Asking yourself: Is my idea good enough? Is someone else already doing it? How competitive is the industry? Will people pick up what I’m putting down? What if it doesn’t work out? What is my profitable passion?
When all you really need to do is work through these 5 simple steps below.
1. List anything you enjoy or enjoy doing in your spare time.
- What brightens your day or gets you excited?
- Are you obsessed with reading blogs or books on a particular topic?
- Are you subscribed to a podcast that you can’t get enough of?
- Is there a particular type of YouTube videos you love to watch?
- How do you spend your weekends?
- What do you naturally do well?
2. It’s time to order
Now that you have developed a list of interests it’s time to decide what you’re most and least passionate about. By ordering the list you can work your way through the list and make the process super easy.
Remember, the goal is to end up with a business that aligns with one of your top passions.
3. Get your niche on
Now you want to get super specific. By focusing on a niche market you can be/become the go to expert in that area. This is the fastest way to make impact and grow your business. Note that you can combine more than one passion to come up with a niche that you’re REALLY excited about!
Let’s have a look at a general niche example to get started.
Say you enjoy photography, these are a few niche areas you could specialise in:
- Social media photography
- Corporate event photography
- Family photography
- Real estate photography
- School photography
If you’re stuck for inspiration check out my post – Niche Ideas for Website Designers.
Alternatively, you can find a ton of ideas with a quick Google search.
Google search features and the keyword planner tool are great FREE resources for researching and validating your niche. When you start searching take note of the drop down suggestions and other related searches listed at the bottom of the page.
4. Check out the market & competition
Now that you are much closer to honing in on your niche you have to make sure there is a need for it. Get on google keyword planner and research some words related to your idea. You want to look for search terms that have at least 1K – 10K per month volume or more to ensure there is a market for it.
Also Google your idea and see if there are tons of well-known sites ranking for the keyword. If there are no sites ranking for the keyword proceed with caution as there may not be a lucrative market or need for the niche. Keep an eye out for the perfect medium where there are some ranking but they aren’t huge organisations and or seem low quality.
No matter what you decide your business niche will be, you will ALWAYS have competition. This means it is a profitable market and people need the offering. Don’t be disheartened all you need to do is get your strategy sorted.
Once you focus on your passions, narrow down your niche and either be or become an expert in that area everything else is so much easier!
5. Nail your strategy
The number #1 bit of advice I give anyone starting a business or freelancing is – develop a solid business strategy. I can’t even begin to explain how much easier freelancing is when you know who you’re talking to and how you’re going to help them.
That’s why the focus points for your strategy should be:
- Who your ideal client is
- Your niche focus
- What you’re ideal clients problems/challenges are
- What offering your client to solve or help them with their problems
If you want to nail your strategy QUICKLY – I highly recommend downloading the Profitable Passion Business Workbook.
The workbook will take you through a simple step by step process to finding a profitable passion for your online business.
For more tips & insights sign up below or follow @profitforpassion on instagram.