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1. List your interests and passions
Make a list of areas you are passionate about. being in business in an area you care about will make working and persevering to meet your goals much easier.
2. Find the problems you can solve
Start narrowing down your options and research problems that your target customers are experiencing. You have to solve a problem to be able to make a profit.
3. Research your competition
What is your competition like? Do you still have a chance? You can always make some noise in the market by providing high quality content, being authentic and transparent or take advantage of a high searched keyword.
4. Find the profitability of your niche
By now you have probably come down to a few topic areas. Research the most popular products in the areas and write down the average price points. If there aren't any, it most likely means that the niche is unprofitable. If there is a plethora of products in the market, breaking through will be much, much harder.
5. Test you idea
Test your idea. You could set up pre-sales for the product. If you get orders, it is obviously profitable. If it doesn't get ordered, it doesn't have to mean that it isn't profitable, maybe you just haven't found the right offer yet.