Most entrepreneurs want to enjoy freedom. Yes, of course, a goal is financial gain, but usually isn’t the primary reason for starting a business. When most people look to create a business they want something they enjoy. What would be the point of creating a business that you don’t enjoy doing?
Many people get trapped starting a new business by looking at just a few items:
How man of “X” units can I sell?
What is the gross profit on “X” unit?
That’s usually where it stops. People want to know the “bottom line” of the business they are getting into. They look to transform their marketing strategy to sell the “X” product without much thought of anything other than the gross profit (and hopefully net profit). With this approach you might create a business that you can make money at, but you won’t stick with it for long.
In selecting a niche for your business, whether you have a business operating right now or not comes down to more than just the numbers. When selecting a niche for business, I invite you to consider the following:
What do you have a passion for?
How can you match your passion to a marketing plan?
How can you match your passion to a market that is in need?
What would make you get up daily and be excited to take action?
When you can answer a minimum of the previous four questions you will be able to discover a niche that matches your budget and your personality. Choosing a niche just based on money won’t get you to the success that you desire. Selecting a niche just based on passion could leave you broke. Striking a balance of marketing strategy, the right niche, and your passion will bring you the net income you deserve.
By John Hester