How To Find A Profitable Niche Idea (Part 1)

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Updated 5 years ago

Congratulations for getting started with your online business. Most of us get lost with an idea of selecting the right niche. Profitable niche is the foundation of your online business success. Keep in mind after you select the niche, you should be ready to work on that niche for 1,000s of hours. That’s why if your niche is boring, you will lose the interest and that is the end of your online business. By picking the right niche, you can focus on your audience and you can build an authority website. Of course google will rank your authority website.

3 things to consider when identifying the profitable niche for your online business.

Skills / Talents
Passion /Hobbies
Profitable Market

So the first step is to identify the skills and talents. It sounds very easy, but actually it’s not.

If you are applying for a job, you can fake about the skills in your resume. But don’t even try to fake about your skills to yourself. Your subconscious knows you better. Explore yourself, spend some time to identify your skills. There are some skills you are aware of and there are some skills you are not been aware of.

Before I continue, here is The Short Story.

Once upon a time, there was an elephant in a circus, tied with small rope to the front leg (No cage, No chain). Of course, the elephant could, at anytime can break the rope and can be free. Actually, it’s a mindset issue, the huge elephant thinks that it cannot break the rope. The huge elephant thinks it cannot be free.

Why did this happen? When the elephant was very young, the circus trainer tied the young elephant’s leg so that it cannot escape. At the young age the elephant failed many times to break the rope.

Now, the same elephant has grown up, it still kept tied with the small rope. Even though the elephant has the strength to break the rope, it is not trying to break the rope.

Same way, all of us are talented, however, we are not aware of the true potential, the true skill. We have to spend sometime to understand our true skills. There are some Skills, you may like and there are some skills you don’t like. Keep open minded, just brainstorm the skills you have.

So, create a list of all your skills using Mind Mapping Software

Here is the quick example on how the skills mind map looks like.

See you in my next blog, I have something to say on passion & hobbies.