So you want to stake out a niche in the Small Biz world that will make you rich and famous. Or at the very least put food on the table, some cash in the bank, and keep you from having to work for “The Man” until you’re 77. Here’s where to start.

 

1. Find a topic you are so interested in that if most people realized your level of interest they would think you were a little bit crazy.

My friend Mike is crazy about motorcycles. He rides his motorcycle every day. It doesn’t matter if it’s 22 degrees outside or pouring down rain. He is riding that motorcycle.

Not only that but he is a walking motorcycle encyclopedia. He knows everything about the new motorcycles before they ever hit the dealer showrooms. And he can tell you the exact differences between a Springer Softail and a Road King.

If Mike wanted to start his own Small Biz selling motorcycle accessories or blogging about motorcycles or organizing motorcycle tours he could make a killing.

 

2. Determine whether or not there is any money to be made in this niche.

Just because you are interested in this topic doesn’t mean that people are willing to spend money on it.

Check to see that there are some other businesses already operating successfully in this niche. If there is competition you have a chance to compete. If there is no competition then it usually means there is no market there. And that’s true 99% of the time.

If no one is already in business don’t assume that there is no competition and you’ll have this niche to yourself. If no one is already in business that means there is no money to be made. Don’t try to be a pioneer.

 

3. Is there a possibility of back-end and add-on sales in this niche?

In my motorcycle example above a blog about motorcycles could easily add a store to sell motorcycle gear and ad space for other businesses in the motorcycle industry.

 

4. Determine if people are searching online for info in this niche.

With the Google Keyword Tool. Drill down into your niche and see how many ways you can divide up your niche and still keep the interest of your core customers. If there is a lot of search engine inquiries across several segments of this niche chances are there is money to be made.

 

5. Is this a growing topic?

Pick a niche that is growing,  one that will be bigger 5 years from today. The last thing you want to do is pour your blood, sweat and tears into a declining industry.

 

6. Can you become an expert on this niche?

The answer is yes – if you really want to. An expert is someone who knows more than the average person on a given topic. You don’t have to be a Ph. D or have 20 years experience to be an expert. You just have to have an above average knowledge on the subject.

Don’t wait for someone to declare you an expert. Make yourself an expert.

 

7. What is the competition ignoring that you are able to help with?

Different businesses tend to become specialists in different things. Odds are there is somewhere in your niche where the market is underserved. Find these holes in the market and fill them.

 

8. Will you enjoy this niche as a business.

Just because you enjoy fly fishing and you are an expert on flies, streams and fly rods doesn’t mean a fly fishing business is right for you. You may find that running your business takes all the fun out of your fishing trips.

There are a million profitable niches out there. Spend a little time researching the ones that interest you and you will find the right one.

When you do get out there and sell something to someone, already.