Can you combine something that you love to do with the structure of a business plan? Find a passion and pursue it, and success will follow. Inventory your skills and find out what you like to do. If you turn to someone else for ideas, you’re already off to a bad start. In fact, 96 percent of the people who buy home-based businesses fail; it isn’t easy to pick up someone else’s passions and run with them.
But simply being passionate does not a profitable business make. You must marry your passion to a marketable niche. A niche is small and narrow, but it runs deep. In other words, you need to think small to grow big.
Think specialization. What do people need or want? What do they complain about? What’s missing in their lives? Study trends. What changes are going on in society that are making major impact in people’s lives? Another way to create your niche is to choose a business for which there will be a long-term need. Look at your competition and find an unmet need.
Don’t try to be all things to all people, but don’t be afraid to be a trendsetter. Stay focused and consistent. Once you’ve decided on your niche, stick with it, even if it means turning down customers. Chasing other markets will dilute the strength of your niche. You may miss a sale or two in the short run, but in the long run, business will grow in spades.