Choosing a niche to exploit might feel like a black art rather than a science
To find your niche, start by answering these three key questions:
1. What am I good at?
2. What do I like to do?
3. What can make me money?
When you can answer those questions with the same answer, you’ve found your perfect niche.
Of course, the problem is that there are very few things that can answer all three things identically. That’s why “What can me make money” needs to be front and centre. Sometimes you’ll have to compromise on the on “What am I good at” or “What I like to do”.
Remember, you’re in business. And that means you’re in your business to make a profit. If you can do what you like and you’re good at it – that’s a bonus. Many of us are good at something that can make money but don’t like it. I’ve been stuck in jobs like that. You can do it for a while, but it can be very tiring.
Given the choice between “What am I good at” and “What I like to do,” I’ll choose what I like to do as long as it makes enough money. Even if you’re planning on a social enterprise, you still need to make money to cover your costs and pay yourself and staff a wage.