Be specific

When you’re trying to find a market niche that could be profitable for your business, one of the more successful approaches is to focus on specific people with specific challenges.

It's counterintuitive to think that by focusing on a smaller market you may actually make more money, but it's true. Real money is found in targeting and identifying a market niche found inside the intersection of wants, trends and frustrations. The biggest mistake most business owners make is stopping their search for a niche too soon.

The secret to finding a niche market is to finish this sentence: My product or service helps (what kind of person) when they (specific situation or challenge). Once you have a few demographics and emotional challenges/desires down, your goal is to go for the best one.

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