Starting a business in a crowded market is tough. That’s why it’s important that you don’t try to be for everybody and make finding a niche for your business your priority.
You’ve got to select a niche and know who you are targeting. If you don’t have this fundamental step in place you will fail.
Talking to a small group of people and being able to help that small group gives you and your business an edge in the market place.
The Importance of Finding a Niche
This is especially true if you’re planning on starting a blog or being a coach/consultant or any type of creative-based business.
It’s essential that you put the time and effort into really focusing in on your speciality/ your niche and deciding what you will (and won’t) do for your clients.
The biggest mistake a newbie online entrepreneur and blogger can make is to skip over this step.
You make your life harder by not knowing what to talk about, who you’re talking to and creating products that sell.
You waste your time and leave money on the table by not defining your niche right from the start.
Build your reputation in one field and that reputation can take you anywhere. Your clients will seek you out when you focus on solving their problems.
Finding Your Niche Made Simple
Finding a Niche #1: Know How You Bring Value
When you know what you’re great at and how you can help people, you’ll not only be able to clearly tell people what you do but also quickly qualify who you can help.
So, if you’re a great communicator with lots of confidence, you can become a Communications Coach helping people who struggle with communication to become better communicators and build better personal or business relationships.
Or you could become a Confidence Coach, helping people to build their confidence through developing their communication skill.
The key takeaway is that when you know what you bring to the table you can communicate it to others in a way that attracts your tribe to you.
Action Step #1:
Sit down and write out all the ways you think you bring value to others. What the last 5 things you’ve done well that others have thanked you for? If you’ve ever had a performance review at work, what are the things you’ve been told you’ve done well? Ask those around you what they think you are good at?
Finding a Niche #2: Discover What You Love
“Do what you love and you will never have to work another day in your life”. That’s how the saying goes. And it’s so true.
I’ve seen some backlash about the do what you love, follow your passion movement, but it works. As long as you also follow the next step – step #3.
Action Step #2:
Sit down and write a list of all the things you not just love but could happily do every day for the next 3-5 years.
Once you have this list, take it and cross match it to the values you bring. Select 3-5 of your top matches and head over to Facebook groups for the next and most important step.
Finding a Niche #3: Know What People Want
Now you have a shortlist of possible niches you might want to go into.
It’s time to see what people are asking for help with. There is no point in starting a business in a field you love if no-one is looking for that product or service.
Always remember there is no business with no sales.
The quickest way to find out what people want is to jump into a few Facebook groups.
Action Step #3:
Find & join a few Facebook groups you know people who are into your niche would be. Then search the following word:
- “need help”
- “question about”
- “desperate for”
You’ll soon start to see a pattern of what people need your help with.
Now You Know, What’s Next……
You’ve done the research. Found what people want. Know what you can bring to the table. You’ve found the perfect niche. But how do you put it all together, to let the world know who you help?
Let’s look at an example of how to put all the research you’ve done together.
You’re a great confident communicator and even have a degree in communications. You love marketing, business and always giving handy tips to friends on how to improve their networking skills.
Through your research, you’ve found there are a lot of people just starting their careers who are struggling with networking and communicating their skills to get better jobs.
So, you decide your speciality will be a Communications coach who works with early career starters who want to improve their networking skills to grow their career.
So that’s your niche. You can refine it as you work with people and get even more specialized.
When it comes to building a profitable business you’re excited about, you need to focus on your niche.
Once you know your niche, you’ll be able to create valuable content, produce great products and services your tribe will love. All because you are focusing on one specific area they need help with.
Your focus isn’t just about marketing yourself in that niche but about really knowing that niche, becoming an expert. The go-to expert that others in your niche recognise and want to work with.
Now that you have your niche narrowed down, it’s time to move onto the next important stage. Creating products and services they’ll love.