Last Updated: 18 July, 2024
Technology has dramatically changed so many aspects of our lives and consultation is no exception. According to a report, 74% of millennials prefer teleconsultations over in-person appointments. Nowadays, consultants and clients prefer online interaction over traditional face-to-face meetings, resulting in rapid growth in the demand for online consultation platforms.
This shift presents a lucrative opportunity for entrepreneurs interested in starting their own online consultation business. However, before starting your online consultation business, it is important to select a business niche. Choosing the right niche can make or break the success of your business. It’s not just about considering the latest trends but also about finding the profitable consultant niche that aligns with your passion, business goal, and target market demand.
Therefore, in this blog, we share the top niches to start an online consultation business that are profitable and have a bright future in terms of growth.
Determining the niche is crucial for a successful online consultation business. This helps you establish a loyal audience and create a more focused business. Starting a business catering to a specific niche also builds credibility and dominates a specific sector of the market. Therefore, it is important to gain an understanding of the popular niches present within the online consultation industry. Let’s dive in.
With the penetration of technology in the healthcare industry, online consultation is becoming popular among individuals. As per the reports, the health and wellness market is expected to grow to USD 4,332 billion by 2032, growing at a CAGR of 7% from 2022. Moreover, health and wellness consultation platforms are extremely helpful for patients who are unable to visit doctors physically. The demand for virtual health and wellness consultations is on the rise, entrepreneurs can take advantage of this opportunity.
Key Market Players: eGlobalDoctors, Nexia Wellness, Doctor on Demand, Zocdoc
Individuals are becoming more interested in improving their physical fitness. However, due to busy schedules, they are seeking online fitness consultation platforms. Moreover, according to Allied Market Research, the global online fitness market was valued at $14.9 billion in 2022 and is expected to reach $250.7 billion by 2032, growing at a CAGR of 32.7% in the forecast period 2023-2032. The growth opportunities are tremendous for entrepreneurs with an inclination toward the online fitness industry.
Key Market Players: Mindbody, Fitness On Demand, Wellbeats, ClassPass
In recent years, the career consultation market has grown significantly. The growth is driven by the intense competition among job seekers, and the need for assistance in making appropriate career choices. Additionally, the global career counseling market size was valued at $2.12 billion in 2020 and is expected to reach $4.65 billion by 2030, growing at a CAGR of 8.17% from 2021 to 2030. This presents a lucrative business opportunity for entrepreneurs.
Key Market Players: The Muse, BetterUp, Mentorcruise
Astrology is seen as a way to get rid of hardships people are suffering from in life. They use it as a tool for encouragement and to navigate concerns about their health, wealth, and more. According to reports, the global astrology consultation app market size is expected to grow 10 times in the upcoming years, going from $2 billion in 2021 to almost $20 billion in 2031. This presents a profitable opportunity for entrepreneurs looking to enter the online astrology market.
Key Market Players: Nebula, Horoscope.com, Astrology Hub.
In this digital age, individuals are looking for convenient and efficient ways to seek legal advice without the need to physically visit the law office. Considering the trend, online legal consultation platforms are gaining popularity. The online legal consultation industry is expected to reach $13.4 billion in 2024, growing at a CAGR of 5.7% over the past five years. By launching an online legal consultation marketplace entrepreneurs can bridge the gap between lawyers and individuals seeking online legal consultation.
Key Market Players: The Legal Room, The Law Room, LegalKart
A financial adviser helps individuals better manage their finances and money matters. People find it essential to review their investment choices and are looking for an online financial consultation. The global financial advisory services market has generated a revenue of USD 105 billion, growing at a CAGR of 6% for the forecast period (2024-2029). By creating a platform that can connect financial advisors, and wealth managers, with those seeking financial advice you can cater to the shortcoming in the online financial consultation industry.
Key Market Players: Stash Wealth, GWA, Fintuity
In today’s dating scenario, individuals find it difficult to develop lasting relationships and need assistance in navigating through their dating life. An online consultation platform where dating coaches can provide insights on how to deal with relationship problems is high in demand. According to a survey, 70% of Gen Z feel overwhelmed and stressed about their love life and this creates a lucrative opportunity for entrepreneurs interested in the online dating consultation landscape.
Key Market Players: Match Up Coaching, Vance, BetterHelp, Relationship Hero
According to the reports, 9 out of 10 startups fail in their initial stage and entrepreneurs look for quick resolution from experts. Hence, increasing the demand for online business consultation platforms. Moreover, according to the statistics, the global business management consulting market size is anticipated to reach $2.8 billion by 2028 growing at a CAGR of 6.24%. Startup owners as well as established entrepreneurs seek expert advice to start and grow their business.
Key Market Players: Cansulta, CorpNet, Business Consulting Agency
Now that you have gained an understanding of different niches popular in the online consultation industry, next, deciding on a robust monetization strategy is essential for the sustainable growth of your online consultation business. Following are some of the recommended revenue streams for a successful online consultation business.
Commissions: The platform owner charges a commission from the consultants’ fee.
Premium Listing: A fee is charged by the platform owner for featuring consultants on the platform.
Subscriptions: A monthly or yearly subscription fee is charged to users for using the platform and its services.
Advertisements: An advertisement fee is charged for showcasing banner ads on the platform.
Yo!Coach is a popular software solution that can help you launch your online consultation business hassle-free. This software offers online consultation-specific features that make launching and running your online consultation business seamless. Moreover, Yo!Coach team offers free technical support for a year.
Benefits offered by Yo!Coach include:
Following are the key features offered by Yo!Coach:
Explore the demos to gain an in-depth understanding of the advanced capabilities and features of Yo!Coach.
Yo!Coach offers versatile capabilities that can support multiple niches popular within the online consultation industry. In fact, this software is capable of supporting any unique business idea based on any niche or business model. In the last few years, Yo!Coach has successfully catered to the following business niches– Legal Consultation, Business Consultation, Career Consultation, Fitness Consultation, Dating Consultation, Health and Wellness Consultation, and many more.
Yo!Coach has helped several entrepreneurs enter the online consultation industry with feature-packed online consultation platforms. The team has successfully delivered more than 1000 projects globally. Let’s take a look at their client base in the online consultation industry.
The Legal Room– A successful online legal consultation platform based in the UAE is effortlessly connecting legal experts with their prospective clients.
The Story Ink– This unique online consultation platform for filmmaking caters to the creative needs of the entertainment industry. This platform bridges the gap between industry experts and aspiring artists looking for guidance to kick-start their career journey in the Indian film industry.
Nexia Wellness– It is a virtual health and wellness consultation platform powered by Yo!Coach. Based in the US this online consultation platform is successfully connecting medical health practitioners with patients across the country.
Therapy Panda– Therapy Panda is a virtual consultation platform for people seeking help to deal with mental health issues. This UK-based platform connects psychologists, therapists, counselors, and community listeners with clients.
Explore the diverse client base of Yo!Coach
The online consultation industry is growing tremendously and offers profitable opportunities for entrepreneurs interested in this domain. However, before starting with the development of your online consultation platform, it is important to decide on your business niche. We have provided all the necessary information regarding the popularity of each niche in the online consultation industry. Moreover, consider your business goals, future aspirations, and niche growth rate, before making the final decision.
All innovation starts with an idea to solve real-world problems. At FATbit Technologies we are passionate about driving digital transformation to prepare businesses for a digital-first tomorrow. Let’s discuss your BIG idea NOW.
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Tushar Kumar works as a Team Lead - Content Marketing at FATbit Technologies.
