Aug 12

How to choose a niche – balancing fun, talent and profit

Choosing a niche to exploit might feel like a black art rather than a science. Here’s how I do it.

My system for finding a niche is pretty straightforward. I think you need to answer three question?

  1. What are you good at?
  2. What do you like to do?
  3. What can make money?

When you can answer those questions with the same answer I think you’ve found your perfect niche.

choosing-a-nicheOf course, the problem is that there are very few things that can answer all three things identically. Thats why I put “What can make money” at the front and centre. Sometimes you’ll have to compromise on the on “What you are good at” or “what you like to do”.

Remember, you’re in business. And that means you’re in your business to make money.If you can do what you like and you’re good at it – that’s a bonus. Many of us are good at something that can make money but don’t like it.I’ve been stuck in jobs like that. You can do it for a while but it can be very wearing.

Given the choice between “What I’m good at” and “What I like to do”  – if I can make money, I’ll choose what I like to do as long as it makes enough money.

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