Young Entrepreneur Blog

We often get asked how to best choose a niche for a new business. So today we are going to share our best tip with you.

Let’s start this off with a story about a drink of water:

A small boy is sent to bed by his father. Five minutes later…. “Da-d….”
“What?”
“I’m thirsty. Can you bring a drink of water?”
“No. You had your chance. Lights out.”
Five minutes later: “Da-aaaad…..”
“WHAT?”
“I’m THIRSTY. Can I have a drink of water??”
“I told you NO! If you ask again, I’ll have to spank you!!”
Five minutes later……”Daaaa-aaaad…..”
“WHAT!”
“When you come in to spank me, can you bring a drink of water?”

Now, we share this story because it shows a good understanding of efficiency and knowing the environment and world around you.

Which coincidentally is actually the best way to choose a niche.

Simply go with what you know, and that which is around you already.

This may sound obvious, but you would not believe the amount of people who choose a niche because it sounds good, or they know of someone else who has done well with it.

Listen, there is a lot of money in the real estate investment niche, but would I enter it? Not a chance! For a start I don’t know much about it, secondly, it is not part of my life already, and thirdly, I would bring nothing new to the niche.

So be efficient, do what you know, do what you love, do that which you already do regardless of whether it is profitable.

Retiredat21