This step in your checking process covers how to shortlist your niche ideas based on your own character, circumstances and interests such as:
- attraction to you
- your resources and capabilities
Once you’ve sorted and filtered your initial list it’s now time to undertake the niche selection process of checking which niche ideas suit you as an individual and the capabilities of your business.
Attraction to You
I’ve seen and read a lot of articles, books and videos that state in bold, clear type that above all else you must choose a niche that you are passionate about and that this is the most important thing of all.
I’m sorry, but this is the advice from and for hobby business owners.
What if your skills, knowledge and passions are in niches that people just don’t want to pay any money for? Or niches where there is way too much competition? Or niches where it will take you loads of time and money to even get started?
Do you want to run a charity or a business?
Having an interest in a niche is a good thing as you know the language, you share the same needs of other customers and you can easily demonstrate your knowledge and interest. But if you’re too passionate about a niche you can get blinded and come to think that you know best – not your customers!!
So if you are really passionate about a niche you need to make sure that your passion is also the best niche for you before you spend too much time, effort and energy on it.
So keep that passion in check and look at other ideas too using the steps you’ll find in the rest of this ‘choosing zone’.
By all means run with your passionate niche IF it passes all the proven tests you’ll use from this site.
Now the flip side to a passion is hate and while your potential niche topic need not be something you’re extremely passionate about – when you’re first starting out you shouldn’t hate it, either.
Well in my experience of working with niche markets for over twenty years there really is little point in setting out on a long journey to build a niche business if you have no interest in the subject. Leave this to when you have a successful business and can outsource a lot of the basic work to others.
When you’re starting out you should at least have some fire of enthusiasm inside you to keep you going when distractions, mistakes and bad luck lure you into giving up and watching TV instead of building your business – and this will happen.
So although I’ll cover a lot of hard number based niche selection methods in this choosing area, at the end of the day your niche is your personal business so it really must be a niche that you are comfortable with. Now, I know this sounds impractical to some, but your gut instinct really can say a lot about whether or not a niche is worth pursuing.
What if your heart just isn’t in it? What if you have absolutely no interest in this niche? What if the niche contradicts your personal beliefs or views in some way? What if you find the subject matter boring? These are just as important warning signs to the niche business owner as any statistic.
So be careful of choosing a niche just because you absolutely love it and steer away from those you can’t stand. Far better to choose a niche that you can at least live with to give you the best chance of making it successful and profitable for you. Remember – you can make plenty of money out of a niche even if you’re not passionate about it!
Your Resources & Your Capabilities
Aside from a niche’s attraction to you, another good niche selection tool is to compare your list of niche ideas with your available resources and capabilities. Try and make lists of:
- Resources you have available in terms of time, help, money and time!
- Skills you have or things you know in terms of the niche itself, writing or building key elements of your business such as your website
- Network resources in terms of the people, businesses and organisations you already know who you can work with on your niche
Once you have prepared each list go through each one and draw up a new list of gaps, weaknesses or skills you need to put in place to deliver your niche business.
Now look through your master list and cross off any ideas that will be too much of a stretch for you to attempt given your resources and capabilities you have in place today.
Remember – these articles about choosing are designed to show how YOU can find a niche quickly, cheaply and easily without spending loads of money up front.
Do you need to be an expert?
A lot of new niche marketers think that they can only make money in a niche if they are an expert in the subject but this is not strictly true.
In your early days it is certainly cheaper and easier to create a product about a niche you have knowledge of but as time goes on and you have more money to play with it is very straight forward to enter several niches and create products even if you know little or nothing about the subject thanks to the large number of expert writers you can employ to work for you – but that’s a subject for another coaching series we have in development.
Or you can access the latest edition of the Dr Nitch Niche Marketing Guide – “Choosing Your Niche – 7 Simple Checks To Your Success”. This guide shares the step by step process for selecting niche market ideas that the Dr Nitch Niche Marketing Center has identified.