The niches are in the riches as some people like to say. It’s very true. As a freelancer, the type of work you specialize in can have a direct impact on how much money you’re able to make.
As a writer, I know that there are some niches where clients are willing to pay lots of money for an article. While on the other hand, finding paying clients for other niches can seem nonexistent.
So how you settle on the right area to make more money as a freelancer. Here are 3 signs that your freelancing niche is profitable and will remain sustainable long-term.
You See a Number of Listings on Freelance Job Boards
Freelance job boards may or may not help your freelance career really take off. Personally, I found it better to send cold pitches and network with potential clients for long-term work.
However, it’s nice to know that there are plenty of work opportunities in your niche on freelance job boards. If you can’t find many gigs related to your niche, then this should raise a red flag.
Try to gravitate more toward the niches that seem to have lots of work readily available. Even if there is competition, this is often a good sign. I’ll explain more about this in my next point.
There Are Many Other Successful Freelancers In Your Niche
As a freelancer, competition can be a good thing. It often means you’ve chosen a profitable niche and there’s plenty of work to go around. In fact, you might not even want to view other freelancers in your niche as competition at all.
Realize that if you see other freelancers making a lot of money in your desired niche, you can network with them. I’ve gained many clients from being connected to other freelancers who have been overwhelmed and looking to hand off work to others.
Plus, being successful is not always about reinventing the wheel. You can use other successful freelancers to inspire your business model and help improve your mindset in terms of reaching your own goals.
Your Clients Are Consistently Profitable
It’s no secret that you have to make money in order to spend money. Keep this in mind when considering your niche and what type of clients you’ll have. If you’re super passionate about a niche but can’t seem to find clients who are actually profitable themselves, you may want to reconsider some of your goals.
For example, say you’re a website designer who wants to help local animal shelters develop a stronger web presence. The only problem is some of your clients cand afford your service. In turn, you’re not getting paid due to your niche not being profitable or sustainable long-term. Mind you, this is just a hypothetical example.
However, in this case, you may want to expand your niche a little and seek to serve people who not only see the value in your service but are making money themselves which allows them to be able to pay you appropriately.
Keep these tips in mind as you’re wondering how to choose a freelance niche that is profitable. You can start out offering a broad range of services as you find your comfort zone. Pay attention to how many gigs are available in your niche and if other freelancers are finding success as well to help you validate your plans for your business.