There are several criteria needed to be considered before choosing your niche in the global business market. I have given you three major things which you have to take in mind before you make your first steps and make your final decision. For more tips to reach financial prosperity read my future posts!
In this article, I am not going to talk about online business because the global business market is a whole business which exists in the world. The question itself is very complicated, but I will try to answer it in a few but very profound, wise, and effective words. When a person’s choice is limited, it is very easy for him to choose amongst the variations that exist. At the same time, when people have unlimited choices, a person is put in the situation when it becomes very difficult and sometimes even impossible to choose and decide what option is the best for him. Choosing your niche is the first step in every potential business enterprise.Firstly, if you are reading this article, you must belong to the group of people, who are still searching for themselves, and have not found their specific niche in the global business market. I may have made a mistake while classifying you to this group, because you may be someone,who has a specific area in the financial zone, but you still search for some new horizons and opportunities. No matter who you are, I am sure that my post will help you and I will give you the best answer I can.
While choosing your niche, you must be aware of the following criteria:
1) YOUR GEOGRAPHICAL SITUATION
Some people say that geographical situation is not important for your life and if you are a genius, you will succeed wherever you live. This position is absolutely wrong because your geographical situation holds 50% of your life success. Other 50% of your success depend on you, your efforts, talents, potential, ideas, innovations and etc. If we are talking about the Internet business, your geographical situation may not play the major role in your business, but it still matters. I give you some examples when your current location may restrict you from different types of online enterprises. For example, some countries of the post-USSR are restricted from trading on eBay. Citizens of particular countries are limited to receive money to their PayPal accounts! If someone says that the country where you live does not influence the quality of your life – never believe him! You see that your country of living may restrict you from making money on the major trade zone eBay. If you lose eBay, you lose the biggest ability to make money online. Of course, there are different tricks to go through these restrictions but all of them are financially risky. We know that the biggest importer in the world is the USA and its citizens. If you belong to the country of the third world, the US and Europen citizens may not want to make business with you because your country is not trustworthy. I have made it clear for you that even in online business your geographical position is very important for your business. Ok, let us return to the physical non-online business. The first thing you should consider while choosing your niche in the global business market is you capabilities and restrictions connected with your geographical situation. If you want to make a particular kind of business which won’t be successful in your area, you should move to the place where you may successfully fulfill you business activity. Another choice for you is to make a business which can succeed in your area. This is the major rule. We should be realists.
The next paragraph will simplify the process of choosing your niche.
2) YOUR INCLINATIONS
It is not a secret that everyone has born, natural inclinations to some particular types of activities. Some people are good at sport, some are perfect in communication, and some have talents in technical fields. The major part of your path is to identify your inclinations and talents, and choose your niche where you will definitely succeed. You should keep in mind the first rule – geographical situation. If you are a great singer, but you have no conditions to financially develop in your country because there are no opportunities in it, you should move somewhere else to fulfill your ideas. Making something that you are really inclined to must be your major rule in order to have a financial income. Mostly, people perform very effectively when they like their job or business. Doing something that is profitable but is really very annoying may make you nervous and totally destroy your health. Be aware of these facts.
In order to be successful in your niche, you must love your daily business.
3) TRY TO PREDICT THE FUTURE
I realize that this tip may sound ridiculous but let me explain what I mean. Some kinds of business and financial activities have perspectives to develop, and some of them will disappear in a few years. Nearly 5 or more years ago, IP telephony systems were very popular and spread in different countries. People used to make money by providing a system which allows you to call abroad for a low cost. Today, when there are such services like WhatsApp, Viber, Skype etc., no one needs IP system. You may call abroad for free if you have Wi-Fi connection. Those, who have invested huge money in IP business in long terms, may have lost their investments without any income. Therefore, I suggest you looking at the global business market and try to predict what will develop, and what will disappear from the market after some time. Don’t make any investments if you are not sure that this field will exist in long-terms. I can confidently tell you that IT and online business will develop and succeed. We may face times when there are no physical stores and everything is sold through the Internet. Therefore, investing in the online business may be a very wise step for everyone who is planning to make effective business in long terms.
Your niche should be perspective. Try to predict the future of business.