This post is long, but if you follow the steps it will be impossible to not have a niche selected.
Part 1 / 3 : Passion
Action Step 1
Write at least 10 areas you are passionate about. Here are some useful questions to help you through this process
What experiences have you had that you attach a lot of meaning to?
What area do you think you'd be happy spending years building a business, creating content etc?
What kind of things did you enjoy doing as a kid?
What kinds of things do you like learning about?
If you wanted to become the best in the world at something, what would you pick?
What types of things do friends, colleagues, or family usually seek your input for?
What is a problem that you'd love to fix?
If you didn't have to worry about money, what would you be doing?
Hopefully, there are enough questions here to get your mind started.
Action Step 2: Past Jobs
Write down every single job you've had in life - from the paperround to your current job.
Next to each job, rate the job from a 1-10.
Now write your favourite and worst part about each job.
This will start you thinking about the themes of work that you enjoy
Action Item 3: Problems
Write out at least 10 problems that have been the most painful in your life.
Some examples may be: creating a steady income, anxiety, losing weight etc.
Draw a star next to the problems if: you later solved it, you are inspired to help other people with, you'd be interested in documenting your journey in overcoming it.
Action Item 4: Identify Themes
Now go over the first three action items and look for similarities or "themes".
Maybe you attached a lot of meaning to your parents being in debt when you grew up, and it's something you would enjoy helping people with.
Maybe you were a bartender and you took pleasure in making people feel comfortanble and you've always been interested in hotel management.
Do your best to come up with 3-5 themes, even if they are super faint and kind of abstract.
Great, you've now got a list of 3-5 'passions'. This is where most people stop their research. But I promise you, this will lead to failure. Passion is just 1/3 of the equation and if you don't consuder all 3 Ps, you will fail. Period.
Niche Selection Step 2: People
It doesn't matter if you think that your business idea is the best, it's the people in the market that will control your success or failure.
Luckily, thanks to the internet, it's not easier than ever to see if people are interested in the kind of business you are thinking about.
Niche Research Area 1: Amazon Kindle
If people are spending money on buying books in an area, this tells you two things: there are people interested in this topic, and people are interested in paying (some) money to learn more about this topic.
First, go to the non fiction Amazon Kindle Bestseller list.
Then look at the categories on the left side to match up with the niches you got in step one.
Now, don't stop there - go as deep into the tree of niches as you can. When you're starting out, you want to go into a sub niche (even a sub sub sub sub niche). The smaller the niche, the easier it will be for you to break into it. Instead of talking about "business and money", go down into "investments" and even just "bonds".
Once you get as deep as you can go into the niches you're interested in, scroll through the bestselling books and see what kind of topics they're on.
Do you think you'd be able to create similar content or products as the books that people are interested in?
Niche Research Area 2: Clickbank
Clickbank is an affiliate marketplace. If you can find an informational product that's selling well and is close to the niche you are researching then this is a very good sign as it shows people are very interested in this topic.
So, head on over to Clickbank. Then scroll through the categories on the left hand side. Make sure that, again, you don't go into the broad niches - instead, go into the subniches. Once you have found the niche that most closely resembles your niche, click into it and then "sort by popularity".
If you can imagine selling a similar product, this is a very good sign.
Niche Research Area 3: Google Ads
Go to Google and type in a few searchers that you think the audience of that niche would search. For example, in the "male weight loss using calisthenics" niche, they may search "how to lose stubborn belly fat".
If advertisers are buying ads in a niche, there's money to be made.
If, at the top of this Google search, there are adverts then you must view this as a good sign. Often times when I walk a client through this process they say "oh no, there are competiters" but this is a flawed way of thinking. Instead view it as: "oh yes, other people are making money that means I can too!".
Niche Selection Step 3: Profit
Great news, we've pretty much already covered this P in the "people section". When you enter a new niche, you'll either be creating products, or selling othre people's products.
By going through Amazon and Clickbank, we've now identified that there are both physical **and** information products that can be sold. But it's even better than that - you can become an affiliate to both Amazon and Clickbank, so you don't even need to create a product to get started!
The point of this post was to encourage you to stop "mentally mastur*****" and pick a niche and get to work!
I see so many students waste weeks, even months trying to pick a niche and that doesn't need to be done!
We covered the 3 Ps needed to pick a niche: passion, people and profit.
I have one final P for you: Pick the niche today and get started.
Start producing content, start building yout business, start making money, start impacting people's lives, just start.
Even if you pick the wrong niche that's okay. Most of the skills you learn in a niche can be carried over to all the other niches.