If you limit yourself, you will get nowhere. But if you limit your business to a particular niche and to your target audience, you got a better chance of expanding your business.
What Is Niche?
Niche is targeting a specific market for your particular product or service. You’ve been thinking of putting up a business, but have you thought of what business you wanted to go into or product you would like to create.
Deciding the kind of business is the first step you got to take. And your niche plays a part in knowing what business fits you. That part is not easy and could be tricky. It’s not just all about your interests or passion, but a lot more.
Some people who wanted to start their own business are stuck in this first step until they just give up and never start one. Don’t join their bandwagon. If finding your niche is what’s holding you back in starting a business, follow the tips shared by successful entrepreneurs.
How To Find Your Niche?
- List your passions and skills. Looks easy, isn’t it? I thought so, but it’s not as easy as it sounds. In running your own business, you’ll come across many trials, that you might even lose count. If you choose an area you really don’t care much about, the possibility of you just quitting is very high.
Stay honest with yourself and think of the fields of interest you are actually good at (not what you think you’re good at). You can list as many as you think, but be sure these interests are the ones you see yourself doing five or more years from now — something you are willing to do where money is no issue.
- Is there a possible market for the niche you choose? You probably have a long list there. Let’s cross it out one by one.
Do some research either by keyword search, survey, consultation with your target market, look through forums. From there, you will know if there’s a need for your skill, a market lucrative enough to grow your business in the future.
In doing one-on-one with your target market, see if they have some problems or needs. Can you address those? Do you actually have a solution to it?
- Let’s narrow it further. As you search online, you see that handcrafted accessories are selling. You can narrow it further with the kind of accessory or materials you will be using. Considering the age demographics can also help you find a more profitable niche.
You got to stand out in the presence of competition. It’s great if you can create a unique accessory that is yours and yours alone.
- Let’s talk about your niche being profitable. Even though I said earlier that in finding your niche, take money out of the equation, it doesn’t mean you will not consider making money in the future. Money should not be an issue when trying to list down your niche but should be considered towards the end of the process. Because you’re doing business here, don’t let it stay as a hobby. Your goal is to turn your passion and skills into a money-making business.
Check your competitors, how much they are making and how much you potentially will make. You can browse products on ClickBank to give you an idea.
If you see that your niche has been oversaturated, you can narrow it more down, or find one that is not in abundance. You have to do your search thoroughly. Not because there’s none yet existing or it’s something that’s not so popular means it’s a good sign for you. It could also mean that nobody was able to monetize the niche, a gist that there’s no market.
A good sign that your found niche can make it to the market is seeing them on your google search, but with generally small quantity or low quality. This is your chance to pursue the market with a much better quality product that will stand out.
- Moment of truth, time to test your market. You’ve found your niche, your target audience, time to check the market real-time. Let’s see if your idea will sell.
If you get no or little feedback, it doesn’t necessarily mean you fail. Sometimes, the delivery of your message isn’t effective. Try fixing your landing page copy. Or it’s just that the right offer hasn’t come in yet.
Few Final Words
These tips don’t guarantee your success for there is no perfect recipe that fits all. But this will save you time, money, energy, and disappointment, as it gives you some ideas on where and how to start. You got to do your homework and do your best to hang on.
The people who put in together these strategies struggled, too, when they were starting. They take the risk, get frustrated just finding their niche, but they hold on and continue until they succeed. They wanted to help startups like you to succeed, too, that they are sharing the techniques no one has taught them. They learned it the hard way through their journey.