Having or owning a home based business has always been a popular choice with people who desire to become their own bosses. Many people work from home even to supplement their regular income. Now, with the world economic crisis setting in, people are increasingly looking to incline towards home businesses in order to increase their income chances.In the past few years, the ‘working from home’ model of earning income has become extremely popular since more and more people consider it as a viable option. In spite of so many people moving in to these types of businesses, the percentage of people succeeding here is quite low. Therefore, it is very vital for you to identify your niche before you decide to start a business on your own.Doing what you love:There are two paths which you can choose from in order to start a home based business. The first one it to identify what you love doing and then start a business based on that. You are more likely to put in many hours of work on something which are love doing. With experience, learning and wisdom, your income will grow but please be reminded that you will need to give your business the due time to grow and mature.When you are setting up a business in a field of your choice, you must remember that it might not be all that popular in the market. However, successful people are known to create their own market, by playing to their strengths and by overcoming their weaknesses.What’s hot?The second and more popular path is to find out what are the hottest trends in the market. There are a lot of websites which can help you find out what products or services are in demand in the market. You can choose one of them and then take some time to learn about that particular field. Once you have researched properly, you can start investing some money into setting up that particular business.The important thing to remember is that a hot market cannot guarantee success in your home based business. If a particular niche is very popular, you are competing with thousands others, thus making it difficult for you make a mark. If that is the case, you should do some research and find a sub-niche within a particular market, where there are fewer competitors.Slow and SteadyWhatever your niche is, you must remember, when you start out, you need to keep your expectations low. Well, at least in the initial stages. Any business will be a little slow to start with. This is the time, when people get to learn more about their niche. If you are consistently good at work, you business will slowly but steadily grow. Hard work never goes for a waste.Finding the right niche for your home based business is a much more a viable option than knocking on the doors where zillions of other people try their destiny. If you persevere enough and totally commit yourself to your business, you will be able to build your career for life on your own.