The key to running a successful business is to figure out what you’re good at.
Where can you be most helpful and who should you be helping?
That’s the most important question you should ask yourself. The best place to start is with what you know.
Let’s say you’re just getting started with your online business, or you’re considering expanding into a new area. How do you find out what you should do and who you should serve?
You start with a little brainstorming session.
Get out a piece of paper or open a document on your computer and start jotting things down. Remember this is a brainstorming exercise, so don’t judge or censor yourself. No idea is too crazy.
Include everything you know something about from things based on your education, your job history, personal experience, and even hobbies and interests. You never know what will spark an interesting idea worth pursuing.
With that list in hand, it’s time to cut it down to ideas that have the biggest profit potential for you. There are two criteria I like to look at.
The first is if I am interested in the topic.
It doesn’t have to be the biggest passion, but building a new business will be a lot more fun if I’m enjoying the work. There will be plenty of content to create and products to research.
You’ll spend a lot of time reading and thinking about your niche. It makes sense to pick something you don’t completely despise. Cut out anything you have no interest in at all.
For me, I love marketing and self-improvement so I work with other business mums (who are just like me) who need help working on their mindset so they can put themselves out there and be more visible. The more you market yourself, the more clients you will find and the more your business will grow. But before you can market yourself, you have to get over the fear of being visible – and so it goes round and round.
This is why I have two niches – marketing and self-improvement – because I believe they are 100% connected.
Pick something with profit potential.
Now go through the remainder of your list line by line and ask yourself if people spend money on this.
Do they buy products, do they buy information, are there advertisers in this niche? If there aren’t, cross it off the list.
By now your list should be significantly shorter. If it’s still too long, go through it again, cutting out anything that you’re not excited about or that doesn’t show decent profit potential.
Once you have it down to a handful of possible niches it’s time to pick the one with the highest profit potential. Think about what you know the most about.
Where can you be most helpful and make the biggest impact? That’s a great place to start.
Sit down and see if you can brainstorm a list of 10 interesting article or video topics and ideas for a few products to create or promote.
If you can, you’ve found your winner. If not, go back to another idea from your shortlist.
This simple process will help you quickly come up with a niche idea based on what you already know that has a good potential to work. While there are no guarantees, it doesn’t hurt to put the odds in your favor.
If you need help brainstorming ideas, come and join us in the Business Mum Community Facebook Group. We are a group of supportive mums who love helping other mums dream bigger to achieve their goals.