Want to Start a Business? Identify Your Niche First

It’s easy to say, “I want to start a business.” But there are so many variables included that when you get down to the nitty gritty, it turns out to be not so easy, after all. The first question that arises is, what type of business do you want to start? To some, it might seem obvious, but to others, it can be a difficult thing to try and identify the niche they should enter into.

• The first step is to write down a list of your passions and interests. Working for yourself and running your own business sounds like a lot of fun, but it’s stressful and difficult, so if you work in an area that interests you, that you are truly passionate about, the difficult times will be more worthwhile. Not sure what to write down? Think about what you love doing, what magazine subscriptions you have, what do you love learning about, what clubs do you belong to? All of these will help identify passions within yourself.
• Can you solve problems within your passions and interests? Consumers buy products and services that they need, that answer a question or solve a problem. Research market trends to find out what kind of voids there are within your selected passions and interests that you might be able to fill.
• Do your homework on the competition. Fire up that spreadsheet and make a list of your top ten or twenty competitors (if they exist). If you’re finding that your competition offers below par content, you might have the opportunity to surpass it and become successful within that niche.
• Will your niche business be profitable? You want your niche product or service to already be on the market, but not overly so. Also, keep in mind that you can always partner with others to “sell” the product without ever actually touching it.

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