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How to choose the right niche for your Side Hustle or Small Business?

Updated: Aug 26, 2022


Finding the best niche for your side hustle or business

In the previous post, we discussed why niche is important for business. Now it is time to learn how to choose the right niche for your business.


Identify Your Personality:


Determining what kind of personality you are can help a great deal in identifying your niche. Are you:

An Introvert

An Extrovert

An Ambivert (Yes, such a term exists!)

Outspoken

Inhibited

Uninhibited

Quiet

Creative

Reflective

Analytical

Logical


Identify your type and look for the areas in which you can shine!


Find your interest:


Take time to think over your forgotten interests. What kind of field you always wanted to be in? And then, try answering these questions:


-> Who do you like to help?

-> What kind of problems can you solve?

-> What kind of people do you like to work with?

-> Do you like working alone majorly or as a group? -> Do you like to be on virtual meetings throughout the day? Or do you prefer to work in a quiet space?


Journal:


Importance of journaling cannot be stressed enough. When your mind is cluttered with ideas or random thoughts, taking some time off and journaling your thoughts are not only therapeutic, but also provide insight on the direction you need to proceed in your venture.


E-Commerce Sites:


E-Com sites are a great place to understand current trends in business areas. Login to your favorite e-commerce market place and review what kinds of industries have strong foothold. Narrow down to your interested field and find out what kind of similar service you can provide. This could be your next big thing!


Brainstorm:


Brainstorm with your family and friends as to what kind of business would suit you. After all, they are the ones who know you and wish the best for you!


The Hypothetical ‘Best’ Business:


Remember that the best business is the one you can start now! You can and should always up-skill yourself, but taking action in a timely manner is essential for success. It is better to start today even if you think you might fail, rather than waiting forever for the ‘best’ business niche. Again, the best business niche is the one you can start NOW!!



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