How to Pinpoint Your Passive Income Niche
Updated: May 24, 2022
For Closet Entrepreneurs Wondering Where To Start
Have you been on the fence thinking about launching a passive income business, but you aren't sure where to start? Have you ever asked yourself, "What do I know that I could capitalize on?" Or, maybe you feel overwhelmed with ideas and need more clarity. If so, then this episode is for you because Lindsay walks you through questions you can ask yourself to help discover your passion and what path to walk down. Tune in and be sure to subscribe to the show to stay informed about what other steps to take.
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Hey, PIE Tribe, buckle up for a new episode of the Passive Income Examiner Podcast. The number one podcast for budding entrepreneurs and business owners, looking to diversify their income with passive strategies. Welcome to season two, focus on building online businesses with evergreen marketing solutions. I'm your host, Lindsay Sutherland. Thanks for joining me.
Hey friends. Welcome back to another episode. I'm your host, Lindsay Sutherland, passive income coach, and evergreen marketing strategist here to help you. Today, we're talking about how to pinpoint your profitable passion. So this is for people who are just getting started with passive income. They've come onto the idea about it. They don't know where they wanna start, and they're not sure how to develop a product around what niche, so to speak. So this episode is to help you find your niche. If you've already got a thriving business, maybe you're a chiropractor. Maybe you're a nurse. Well, I guess a nurse isn't a practice, but you've got a business of some sort and you wanna develop a passive product that aligns with your brand, a counselor, anything like that. I have a special course for you that walks you through step by step on exactly how to do that and it can be found here.
That's for those of you who already have a business and you wanna build a passive income outlet that aligns with your brand, but for anybody else who, or even for those of you that maybe you've been a counselor for two 20 years, you wanna develop passive income, but you don't wanna make it about counseling. You're like I'm done with that. I wanna move on to something else. Stay tuned for this episode, because we are going to walk through exactly how you can find that powerful niche they can get. You started on the path to passive income. It's gonna be revolving around three questions, three specific questions that will help you start to do that. Oh, grab a pen and paper. Now's a good time. Or pull out your iPhone and start putting in some notes.
Question #1 to ask yourself
The first question to ask yourself is what have I accomplished in life? Friends, not only is this a great way to pinpoint the things you're good at, but also really just a nice way to give yourself a pat on the back, because sometimes we've worked hard in life. We've made strides, but we forget to take time to look back and go, holy cow, look what I've done. If you really sit down and fill out a piece of paper, you might end up with quite a list. Especially, if you think back all the way to high school, maybe you were in debate club. You graduated with a 4.0, you graduated with honors. You were one of the top football players, etc.. You went on to getting a college degree.
Maybe you got a scholarship, maybe in college. You also did participate in XYZ club, right? It doesn't matter anything you did in life. Write it down, write down the things that you've accomplished. You've raised three kids. You raised one kid, maybe you got married. You planned your wedding and it's a destination wedding, right? It doesn't matter how significant you think it is. In the beginning, just write everything down that you've accomplished, that you could think of. If it helps to reach out to some friends or close relatives and say, "Hey, can you help me out? I'm trying to make this list. What are some things that you could think of that I've done in my life?" You'll be amazed at what other people think about you? And in a good way, of course.
The next question, you're gonna wanna ask them and yourself is, "What information do you think of coming to me for?" So, to put it another way, is what do your friends come to you for? What kind of information? So for me, as, as an example, a lot of my friends are entrepreneurs so when they have questions about marketing or technology, or internet-based stuff, they come to me for that? Because that's my niche. That's what I'm good at. But when I got started, I didn't even realize that I was good at it. Despite having 20 years of experience doing it I doubted myself. And sometimes we do that when we are getting started because we think, I don't know that much.
And the reason we think that is because we're looking at how much more we could learn, right? So let's say, for example, you love house plan plants, and your house is full of beautiful house plants. You simply do it as a passion. You love to do it. You love to have the plants. You read about plants, you research plants online, but you never really considered yourself an expert in house plants. But when you ask your friends, they might say, "Golly, you know, if I ever can't keep a plant alive, you're, you'd be the person I would call." That may make you the go-to person for that. And you just didn't realize it. Okay. So that's why that question is so important. What do people come to you for? What advice? Maybe it's relationships. Maybe it's how to handle situations with their spouse or their kids or their parents.
Maybe you're just really good at negotiating, right? And you just don't even realize that that's a gift, but people come to you frequently to ask you for help in a situation. So that's what I'm saying. I'm trying to give you some ideas there.
Question #3 to ask yourself
The third question to ask yourself is what hobbies and interests do I have or have I had that I didn't get to explore. This question is important because you don't need to be an expert in a topic in order to profit from it. What I mean is, let's say when you were young, you had a dream of flying remote control airplanes, but it was an expensive hobby and your parents couldn't afford to get you into it. So you never really did get to actually do anything other than just look at it in magazines or whatever. So here you are now an adult ready to develop some passive income.
What if you could develop passive income from an old love, that you never got to explore? Now you can! So this is why this question is so important. Create a list of hobbies and interests that you have, or have had that you could literally talk about all day long.
Niching Down - Why it matters
So there you go. My friends, this is a short episode, but it's going to help you pinpoint your passion. So if you're just getting started and you wanna develop a product around something, you need to know first, what is your niche? This is really important. It's a phrase you might have heard a lot is niching down. The reason it's important is gonna come into play when it comes to keywords. And we can't just say remote controls, it's pretty vague.
It will be very difficult to be profitable because there are remote controls for so many things, you would have to say remote control airplanes, or even the name brand of the airplane or gas powered airplanes. There's probably different keywords that go along with it. But you wanna be niche into something very specific.
If it's parenting, for example, that would be too big of a niche. You're gonna wanna take it down even further. Parenting boys, parenting children with autism parenting, someone else's children, right? Maybe you married into a relationship and you're the stepparent. So your expertise is how to be an effective stepparent and build those quality relationships. I mean, there are just so many angles. You could go with that, but you see where those are all very niche into parenting. You don't wanna talk about just parenting. You wanna be very specific to what you know, that my friends is going to get you started.
Take that list and hold onto it because in our next Thursday episode, we're then gonna talk about how you can package information and turn it into a product.
Okay. And if you need help in this area, like you've gone through these questions and you're thinking, "Golly, Lindsay, I've got a list, but I don't don't know where to start." Remember, don't worry too much about what is profitable. I don't know if I mentioned that earlier, but that's important. And sometimes gets people hung up where they think, oh, well I'm really interested in sewing, but is it profitable? Yes, it's profitable. Anything you can dream of other people are interested in and can be profitable. Anything you can dream of can be packaged into a profitable product and you can generate passive income from it. If you would like help with that, if you would like to expand on that or you wanna run your ideas by me, go ahead and get scheduled here.
On my website is a link to my calendar or you can email me if you have questions, maybe you're not ready to schedule. You just wanna talk a little bit first. We could do that too, but this is a free pathway call. Think of it as a way for you to determine what is really possible for you. And I can help you get through that first hump, that hurdle that is usually the hardest one to overcome. Simply figuring out where the heck to get started. All right, friends, that's on the passive income examiner.com. Be sure to check it out.
"We've made strides, but we forget to take time to look back and go, "Holy cow, look what I've done!" – Lindsay Sutherland
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