The Truth About "Profitable Niches" (and Why Generic Advice Fails)
Last week, I listened to a webinar on "affluent psychology" and the most profitable niches in which to make money.
The answer was:
Wellness. Love. Experiences. Business. Money. Spirituality.
No kidding. Can these categories be any broader? The takeaway from the webinar was to go serve people in these niches.
After years of taking countless courses and signing up for dozens of programs, this generic guidance remains the most infuriating part.
One could argue our entire education system suffers from the same problem. We teach everyone the same things under the premise of creating "well-rounded" individuals.
The Two Types of Advice That Don't Work
We tend to get career guidance that falls into two categories.
First, the generic platitudes like "the finance industry pays well" or "wellness is a growing market." This is about as helpful as knowing that restaurants serve food.
Second, someone's personal success story positioned as a universal truth. "I made millions doing X, so you can too!"
Neither approach works because they ignore what makes each of us unique. This is why so many pursue wrong careers or businesses. Not wrong in an overarching sense, but wrong for them.
The Question That Started My Search
In 2010, I found myself in a moment of complete desperation. I was working in a role that was so clearly wrong for me that I was ready to liquidate my 401K to purchase a franchise.
I called a life coach I'd worked with years prior and told her my plan.
"Don't do it," she said.
"If not this, then what?" I asked.
"There are thousands of ways to make a living," she replied.
But I couldn't see them. I didn't know what was possible outside the universe I was in. So I bought the franchise anyway.
I've never forgotten that feeling of knowing there were options out there I simply couldn't see.
Why We Can't See Better Opportunities
After completing more formal and independent education than 99% of the population and after hiring coaches and consultants, I've come to understand something fundamental.
We're blind to our own possibilities without outside perspective. We take for granted what we know and can't objectively assign value to our own expertise.
So we use shortcuts. We either go into fields that pay more on average, or we follow the path of someone whose life we aspire to have.
That's why so many fail. If your chosen field isn't the right fit for you, you won't succeed. If you try to blindly copy someone else's approach, you won't get the same results because you are not them.
What Changed Everything for Me
Since that desperate moment in 2010, I've spent years studying the world of work from every possible angle. I've examined it through the lens of investors, academia, business leaders, entrepreneurs, EdTech companies, middle managers, and recent graduates.
When you do that, the pattern becomes clear.
The people who thrive don't chase profitable niches. They experiment and get personalized guidance to find the path that is right for them.
The Shift That's Happening Now
The biggest change in the world of work is that people have stopped pretending they're happy with their jobs. COVID had a lot to do with it.
On top of that, professionals now realize that everything they've spent their careers building is at risk from AI and automation.
This makes finding alternative income paths more urgent than ever.
An Invitation
I'm opening 5 spots this month in my Professional Income Advisory.
This is personalized guidance that's 100% customizable to you. We have a real conversation about your specific situation, where you can express needs and goals that no personality test or framework could capture.
When professionals tell me about their struggles, I can often see possibilities they can't. After just a few questions, it becomes clear what they could be doing. They miss these opportunities because they've never done anything like it or known someone who has.
Sometimes you just need another person to point out options you couldn't see for yourself.
If this resonates with you, learn more here.
P.S. That coach I spoke with back in 2010 was right. There are thousands of ways to make a living, but only a handful that align with who you are and what you already know.
Testing a New Format
I've noticed something recently. While I spend hours agonizing over word choice in my articles, what people value most when I do my talks is the resources I share.
So I'm going to try something new. Each week, I'll curate the best insights on monetizing expertise and the world of work I’ve read recently.
Curated Articles & Opportunities
🤖 AI & Your Career
AI is coming for us (here's my plan) (Justin Welsh) Justin explains why he's hedging against AI by doubling down on being human through community building and genuine relationships.
Careers in the Pre-Singularity Age: Is Everything Already Lost, or Are We on the Verge of Reinvention? (Pavel Luksha) Pavel maps five major shifts coming to work between now and 2050.
📚 Skills That Matter
AI Thought Leader School (Michael Simmons) Michael has launched a school teaching how to monetize prompt engineering, create AI-enhanced content, and use AI to augment human intelligence.
🎯 Strategic Moves
The opposite of hard work isn't easy, it's soft (Anna Mackenzie) Anna explores how aligned work can require intense effort while feeling effortless when pulled by purpose.
Here's Why 99% of People Stay Stuck for Their Whole Lives (Tim Denning) Tim argues that embracing chaos, taking calculated risks, and focusing on one goal separate the 1% who break free from everyone else.
💰 Income Strategies
The Fractional CFO Playbook (Alina Okun) My latest analysis on how experienced finance professionals build six-figure businesses serving multiple companies part-time as fractional executives.
Maven: Micro-Consulting Gigs for Anyone (Kathy Kristof) Kathy reviews a platform that connects professionals with micro-consulting opportunities.
What else should I be reading? I'm particularly interested in Substack newsletters that take a thoughtful approach to professional development and income opportunities.
Ready to discover income opportunities that match your expertise? Join the Professional Income Advisory. Learn more here.