Some people will advise you to start a business based solely on what you’re passionate about. That theory is usually with the thought process that if you love what you’re doing, you’ll stick with it longer and have a better chance of success.
Personally, I recommend starting your cash machine in a niche that will make you money! Once you’ve established a successful business that brings in consistent income you can start another business that you’re passionate about — if you still want to.
It’s funny how much “flack” I get from people who believe that if you do what you love, the money will come. I usually respond to them by pointing out, “If you love laying on the couch and watching TV, you’re not going to make any money.” That’s when they start backpedaling and adding “qualifications” to their theory.
So what do I say to those that haven’t a clue what they could do to start a small business of their own?
I suggest they answer some simple questions…
- What do people ask you about?
- What do people seem fascinated by when you talk about it?
- What jobs have you had in the past?
- What’s your education?
- What’s your favorite hobby?
- Where have you traveled?
- If you were in a book store, which section would you be in?
- What’s your favorite specialty channel on TV? Favorite show?
- Do you have experience in solving problems for people in any way? Finance, home improvement, health?
- If you won the lottery, what would you do with your time?
Once you’ve brainstormed a list of possible niches, send the finalists through the screening process to see which ones are the most marketable (meaning people are willing to buy).
So let’s briefly go over sorting out the winning niches from the clunkers.
Your ideas should pass these “tests.”
When you come across a market or niche that sounds interesting and appears that it has some potential, see if there are any magazines available for it.
The Google test. Think of a problem that someone in your target market has, and then figure out what search term(s) they would enter into Google to find a solution to their problem.
Speaking of Google, finding out what people have typed into the search engines is an excellent way to determine if your niche is viable. Use Google’s free Keywords Tool to take a peek.
If you’re planning to offer ebooks and other information products as your main business model for the niche, head over to Clickbank and Commission Junction to do some quick market research.
Once you’ve narrowed your list, hopefully you have at least one winning idea to base your business on. If not, go back to brainstorming!
P.S. If you’re still having trouble picking your niche for your cash machine, consider coming to one of my 3-Days to Cash (aka Cash Machine) Workshops . My expert team and I will work with you to help you do more than just pick one, you’re guaranteed to get your cash machine up and running and making money while you’re there! Get details here >>
P.P.S. If you prefer reading a book, check out my book,
Put More Cash In Your Pocket >>