You may have already heard about the importance of niching down. At the very least, clients are more likely to hire freelancers who specialize in their area over a “jack-of-all-trades.”
While there are a lot of great reasons to choose your niche, you’re probably looking for one that can best help boost your income. But did you know some are more profitable than others?
What makes a niche profitable, anyway?
In this case, profitability can be defined in two ways.
The first is the demand for writers in the field. As a freelancer, it’s unlikely that you’ll make a living off of just one client. For a niche to be genuinely profitable, there needs to be an adequate need to fill.
Simple supply and demand.
While not impossible, it’s much harder to bring in a decent income in an over-saturated niche market.
The second (and more obvious) mark of a profitable niche is the compensation. Whether it be per word or project, some niches pay significantly more than others. This is mainly are due to the specialization required (Just another reason niching down is super important!).
Finding the sweet spot between the two is key to finding the right niche for you and growing your freelance business.
Check out these six mega profitable niches and why they may be perfect for you.
Topping the list for both the abundant need for writers and the higher-than-average compensation, personal finance is one of the most profitable niches around.
Finance is one of those evergreen topics where the need for writers is always growing. Add in the recent and ever-evolving cryptocurrency trend, and you have a paycheck waiting to happen.
The beautiful thing about this niche is that you don’t need to be a CPA or a financial advisor to get on board. Do you have a passion for investing? Done a lot of research when you got out of debt? Are you crazy about crypto?
Personal finance just may be the perfect niche for you.
Often listed among the highest paying gigs, personal finance is a great area to specialize in if you’re looking to pick a profitable niche.
As the saying goes, money makes the world go round.
No matter how the market is faring, buying and selling of homes is here to stay. Real estate is also a permanent fixture in the freelance world and is brimming with work for eager writers.
The real estate niche offers freelancers an abundance of opportunities to explore.
For example, if you have an interest or background in finance, there’s a lot of work available regarding mortgages and home financing. If design is more your “thing,” helping companies get the word out about the importance of staging a home for sale is just yet another avenue you can explore.
Topic matter aside, there are also a lot of different types of writing needed in this niche. From blog posts to copywriting (and everything in between), real estate brokerage companies are always on the lookout for content to help their businesses grow.
For example, buying and selling a home can be an extraordinarily stressful and intimidating undertaking. As a freelancer, you can help companies break it down and take the uncertainty out of the process, leading to more customers.
Show clients how your work can increase their ROI, and this niche will have you invoicing at lightning speed.
In the tech-based world we live in, digital marketing is king. Nearly every business has an online presence and aims to expand that presence as well as their audience.
That’s where freelancers come in.
While digital marketing can encompass content marketing (articles and posts aimed at customer acquisition), it also forays into many other areas for freelance writers.
From e-books to landing pages and tutorials, businesses are looking for creative ways to grow both their audience and subscribers. Freelancers are in the unique position to fill that need.
For example, compiling email lists and writing newsletter content is currently a huge need across the board, from real estate firms to health and fitness companies.
As a digital marketer, you can present yourself as a broad-strokes marketing expert or narrow it down even further into specific topics. Remember, specialization is what brings in the big fish!
With the rise of entrepreneurship in the digital age, there are a lot of opportunities for freelancers to get a piece of this ever-growing pie.
While this area can tie into digital marketing as well, case studies are a particular niche in themselves, not to mention quite a profitable one.
There are many types of case studies, ranging from medical and academic to B2B and B2C (Business to Business and Business to Consumer).
In the commercial sense, case studies are a collection of success stories used primarily in marketing to gain new clientele.
Usually comprised of information gleaned from interviews with existing clients, these pieces are used to show the value of services offered and can be quite useful in client acquisition for many types of businesses. (Kinda sounds like pitching, right?)
While larger companies usually come with larger budgets, even smaller businesses are looking to gain a competitive edge and therefore seek to hire case study writers just the same.
Before you skip over this and think, “This is only for the tech-inclined writer,” hear me out.
While it’s true that many technical writers have a tech background (professionally or academically), you don’t necessarily need to have extensive tech experience to do this type of work. What you do need is to be willing to learn and research, a lot, to get work as a technical writer.
If you’ve got a firm handle on research, a knack for detail, and the ability to write in clear and concise terms, technical writing may be for you.
Traditionally, technical writing involves creating instructional materials such as manuals or user guides. They are typically very detail oriented and require items to be broken down to the bare bones.
They can be simplified for the everyday consumer or be extremely detailed for engineers and other professionals.
However, the niche has grown to include briefs, press releases, grant writing, and even inter-office documents such as employee handbooks and memos. This has made it a much more accessible niche than it used to be.
Think of it as business writing-plus.
Fitness and Healthy Living
This niche is as evergreen as they come, making it a solid mainstay in the freelance world.
With going green trending worldwide, there are companies popping up every day with a heavy focus on eco-friendly and healthy living.
The myriad of up-and-coming companies in this field makes this niche a great one for freelancers looking to up their workload.
Focusing on emerging trends in both the fitness and food world, writers in this niche can find the work not only plentiful but also somewhat steady.
From whitepapers for new products to viral and share-worthy pieces geared for social media engagement, there are a lot of avenues within this niche. By having varied topics to write about alongside the apparent need for freelance writers, the healthy living niche can be a pretty solid moneymaker.
Coupled with strong research skills, having a passion for healthy living is really all you need to become a kick-butt health writer.
Final Thoughts on Profitable Niches
When you niche down, one of your main reasons for doing so may be to increase your bottom line. It’s worth checking out jobs in these niches to see if any piques your interest.
While these super-profitable niches are just a few options to explore, there are other niches you can turn into beaucoup bucks. One of the top tricks is to make your experience work for you.
Consider using Contena to search for a niche that fits you best while keeping your invoices flowing.