If you’ve been thinking about starting a new online business but have yet to do your research on the market, use the following action steps to ensure that you know your niche thoroughly, so you can avoid wasting your time and money on trying to start an online business in an unprofitable niche. Step One: Identify Your Passions and Interests If you haven’t already identified your interests and what you are passionate about, this is where you will want to start. Being in business for yourself is anything but easy, and at some point, you are going to be tested.