The first thing I recommend you do is the following:

• If you don’t already have a product or service, then you will want to make a list of all your interests, hobbies, ideas down on paper (make a list of at least 20 to 30 things)
• Evaluate which ones you like most and put them in chronological order of the most appealing (This is important, so spend considerable time evaluating each of them)
• Evaluate which ones involve a market that is a current hot trend/fad or where there is very little competition but solves a big problem.
• Reorder your list to reflect items on your list which have both qualities from your two evaluations above.
• Now pick 5 of these and we will call them your target market

Now keep in mind, you can use this same strategy above if you already have products that you want to sell. Just use this same principal for determining which products or areas to concentrate on first.

In order for you to have the greatest chance of success, you really need to find a market niche that appeals to you, whether it’s a hobby, or special interest. You have to find something that excites you so that when you get up in the morning you look forward to the day ahead. It should literally feel electric to you and if you can combine this with something that is a current hot trend, you will have yourself a winner and can begin to build and market your new business empire. Keep in mind that you are unique and have valuable knowledge about many subjects or niche’s, that you may have not even considered and the only way that you are going to flush these niche’s out is to begin writing them down.  Take a few days to garner this list and when you think of something that you love, write it down. Think of your childhood, think of your job, think of your hobbies, think of technologies or special interests, do whatever it takes to think of possible areas of interest.

Do you have special skills that you’ve developed on the job which you can considered valuable? What about your family background? Is there something unique there that can provide a business which can add value to someone else’s life? Are there hobbies that you use to be involved in that you really enjoyed that you may be able to capitalize on? These are all things you should consider when building your list.  Why is this list so important?  Your greatest chance of success and seeing your ideas through to completion rely on you loving the product or subject that are going to produce and sell.  I firmly believe that this is where the entrepreneurial spirit excels and where innovation shines in building a business that will reap huge profits.

So get your list going, and don’t stop evaluating where your interests are until you know in your heart that you have a winning idea. Once you have your top five ideas nailed down, you will next need to evaluate your competition in those markets and come to a conclusion where the greatest need is and fill that need!

Until next time… get that list and we will begin discussing evaluating your niche markets and sizing up your competition.