Finding Your Niche for a Home Based Business

A Home Business Article Contributed by Elizabeth Fox-Wise

So You are Thinking about a Home Based Business

The first place that many people look when considering a Home Based Business if the Internet. The Internet has become a valuable source of information, as well as a great way to conduct business, for many Americans. With just a click of your mouse you can find all sorts of services and products available for purchase. You can also price compare hundreds of options before buying. Like the Internet has made it possible for you to shop from your living room, it has also made it possible for you to run a home based business from that same living room.

If you are looking to set your own hours, have the convenience of working from your home, and basically have the freedom of scheduling your own life, then a home based business might be right for you?

What Does That Mean - Finding Your Niche for a Home Based Business?

Finding your niche basically means identifying a need in the market place and then striving to fill it. It means finding that particular spot in the business world where you feel you could stand out from all of the rest. Take for example if you are considering starting a home based business selling sporting goods. There may be millions of businesses selling sporting goods and to go into that business you would find yourself with a lot of competition.

But say you went looking for a specific soccer ball that was made from a unique type of material. And you had a hard time finding that ball. If you go into business selling just these unique soccer balls you have found a niche that is not being filled. You have found a home based business without a lot of competition. You have found your niche!

How do You Identify Your Niche for a Home Based Business?

First you need to figure out what you are good at and can do well. Take an inventory of your skills and talents. Are you good at fixing things around the house when they break? Do all of your friends and relatives come to you when they are having computer trouble? Do you know almost everything there is to know about a particular topic? Make a list of all of these skills. You might be surprised at just how talented you are!

Next you need to think about what you enjoy doing. The best place to start for making this list is to look at your hobbies. Ask yourself what do I like to do enough that I would enjoy doing it if there was no profit to be made? These are sometimes things that you spend a significant amount of money doing. Take a look at this list and see if there is anything there that you could make a profit at? If you enjoy crafts are you good enough to market them? What about starting a business selling craft supplies?

After you have both of these lists completed - start testing the market to see if there is a need for you to turn one of them into your home based business. Running a home based business can be a lot of hard work. If you have a passion for the business, you will find you have more stamina for the work.