A “Niche” is defined as a "situation or activity specially suited to a person’s interest, abilities, or nature". (American Heritage Dictionary 4th edition)
Knowing that we want to start a business is not enough; the important thing is knowing what kind of business to start.
Your online business should be something you are ‘passionate’ about, it should be something which interests you or suits you nature. Working for something you are passionate about will yield great results. If you are passionate about something your commitment towards it will be very high. Your passion should dictate your ‘niche’.
Having a specific knowledge/skill or your work experience can also be your niche. I recommend grabbing a pen and a paper and start jotting down atleast twenty things which you are passionate about or have knowledge about.
While brainstorming for new ideas for your future online business, keep in mind that a successful business is the one which is providing a product or service that others will actually buy or pay for. Satisfy the need of your target market, and your target market will keep your business profitable.
Beware that an idea may seem promising, and destined to make you rich, but the real test will only come when you actually launch your online business. So what ever the idea/niche may be, it should be researched well before investing your time and money into it.
Some of the questions which need to be asked:
How big is the niche?
How competitive is the niche?
How profitable is the niche?
Google your idea/niche (in quotes) and look for these things:
If the results are few, then your niche may be too vague. If it is too many, then you need to zoom in on a tighter niche.
Action Steps
Gain the knowledge of your niche and what the market wants. There are so many online business ideas to choose from, so be sure to pick one that you’ll enjoy running and that will keep you motivated.
As always feel free to ask question or leave your comments below.
Until next time take care!
