There’s a certain hesitation people have before starting their online business directly related to picking their niche. You can’t really go any further and build a site, create products or blog about your insight if you don’t have your niche chosen.

Yet the sheer number of factors to consider when choosing a niche is a daunting task for many new online entrepreneurs. Your main concern right off the bat is profitability, because who wants to go to any effort whatsoever if there’s no return for you?

There are five basic things you need to analyze before finalizing your decision on which niche(s) you’ll be targeting. Nothing you do can guarantee success, but these tasks allow you to mitigate some, if not most of the risk.

Stop Worrying About the Competition

One of the biggest non issues people worry about is competition. There are people who will throw up their hands and walk away if anyone else has ever done a topic before. And some who will walk away if a certain number of sites exist (whatever number they’ve made up to depict too much competition).

The reason they’re overly concerned with this is because in the past, many guru marketers have spent ample time selling courses teaching people how to target low hanging fruit and avoid saturated niches.

The truth is, most consumers like to learn from and follow many people in a niche they’re interested in. Even you do it! If you’re interested in a topic, like fasting for instance, you don’t land on one person’s blog and only vow to learn from them and no one else, do you?

No! The fact is, you will look up many people and companies to learn from – you might buy 2-3 or even more books on Amazon to read about it. You’ll hit up YouTube and start watching all kinds of related videos to get differing insight and opinions on the topic.

We love to learn from many people for several reasons. First, they have differing teaching styles. Some people are brash, some coddle you – others give advice daily while some release big information less often.

Some use text in a blog that you can read, while others publish videos or stream live from their social media pages. There are some who prefer to teach through a podcast, too!

Your opinion and insight doesn’t have to be better than someone else’s. It just has to resonate with that one person who prefers your teaching style over someone else’s. As long as the information you’re providing is viable, don’t be afraid to compete with anyone and everyone.

There are some people who love self help topics who fall all over themselves whenever Tony Robbins speaks. And there are those who can’t stand listening to him. How boring would it be if there was only one person per topic we had available to us to learn from?

So ease up on your self-doubt, put away your tools that calculate the competition and understand that there is plenty of room for everyone, regardless of your experience, your appearance, your income level or any other measurement you might be using to talk yourself out of making the leap into a niche you’re truly passionate about.