In a 24 yr old guy with 1.5 year's worth of experience as a data analyst. My bachelor's is in Statistics and Masters is in Big Data Analytics. Right now I want to shift my career in Supply chain mgmt (use my analytical skills in that domain).
Question : I am also passionate towards building a business (a passive income that I can later convert to a full time business). But for some reason I find it very hard to point towards a niche. Which market should I enter, should it be product or service, etc.
Since I have worked a year and a half in IT i believe that kinda work isn't for me. I like more adrenaline driven stuff. And I have good people skills( not of a salesman but of a person who can understand other people's needs)
Suggestions, criticism and advices are welcome. Thanks.
Posted by kunj1
5 Comments
Just a heads up, passive income (although great) is actually really hard to find or get set up.
If you’re a newbie maybe try something like an agency to get cracking.
Hi! I’d suggest entering a niche that matches your background. It’s called “founder-market fit”. Also, join http://www.startupschool.org – it’s a free 8-week long program from YCombinator. It’s a great starting point
Based on your experience, I can see that you are well equipped with all the knowledge required for anything related to data analytics. And tbh this field is booming according to my opinion, so there can be great opportunities for you. I can suggest you few things and strategies you can maybe try, but it’s always better to start something small and test it before.
1) Before deciding on a product or service, try out your ideas on a small scale. For example, you could offer to analyze the supply chain of a local business for free ( you can even find them on reddit ) This hands-on approach can help you refine your offering while you market it and prove your concept. This is time consuming but initially I have seen that this gives a lot of confidence.
2) if I was you, I would have used my people skills to create content that shares expertise and insights into supply chain issues. Start a blog, make simple videos, or even just post your thoughts on LinkedIn, twitter ( these are getting huge engagement these days).
3) if point two makes any sense to you, and you start getting some engagement. You could start an online course for it. Cause this is the most lucrative way to generate some good passive income. Use a platform like Teachable or Thinkific to easily set up and sell your course. For content creation, Descript is an excellent AI tool that can help you edit your video and audio content quickly, removing “ums” and “ahs” and ensuring your lessons are clear and professional.
3) if solving problems through writing content or videos is not a way for you to go, starting a service based business is the way to go. But this is complicated as it required more time and research, a suggestion from my side would be to join online forums in your field and find some co-founder with whom you can establish a business.
I hope some of these points were helpful for you, I am not really familiar with supply chain and data analytics so couldn’t provide some game-changing suggestions.
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If I was you I’d use that data analytics. Alot of industry’s including supply chain management need reports, data briefs, data collecting, data storage and maintenance.
I’d reach out to some people in the sector your looking at see what they currently get and if they will tell you how much it all costs.
You can then start creating products to pitch back to the people you have spoken to.
Passive income is possible with the above. You could create a DIY reporting product that people.sign up for they add their own data and maintain the spreadsheets etc
Good luck
There’s some great advice in the comments here.
Setting up a source of passive income isn’t as easy as influencers have made it out to be, no matter the niche.
In your case, it’d be best to begin something related to IT services (from a purely objective experience), given your prior experience in the field.
However, since you’re not passionate about the field, you’re not going to be successful in it (obviously, right?
So think of something you’re passionate about. Could be writing, graphic design, or anything else that you genuinely enjoy, and try starting something in that niche.
You should still keep in mind that it’s not going to be easy or anything; you’re probably going to think you’re failing for the first few months/years. But keep at it, and eventually, with enough hard work, you’ll succeed.
Don’t quit your job now though lol.