You know you want to start a business but deciding on a niche isn’t always easy. It might seem overwhelming as there are hundreds of niches you can choose from. It can take a lot of effort to pick the right one, but it is worth it as it will be your foundation for a successful online business. The niche will determine what kind of industry you will be offering your services or products. It is what your business is known for, it’s what you specialize in. Follow these 5 steps and find a niche!
Why you should find a niche?
There are many benefits of picking a niche. You get clarity and you can focus just on one area, put all your energy in one direction. It also makes much easier marketing your product as you know what your potential customer like and what are their pain points.
It is also easier to build authority and become an expert in your niche, this is how people get to know and trust you. That’s very important for turning prospects into customers.
1. Identify your skills and strengths
Take a pen and a notebook and make a list of things you consider your strengths and skills.
- What industries you have worked in?
- Outline the jobs you’ve had in the last 10 years
- What was the main role? What were you responsible for?
- What are your hard skills? Eg. Excel or Project Management
- What was your biggest achievement? Write down the numbers or success story of your customer
- Do people come to you for advice or instruction on certain topics?
This list will help you to narrow down the things you are really good at. And we all know that if we are great at something, we enjoy doing it.
2. Find your interests and passions
Now it’s time to think about things you are truly passionate about. Passion will keep you motivated when you hit the harder times or when the money won’t motivate you anymore. It is crucial to choose a niche that you are interested in, not only looking at the profitability of the niche.
Answer the following questions and be completely honest with yourself.
- What magazines do you subscribe to?
- How do you like to spend your free time?
- What topics do you like to learn about most?
- What kind of websites do you visit most frequently?
Your niche should arise naturally from your experience and interests. Think of how you can combine your skills with your passion.
3. Identify the problems you can solve
To create a profitable business, you first need to find problems your potential customers are experiencing, then determine if you can solve them. It’s really about finding a need and offering a solution. This is how you can try to identify problems in specific target niches:
- One on one conversation with your target audience. One phone call with one person can change everything. Make a call, and just listen to what problems you can solve with your product or service.
- Read questions in online groups, forums, threads. Go to forums related to your niche and look for the questions people ask. What problems do they have?
- Answerthepublic.com – This is a great tool to find out what questions and queries your potential customers have by getting a free report of what they’re searching for in Google
- Keyword search – AdWord keyword planner will help you identify popular search terms related to pain points
4. Competition research
People believe that no competition, it is a good thing. But not necessarily. The presence of the competition proves that maybe you are looking at a profitable niche. Therefore, you need to analyze the market and decide if you can still stand out in the crowd.
Two factors you should look at:
Lack of high- quality content – you can succeed in a niche where people create low-quality content, you can really help the target audience and outranks the competition
Lack of competition – if you found a keyword with a high search volume and little competition, it might be your great opportunity!
5. Evaluate market demand and test your niche idea
At this stage you should have an idea of how your niche is going to look like, your idea meets with the clients’ needs. To ensure that a great idea has the potential to sustain itself, the market demand needs to be evaluated.
Surveys – post your survey on social media platforms to ask people what they say about your service or product. There are many free tools available, eg. SurveyMonkey
Google search – search for your niche related keywords, the broad one and more specific ones e.g. Dance, but also dance shoes, dance music, etc.
Keyword search – Google AdWords Keyword Planner is a great tool! If you search for your keywords and you see above 10.000 searches per month for your main keyword, it’s a good indicator for a successful niche.
Amazon- this website is a great research tool! Here you can search for your keywords related to your niche and by results, you can tell, if the niche is popular.
ClickBank– this affiliate marketing site is a great place to browse products in your category. If there are no offers, it might mean that people are not able to monetize the niche.
Did you find a niche yet? If yes, it’s time to test your idea! The simplest way to do this is to set up a landing page for a product or service you are creating. One of the easiest ways to create one is to use a website called GetResponse. In addition, their landing page builder is a rare feature for a newsletter marketing tool. They offer hundreds of responsive email and landing page templates.
Test it here for FREE!
No pre-sales? Don’t worry! It doesn’t necessarily mean you’ve picked a wrong niche. Don’t give up!
Hopefully, you managed to find a niche! A clear niche that you will enjoy to work on and will help you build a profitable business. Now you are ready to create your offer and build your audience.
If you need help with finding a niche market, I’m here to help! Just click here and schedule a consultation.