How to Choose Your Industry and Niche – Day 4 / 40
Yesterday and day before yesterday we were talking about how to find your “Why” for doing anything you want to do. Hope you had some kind of epiphany or at least a bit of something in that direction.
Today I want to cover picking your industry and niche… I am going toward starting an online business, so I’ll spend more in that area. However, you can use this for anything in your life, also offline business.
The Core Principles for picking an industry and niche
- They need to make money – unless you just want to have a hobby
- There needs to be affinity and self-expression regarding it
- There should be an up – trend in the market. Picking a wild west that is stable enough but not saturated is a good idea.
- Pick a very hungry, starving market! This could be your only criteria and you’d be super successful!
I’m mixing the industry and niche a bit here, because they are intertwined concepts for the purpose of this conversation.
I will share my thinking and you can follow along and go through your process. In this post I won’t be leading a full seminar… maybe another time. 🙂
I choose to work in the digital economy, because that’s the way the world is going if you look at the past decades. Technology is shifting from analog to digital and everything that can be online will be online. So it’s a good idea to be riding this trend.
You can use digital economy for a variety of things.. You can do so many kind of business. There are many business models you can follow. You can just look around the web and see which ones resonate. Just be careful to not be overwhelmed or running around like a headless chicken trying out all sorts of things. I have found that there’s a specific formula for digital entrepreneurship that seems to work great. That’s why I’m choosing to be an online entrepreneur rather than building a nameless corporation that provides a specific kind of service that people may or may not want… If you want to build a corporation or your own personal entrepreneurial corporation – it’s important to have an affinity to what you are doing to keep it interesting. Thus it’s important to pick your niche.
So, let’s pick a niche. I like looking at areas of my life I have a good story to share and a transformation that people in that niche want to have. Some examples of niches with a story:
- Juice fasting – How I lost 15 kg, transformed my looks to younger version of me and cleaned my body and emotions in 40 days and changed my life completely – total full body reset.
- Fitness – How I lost 15-20 kg three times in my life through fitness program and spontaneous diet change and now keeping my idea weight.
- Stop smoking – How I transformed a destructive habit into a constructive lifestyle with health and fitness as a priority.
- Personal development – How I hanged my mindset around view of life: from being bitter, emotional baggage carrying and disappointed in life to: Optimistic, progressive, forgiving and loving and excited about life
- Money making: How I arranged $1M in business investments, earned $40000 in one day through real-estate and got an 80% raise in salary and got promoted to a corporate executive.
- Online marketing and entrepreneurship: How I built a customer list of 8000 emails, made $10000 in one day promotion multiple times consistently.
These are just a few niches I relate to and I have a story to tell. I’m sharing these to trigger your creativity. We all have stories we can tell but we might not think of them. I can go back in time and then I couldn’t think of sharing any of the successes. Now that I’m in a success mentality, these stories come up very easily and I like sharing them as I know they serve as an inspiration to others. Maybe you find them inspiring as well. Now you can think of what challenges you have overcame and what successes you have had that others would be inspired by.
I must add that the last one on the list: online marketing – it is the most challenging niche, because everyone is saturated by the marketing of all sorts of earning promises and methods. However, once you master marketing and building an honest business in that niche, any other niche is really easy to build a business in. I’ve built businesses in other niches, so I’m taking on that challenge now. I consider it an activity of giving back and sharing my experience so others can benefit from it and create their online entrepreneur’s life.
Here’s my video of the day:
Hope you got value out of this blog post and video. I sure felt great sharing it. Please do comment here or at YouTube and I’ll be happy to answer your questions in the comments or in a future blog post and video.
Thanks for reading and watching!