A few places you can check to see if there are other successful people in your niche are Instagram, YouTube, or Google. Look for accounts that are successfully selling an online course in this niche. Check their number of followers or subscribers, look for testimonials on their website, or posts that indicate they have successfully sold an online course in your niche.
Determine if People Actually Want This
If your business idea is not a need and you can't find anybody else successfully selling an online course in this niche, it's time to do some research. You want to make sure this idea is something people actually want to learn about.
Market research is very important in an online business and you will do it in all different stages of your business. It is how you will find out what people are searching for and what they want to learn about. This is important when you are trying to make sure your niche will be profitable and also when you are creating content for your business.
Here are some places you can look to see what people are searching for online and what might be profitable business ideas:
Ubersuggest.com
Ubersuggest is a website that allows you to see what people are searching for on Google. It tells you how many people are searching for a keyword (or topic) monthly. In the free version, you can search for 3 keywords per day. You want to search for niches that are not solving a need and that you can't find anyone already successfully creating a course in the niche. If you find that a lot of people are searching for that topic monthly, it could be a profitable business idea.
AnswerThePublic.com
Answer the Public is a website that finds questions people are searching for related to a certain topic. You get 3 free searches per day. This is a great tool to use to find out what types of questions people are asking about your niche and if those questions are related to something you could create an online course about.
Facebook Groups
You can search for groups on Facebook in a certain niche, request to join them, and look to see what people are asking about within those groups. If people are asking lots of questions about the topic you're searching for, it could be a profitable niche. Also, if there are a lot of different Facebook groups about the topic you're searching for, that's a good indicator that it might be profitable as well.
Pinterest.com
Pinterest is a visual search engine (like Google, but with pictures and videos. You can create a free account and search through the items people are posting. Using the search bar, type in your niche, and without pressing enter, look to see what auto-populates for the suggested searches. This will give you an idea of what other people are looking for related to the topic you type in. If the items that pop up are not related to your niche or if there aren't many suggestions at all, this might indicate that people aren't interested in learning about that topic. On the flip side, if there are a lot of related suggestions, this could be a good indicator that people would like to know more about the topic.
If you can find people asking questions about your niche or searching for things related to your business idea in these places, that is a good indication that you may have a profitable business idea.
Choose Your Profitable Business Idea
If your business idea solves a need, other people have successfully created an online course in this niche, or market research shows that people want to learn about this topic, you can feel confident moving forward in this niche! While there are other things that will also contributed to the profitability of your business, choosing a niche based on one of these three factors will set you up for success from the start.
Also make sure to consider what you already know about, love to do, or have life experience with. You don't want to choose a business idea that you hate or have zero knowledge about.
For example, maybe you have done market research and determined that an online course on gluten-free baking would be profitable. But you hate cooking anything. You can't stand the thought of having to be in the kitchen to do more than heat something up in the microwave. And every single time you crack an egg, about 30% of the shell ends up in the bowl. Maybe a business that's all about gluten-free baking isn't right for you.
As you are completing your market research, try to find profitability information on topics that fall into one of these categories:
Your Loves
Think about things that you love. What is exciting and fun for you? Make a list of all your hobbies, passions, interests, and anything you love to talk about. You want your business to be enjoyable!
Your Skills
Add anything you are knowledgable about to your list. Any skills you have, college degrees, certificates, or things you're good at. If you have a tough time coming up with ideas for this list, ask some of your friends or family what they think your skills are or what you're known for.
Your Hardships
Finally, list out any hard or uncomfortable situations that you've faced and overcome (or are in the process of overcoming). Also add any hard situations that you've helped others overcome.
Aligning your personal interests with your business idea will help you stay motivated and dedicated in the long run. You want to be able to talk about your online course topic for the next few years and still be excited about it. If you can find a topic that meets one of the three profitability factors that is also one of your loves, skills, or a hardship you have faced, you have found the sweet spot!
Remember, starting a business takes time, effort, and dedication, but with the right idea, it can be a rewarding and fulfilling journey.
I hope this was helpful! If you want to learn more about how to choose a profitable business idea for an online course, check out our mini-course The Course Catalyst™!
