Finding a Profitable Niche Market For Your Business

Many businesses fail in the first two years of startup. Several reasons contribute to this: lack of funding, not enough knowledge about the market, and an unprofitable niche. Many new entrepreneurs decide to take the leap without doing proper research into the market. Unfortunately, they suffer the consequences of this mistake.

I want to show you the steps of how to research and choose a profitable niche for your business.

What Is A Niche?

A niche (pronounced neesh, not nitch) is a specialized market segment for a particular product or service. Niches can be further subdivided into sub-niches as many times as possible. Finding and securing your niche in the market you’re interested in is your gateway to business success.

Finding a Lucrative Niche for You

Here are nine steps to finding a suitable money space for your business:

1. What’s Your Passion, Babe?

Follow your passion! What lights your fire and sets your soul ablaze? Always start with what you love, because “if you do what you love you’ll never work a day in your life.” (Marc Anthony)

I can verify that from personal experience. Challenges will come and you will have rough days. If you don’t love what you do, you will walk away. It’s the love of what you do plus your WHY that keeps you grounded during those difficult times.

Working in your love zone feels exhilarating and empowering. You can work for hours without even thinking about it. Start with your passion…ALWAYS!

2. Sneak a Peak into the Market

What’s the market like for the product or service of your passion? This research will tell you if it’s worth investing your time and money into it. What’s the value of the market and is it scalable?

Here is a current list of the most lucrative niches available right now.