When you aspire to live the expat life, making a living becomes a key concern. Since it can be difficult to get permission to work in some countries, in some cases, starting your own business can be a better option. Many online businesses can be run from anywhere you have an internet connection. You work with customers around the world and transfer funds from your business bank to your local bank using your WorldFirst account. The first step before you start involves identifying your niche. It’s important to choose one that you can maintain some enthusiasm for and one where you can offer a unique perspective that makes you stand out. Not sure where to start? These niches all have high volume and plenty of room for new voices:
1. Health and wellness
When Tim Ferriss was developing his”4-Hour Workweek” passive income system, he knew he needed a highly desirable product that would allow him to drop ship and go almost completely hands off once it launched. He landed on nutritional supplements. Why? Because the supplement industry is huge and always growing; by 2024, it is expected to reach $278.02 billion worldwide. Once he had websites to sell his products, all he had to do was connect customers to his distributors and collect the checks.
There are also a wealth of other health and wellness options in affiliate marketing, ebooks, and other formats. Choose the one that works for you and create one or more products that work in synergy with each other. There’s lots of money to be made if you are interested in educating others to help them live healthier lives.
2. Fitness and weight loss
While there is some overlap between this and the niche above, this area is distinct enough to have its own affiliate marketing programs, top selling products, social media cliques and more. There are a number of paths an individual interested in this area could take. A number of supplement product and exercise equipment companies offer affiliate programs. Those who are handy with a video camera and editing software can film their own ad-supported workout videos.
Many fitness instructors seek out certifications; many of these programs can be studied online over a period of a few weeks or months. Becoming certified is not necessary, but some people find that it helps them develop the authority and authenticity they are looking for in the fitness field. You can also make your name by focusing on an up-and-coming fitness trend, such as the kettle bell trend from a few years ago. Other people make a name for themselves in areas such as bodyweight fitness, which allows people to do advanced workouts without expensive or bulky specialized equipment.
There are many people who won’t splurge on items for themselves who will buy fun and frivolous things for their pets. Some shell out money for special diets. Others are unable to pass by pet paintings or special pet furniture. Still others collect mugs, key chains, t-shirts and bumper stickers relevant to their specific breed.
If you are an animal lover, you may find that you are able to crack the code and provide specialty items pet-lovers will flock to. This area offers many ways to make money. Some people make their living with blogs that either act as an Amazon affiliate or partners with other affiliate programs. Some offer books within their niche. Still others make money on pet behavior books or other related areas. It is often best to offer a range of related products so you are able to upsell and cross-sell new products to existing customers.
4. Dating and relationships
Online dating is big business. One in five U.K. adults pay for a membership on a dating site; in the U.S., that figure is one in four. There are also a lot of people who are looking for advice and guidance in today’s ever-changing dating culture; one online dating coach reports making $20,000 per month giving out dating advice.
One of the keys to finding success in this highly popular niche is to find a way to distinguish yourself. Focusing on sub-niches is one area. Some people find success by offering support specifically to either men or women or by working exclusively with people with certain goals, such as marriage-minded people. If you have programming skills and the funding to promote a dating site, you may also be in a position to start a new app. Tinder gained success through its fast swipe left/swipe right interface. Bumble promised less dating harassment by only allowing conversation to start after a woman had chosen to hear from a specific suitor. Study the current field to see where you think you can break in and what you have to offer those looking for more luck in love and romance.
5. Productivity and self-improvement
People are always looking for new tips and tricks to be happier, more productive and more successful. Some are looking for chances to understand themselves better. Others are looking for more out of their personal lives or careers. Because of this, there is an endless series of new ideas in the area as people share what worked for them. Self-improvement, also commonly referred to as self-help, has become a $10 billion per year industry.
One of the great things about this niche is that it allows for a number of inter-related products. It’s possible to present your ideas in the form of ebooks, online seminars, videos and coaching. You can also create tie-in products such as planners and mugs or totes featuring motivational phrases for additional upselling and cross-selling opportunities.
This is one of the many areas where it is possible to become a recognized expert without having previous formal training. If you gain name recognition, you may be able to add speaking engagements and articles written for national publications to your online business.
6. Make money online
You already know that this niche has potential. Why? Because you are looking at it right now. More and more people are looking for ways to augment their income working from home or to replace their jobs altogether with online income. If you can help them in that task, you may be able to garner a respectable income yourself.
