Making Money In a Unique Niche
Episode #932 September 29, 2023
In today’s podcast, I want to revisit some of the astounding things people are doing by focusing on a small niche. Old typewriters, chandeliers, books, art pieces and more are bringing record numbers.
Bob Ross completed 1.1k+ paintings over the 31-season run of “The Joy of Painting,” but one from the very first episode depicting a stone path, a pond, and some trees is getting attention right now. It’s on the market — listed at $9.85m. Its original owner? A PBS volunteer who likely bought it for about $50.
Well, I want to walk through some listener questions to stimulate your thinking about your unique area of expertise. I’ll bet there’s something right under your nose that would open the floodgates to the life you’ve been dreaming of.
So here are our question setups for today’s episode
Questions:
It only took 4 months of unloading trucks for a large carrier, (making decent money) before he decided there’s got to be a better way!
Let’s talk a little about some of these niche ideas that are really making people money. Discovering a specialty or expertise can open doors to higher returns. Just like Bob Ross’s painting from the first episode of The Joy of Painting now valued at $9,800,000, finding your unique niche can lead to incredible opportunities. Take a moment to reflect on your own skills and passions—what expertise do you possess that can set you apart? And it’s not just artwork that holds potential. We delve into the world of collectibles, where items like the 1969 rear-loading Volkswagen Microbus Beach Bomb in pink can now sell for a staggering $150,000. Truly a testament to how specific niches can lead to impressive returns. What if you had 750 pieces that were worth $4,000 each because of your ability to spot those things that had value that other people were just getting rid of as trash? What about these niches: old chandeliers, typewriters, books, excavation equipment What’s your niche? What is it that you have right under your nose that you know about, that you have some expertise in that would open the door to this kind of return? Finding your niche can be a game-changer when it comes to value! Just as Joanne discovered her artistic talent, you too can identify your expertise and unlock doors to high returns.Finding your niche in your expertise
Deanna Cooper’s story showcases the power of identifying and utilizing your current expertise. As a single mother of four, she wanted the freedom to be there for her kids while pursuing her passion. So, she found her niche in nursing – case management. By specializing and providing top-notch service, she created a fulfilling career! She found her niche and created a flexible career that allowed her to prioritize her children and travel. Look for ways to leverage your own knowledge and experience to create a fulfilling work-life balance. Sometimes, your expertise is right under your nose!My corporate job ends in Nov (46 days from today!), but I am OK.
What a great position to be in, to know that you’re leaving the corporate job, but with a retention package and severance package on that, and having a nest egg. Now what you’re describing is a perfect setup much like what Deanna has done, case management for you to move in, help with recipes, easy recipes to help busy moms save time and money. Woah. Is that ever a hot button?
It reminds me of what Crystal Paine has done with her working moms. She helps moms save money at the grocery store because they redeem coupons that she recommends. And she gets pennies for the coupons that they recommend. But she has thousands and thousands of moms who do that, and it creates $1,000,000 business and more.
Creating online communities, offering specialized content or services, can lead to a steady monthly income. Just ask Shauna McGreevy, who turned her cake-decorating skills into a million-dollar business!What if you have a Moms cook-along class for $10 a month, If you have 2,000 people in it, that’s a nice $20,000 a month or almost quarter of $1,000,000 a year. I would venture a guess that’s more than the corporate job you’re leaving.
Earl Nightingale once said, “Success is the progressive realization of a worthy ideal.” It’s not just about the money, but about finding a unique way to provide a service that truly benefits others.Leaving a corporate job can be scary, but with a retention and severance package, plus a solid nest egg, you can venture into entrepreneurship confidently.
My “dream” (goal) is to have $700,000 in retirement funds before I reach the age of 71. We currently have about $20,000 in savings.
Earl Nightingale says, “Our success is measured by the quantity and quality of the service we are providing. Money is just the yardstick of that service.” Success isn’t just about accumulating wealth; it’s about making a difference. So, how can you make an impact? Helping 700,000 people with your expertise, one dollar at a time, sounds like a great start! What is it that you can provide that will benefit people in such a unique way that $700,000 is going to just show up. It’s clear you’re not going to do that working a job.Should I invest in a franchise?
Franchises are not set up really for entrepreneurs. They’re fixed kind of in what the expectations are, and usually pretty fixed in terms of what the potential is for that. There’s a whole world of possibilities out there, beyond traditional franchises. Think outside the box and explore all options. Remember, success is about leaving the world better than you found it! Look at 19 other ideas as well — both other franchises and ideas that are not franchises.What if I feel done with trying to make friends, and I only want to survive?
As technology continues to advance, we tackle the fear of AI replacing human creativity and wisdom. While AI may bring efficiency and convenience, it can never replace the human touch, meaningful relationships, and spiritual depth that we bring to our work. We are reminded of the importance of embracing our unique qualities and leveraging them to create truly meaningful experiences for our communities. It is important to nurture relationships and find support in our personal and professional lives. When we rely solely on technology, we may feel let down by friends and family, leaving life feeling empty and lacking purpose. I recommend diving into the timeless wisdom of “How to Win Friends and Influence People,” a book that has transformed countless lives and reminds us of the power of genuine connection. If you’re done with making friends, that is a tough spot to be in. You’re going to have nobody to share your joys with or to support you when times are hard. Building a life you love has to include Family, Friends, Finances, Faith and Fitness. It can’t just be surviving financially. There’s really not much meaning to a life if that’s all you have.Quotation:
“Successful people live well, laugh often, and love much. They’ve filled a niche and accomplished tasks so as to leave the world better than they found it, while looking for the best in others, and giving the best they have.” – Ralph Waldo Emerson
Resources:
Take the entrepreneur readiness quiz – do you have what it takes to be an entrepreneur? – 48days.com/entrepreneur
Thanks so much for your responses to our listener survey. Hundreds of you were kind enough to complete that survey. Lots of affirmation
- listener questions – not guests and experts
- 48 minutes preferred – not shorter. Many suggested longer.
- While about 1/3 of you are full-time entrepreneurs, about 2/3 of you are dreaming of running your own business.
- A large percentage have at least a college degree and the biggest group of you are making $100-250,000 a year.
- In rating yourselves on a scale of 1 to 10 on are you living your dream life now – the highest ranking was 5-6.
- You want to hear about how to clarify your dream – and how to train your mindset.
