How To Choose A Niche – Three Circle Venn Diagram Technique For Choosing The Right Business Niche
Choosing a niche you can work in as you begin your online business is a decision you must make carefully and quickly. Too many people get caught up in trying to find something that will be perfect, only to find out later that they could have been earning money and setting up their business while they were honing their skills and getting to know the marketplace better. Instead of wasting precious time, here are some ways to find the right area for you to begin with.
Draw three large circles on a piece of paper. They should all intersect in the middle. This is known as a three circle venn diagram powerpoint, and you may remember this from when you were in school. The circle on the top left is for your passions and interests. Write down everything you can think of that you love to do, used to do, or would like to do in your life. For example, I used to be involved in photography while I was in college. I got away from that later on, but now I find myself taking more pictures and being interested in this area once again. This is the type of thing to add to this circle.
The next circle is for the things you have learned in your life, both formally and informally, as well as your life experiences. Write down anything you went to school to study, as well as courses you have taken and any kind of self-study you have been involved in. For example, I went to college to earn my teaching credential, so I would include that here, but I took a series of classes to get my real estate license, so it would also be included as a part of this circle. Other things you would add would be things like learning to help a child with asthma, having a dog or cat with diabetes, or being able to cope with grief after loss of a loved one. These are all areas where we have specialized knowledge, whether or not we chose them to be in our lives.
The third and final circle is for the marketplace. You must now do some research to see what is for sale in the areas you have written down. It will not matter if you have lots of training and interest in something if there is no market for it. Go over to Google to see what’s available and who the major players are in each niche you are considering.
Where these three circles come together is what I like to call the sweet spot. This means that you have at least some interest in the topic, you have some type of training or experience in this field, and there are already products for sale. This is the perfect niche for you to start with as you build a profitable online business.