One of the leaders in this niche is Pat Flynn, who runs the Smart Passive Income blog and podcast. Flynn has published reams of free material about how individuals can create success in areas that include affiliate marketing, email marketing, blogging and more. He has talked candidly about the sources of his income, which include profitable affiliate deals with sponsors in related fields such as web hosting. Over time, he has expanded his products to include books, speaking engagements and online courses, which allow for a combination of passive and active income.
If you are willing to share the details of your journey toward online success, you can help others move along on theirs and find success of their own.
7. Passive income through investments
Are you a successful investor? You can earn a living online teaching other individuals how to do the same. There are many investment strategies and philosophies and it is possible to make a living promoting any of them through course, blogs, books and more. Because the topic is so broad, it is possible to carve out microniches that fit your personal knowledge and experience. For instance, a blog like Oblivious Investor is geared toward beginners and those who like to keep their investment strategy simple. The author makes a living from a series of related books. At the other end of the spectrum is OMentoring, a subscription-based program where day trader Pat Schulte teaches others the ins and outs of stock options and commodities.
Different countries and localities have varying rules governing investment advice; consult with legal professionals to ensure that you stay on the right side of the law.
8. Credit and personal finance
Good credit and a strong financial footing are more necessary than ever to modern life. Everything from how much you pay for car insurance to how much you pay for your mobile phone plan in the US depend on a three-digit FICO score. In the US and many other countries, homeownership is also considered the cornerstone of personal financial stability and future wealth.
Despite the importance of both of these areas, many people feel they do not have the knowledge they need to thrive. This is where the credit and personal finance niche comes in.
Some individuals are looking for quick fixes; while few exist, you can help them learn systems that will help them better understand their credit and build the basics of good personal finance. Other people are working toward a financial goal like total financial independence, also known as early retirement.
As with several other niches on this list, this niche allows you to offer a range of online materials from blogs to ebooks to podcasts. Some of the most successful even allow for the eventual sale of your online business. The financial blog Get Rich Slowly was started in 2006 as a means of personal accountability for author JD Roth. Over the next two years, he not only made enough ad income to quit his job and blog fulltime, he began getting offers for the increasingly popular site. By 2009, he’d sold the site and agreed to stay on as editor for a respectable salary. The blog also netted him handsome deals from other financial publications, allowing Roth to live fulltime on his writing income.
9. Beauty and makeup
Do your brows get daily compliments? Are you passionate about skincare and makeup? Do you keep up on all the latest beauty trends and pick up coveted products as soon as they come out? Life as a beauty and makeup guru might be for you.
People in this niche make money in a number of ways. Some get ad revenue from beauty tutorials on YouTube. Others accept sponsorships on sites like Instagram. Still others put their minds toward creating their own cosmetic lines, which they sell on personal websites or on merchant sites like Etsy.
There are many directions for individuals in the beauty and makeup niches to go. Some specialize in daytime looks. Others work only with cruelty-free or organic makeup. Still others do special effects makeup or cosmetic looks specifically for men. By focusing on your makeup or skincare passion, you can distinguish yourself from the competition.
This is one area where good equipment is a must. Most beauty bloggers and vloggers (video bloggers) invest in professional lighting to show off their work. However, it is possible to get started with midrange equipment while you learn more about the niche and carve out your unique space in it.
10. Tech and electronics
If you always need to have the latest gadgets and can talk knowledgeably about subtle differences between different mobile phones’ cameras and processors, the tech and electronics niche may be for you. Tech bloggers often scour industry news to learn about the latest offerings and help gadget fanatics decide what new items are deserving of their money.
Explainer and buying guide videos are a common medium for those in this niche; you can show off the features of your new gadget and earn ad revenue for your efforts. Others in this niche make their living by partnering with affiliate programs and sending traffic to retailers like Amazon.
The key to a successful online business is picking a niche that you are knowledgeable or excited about and one that you can commit to for years on end. It can take time to build up enough of a following for your online business to become profitable. Especially at the beginning, you will spend large amounts of time engaging with prospects and fans on social media and adding material to your site to improve its position in search. If this all sounds appealing to you, you may have the right attitude and dedication for online business success and all of the freedom that brings.