Proper niche selection is crucial when building any online business. If you go into a competitive market without the proper investment, your fledgling project is destined to fail. Similarly, if you throw everything you have at a niche market with low conversions, you’ll be disappointed by the annual revenue report.
With that out of the way, let’s talk about the niche markets that we found to have the best metrics.
Like personal finance, the travel space is a bit oversaturated. So it’s harder to stand out in this niche market, but not impossible.
For example, ditched the city break vlogs for a site entirely focused on one destination: San Francisco. It covers events, museums to visit, tours that you can’t miss, and plenty more.
Sure, not everyone lives in a hot-spot tourist destination, so you can’t just copy and paste their success story. But even without that, there are a lot of location-independent ideas to build a travel business. For example, you can hunt for ticket and accommodation deals, then advertise them with an affiliate offer. The possibilities are endless, which makes travel one of the best niche markets to watch in 2023.
Virtual Reality is a small niche right now, and it’s a risky investment. But if it kicks off like Mark Zuckerberg wants to, it can pay off big to be first on the ground.
And there are a lot of things you can do in the niche. You can be a VR headset reseller, create a blog about everything VR, or even develop software for the platforms if you know how. There is solid backing right now for VR projects, so you can make a lot of money if you partner with companies like Sony and Meta.
As you can expect, the niche market is extremely competitive. So you shouldn’t bother with it if you don’t have a sizeable budget, or you can find an underserved sub-niche.
So naturally, cybersecurity is an important niche, both for consumers and businesses. This opens up countless opportunities for content, products, and even direct support. Plus, you don’t need to know everything about cybersecurity to get started. If you’re slightly technically-inclined, you can learn, and maybe even get a certification like CompTIA A+ to establish yourself as an authority.
The margins for password managers, antivirus software, and similar products are pretty high. So like VPNs, the space is pretty competitive. But it’s one of the best niche markets to watch in 2023.
Whether you like it or not, AI writing is here to stay. ChatGPT popularized OpenAI’s system worldwide, and the recently launched GPT-4 took the game to the next level. It’s still got some creases that need ironing, but it’s a solid tool with limitless applications.
However, there are a lot of tools that use GPT, all with slightly different systems. Prompt writing is, itself, a very complicated skill to develop. So if you can help people navigate this complicated world, you can make a lot of money from courses, or educational content.
And if you know how to code, you can use OpenAI’s GPT-4 to create your own amazing AI writing projects. Not to mention, it’s a great stepping stone into other forms of AI content generation, like design.
This content was originally published here.