Problem: You want to do everything from hamburgers to rockets. Right? Thought so… we all do. Ok, maybe not everything, but still… as much as possible.

Well, sorry to let you know but that’s how you’re gonna take your business to the ground. Really. Why? Here’s a few reasons:

1. Because if you try to do everything, you’re not gonna do anything right.
2. Because people these days need specialists not one-stop shops.
3. ‘Cause it’s better to have a large steak from a small market than tiny bits (or nothing) of multiple markets.

Solution: Pick a niche. Do something really really well. Be the best in your branch. Try to be the leader, not the follower!

A few tips that might help you:

1. So, how do you pick the niche?
Really simple: make a list with every thing that you love doing. Done? Good. Now, which of this hobbies / passions would you like / be able to transform into a business? Well… guess what: that’s your next business, dude!

2. Research.
If one of your passions / hobbies is building rockets, you might want to reconsider. We don’t wanna discourage you or anything… but make sure that the niche you pick actually exists. Or at least make sure people would be interested in it.

Here’s a few tips to help in your research:
a) start with your friends - talk to them about your idea / product / service. Would they be interested? Would they use it? Would they pay for it?
b) publish some polls - on your blog / site or anywhere you get a chance. Business is all about the people. And if they don’t find any value in your service / product… they ain’t gonna use it
c) follow your instinct - if your subconscious tells you it’s gonna work, try it. You’ve got nothing to lose! Except money, of course… but after all… it’s only money

3. Be ready to work 24/7
If you’re a family person and prefer spending more time with family/friends/fun, don’t start a business. We’re not saying that you should be an antisocial freak, or that you shouldn’t go out, have fun or spend quality time with your family, but you should find a balance. The 8hs/day schedule isn’t gonna work, so better find a good solution from the beginning.

So, finally… we believe that in order to have a successful business you need to do ONE thing right from the beginning:

PICK YOUR 1%