The start of success doesn’t happen overnight, and turning your passion into business needs exploration.
If you want to start a business but —
- You second guess because of the market competition
- You don’t know where to start
- You want to but not really “feeling” it
The business world is always about competition and profits. But here’s the thing, if you are happy and very passionate about the niche you’re getting into, chances are, you will be good with whatever you want to do. Why? You love what you do.
So, first things first. Find where you are good at and when you found it? Go for it! Loving what you do is a lot easier to keep going when things get tough. Test out your ideas, list all your interests, research the competition, be knowledgeable about your chosen niche, and reflect on it. Finding the perfect niche is so tricky—extremely challenging. So, if you’re still struggling to decide, here are a few tips for you to get it narrowed down.
1. Passion kills competition.
You might already list all your passions. But if you haven’t, make at least 10 interests that are appealing to you. Having a business isn’t that easy, and at some point, it will challenge you. With all the existing products in business, it might fright you, especially in marketing competition. So, it’s best to be enthusiastic about pursuing that area. And having that passion will help you persevere even with the tons of products in the marketplace. Now, think of all the hobbies and interests you most like. It’s also relevant to know which phase you’re skilled with.
These questions might spark your brainstorming.
- Is there a hobby or skill you’re passionate about or good at?
- What training or educations you had in?
- What topics do you like to learn?
- How do you like to spend your free time?
Write down your answers. It may help you determine your passion and skills and begin your first business niche market. Remember, choose a niche that makes you happy.
2. If your target market is everyone, your marketing is for no one.
Know your broad industry category. Instead of targeting a broad population, make your idea focus on a small portion of potential customers. With your 10 list topics at hand, start narrowing down your options. Find problems or needs your target customers are experiencing and create a profitable business out of it. It is easier to connect with your audience if it is narrower. Think about how can your passion or interest can become your target’s needs.
- Explore your customer’s persona.
- Research about it and think about the challenges they face.
- Analyze where the business is headed.
Think about the importance your chosen niche holds. Why would people choose this? Is it better than the other products? If you can’t see the potential about it, then your targets won’t either. Your niche should be your passion –Yes. But that should also be profitable. You need to have knowledge about it and strike the ones that your targets are interested with.
3. Create an advantage—what’s so unique about it?
Research your competition. Don’t be frightened by it; it may show you that you have a profitable niche. It’s essential to have a competitive advantage; think of why they should buy from you. It would be best if you were unique from every business, especially for the existing ones. You have to see if your idea outshines in the field. Note that even if you have that competitive advantage, you may not sell it immediately. Stick with that idea and approach business from a bright perspective.
4. Don’t turn ideas into debt.
With all the information at hand, finalize it by testing it. Set up and test with ads to promote what you are selling. Customers can find you through a landing page and create a simple website to research your business. Don’t spend so much money testing your ideas. Instead, spend time thinking about how to strategize in marketing and build loyal customer service.
If the test fails, don’t tussle the idea. It would be best if you were a good starter. Take a step backward and figure out which point you should improve.