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Identify your passion and skills
The best way to choose a niche is to first decide on what you enjoy and what you are good at. This way, you will be able to monetize your passion and your skill. With the two key factors combined, you will be able to build a strong foundation for your business.
Doing something that you are passionate about will keep you motivated in the long run, because you are doing something that you love. This will be the main drive that keeps you going whenever you feel like giving up. If you are doing something that you don’t enjoy, you have a higher chance of quitting.
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Identify your target audience's problems
Building a profitable business is about understanding the problems and desires of your target audience and being able to bridge the gap to help them get to where they want to be. To solve their problems, you will first need to be aware of the problems that they are facing.
With the internet at our fingertips, we can easily search for keywords on Google to find out what pain points our potential customers are facing. Facebook groups and Quora are great platforms to discover the questions that people are asking. They are also ideal places for market research.
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Research your competition
It is important to know your competition to truly understand where you stand so that you can determine the profitability of the market. Understanding your competitors will enable you to identify market gaps and fill the gap.
You’ll get to establish your unique value proposition and determine whether the market is oversaturated or not. Knowing your competitors will give you an idea of how to outrank them by studying their strengths and weaknesses. Competitor analysis and monitoring your performance will help you be well-equipped with making improvements along the way.
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Determine potential profitability
It is crucial to determine whether the niche you have chosen has a need and whether people are willing to pay for what you have to offer. Choosing an evergreen industry is one way to ensure that your business will be in a profitable market.
Some markets tend to perform better than others because they are evergreen, which means that there is always demand in those markets. You can conduct market research using Google Trends to find trending topics and keywords that are highly searched.
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Validate your idea
You can use crowdfunding websites to validate your product idea and raise funds in the process. You can also create a landing page on MailChimp and start collecting leads just to see how well the promotion goes and whether the niche that you choose has any demand. One quick way to do that is by running a few paid ads to direct users to your landing page and measure the performance of your ads.
The worst thing that can happen is choosing a niche with low demand, registering your company, and having your website up and running, only to realize that nobody wants your products or services.
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Black Stripes's ideas are part of this journey:
Learn more about business with this collection
Identifying the skills needed for the future
Developing a growth mindset
Creating a culture of continuous learning
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