Top 5 Ways To Find Your Niche For Successful Business

Last Sunday, I woke up late due to an extended clubhouse meeting on Saturday night and late for the morning walk. Most of my weekend friends left except the one waiting over there. He smiles BIG at me, and it hints that he was waiting for me. Exchanged regular wishes and said that he was waiting to discuss something important. 

I immediately said yes, as I was not in a perfect mood to go for a walk on that day. 

He started, ‘I lost my job last week and am sick of searching for another one. I wish to start a business but am unable to find one that suits me. Have a lot of ideas and choosing one is very difficult. 

Asked few questions, analysed his ability, and narrow it down to a few so that he can choose one. 

He left with a happy face, and I also got one new client for my business. Helping people will generate more trusted clients for your business, so help. (Will right on this topic soon)

I thought of sharing it with you all. It is not the exact one that we discussed. Overall this would help you to fin your niche.  

Understand your Interest and Skill

People say I have many ideas but do not know what works for me. 

Take a note and start writing those with the heading, ‘Interests’

How to find my interest? 

Good, what you think is close to your heart, which has passionated you in the last three years. 

Maybe you can try to fill this sentence, ‘I wish to be a _____________’. 

When you have a free time, what do you do? What do you search in Google most of the time? 

Make a list of a minimum of 10 interests. 

Still lack of idea, please choose some of the industries you might be interested in. 

• Technology
• Gaming
• Food
• Health
• Mental health
• Coaching
• Sports 
• Hobbies
• Relationship
• Wealth
• Lifestyle
• Retail and many more

Now, You have managed to complete your interests. Well, are you skilled enough to do it as a business? Business is not easy, one should have a skill in that area or be ready to learn it. Choose the areas, you have special skills or experience in it. You can use this technique to find this. What do people regularly tell you that you are good at? What is your education or training? What special skills or knowledge have you developed through your work?

Choose the area where you have an interest and knowledge. 

To create a profitable business, you first need to find problems that the customers are experiencing. If your try to solve and give them a solution, we are on the right business.  Strike those which you do not have skillset.

Market Potential for your niche

Being passionate about a particular niche is not everything. We need to find out whether it has a potential market for your niche. Find out the need for it and how it can be a lucrative business for you. 

Find what the customers are looking at and what problem they face and how you can solve it. Approach the market with a different perspective and analyse the market potential. 

Narrow down your niche

Now, you might have identified your niche, and it is time to narrow down your niche furthermore. 

For example, if you wish to start a life coach program, further narrow it down as a life coach program for business leaders. You can still narrow it down to a Life coach program for business leaders on mental health. 

Keep narrowing down your niche and make yourself a specialist in that niche. It will result in more success probability as you know what you do, whom you do, how you do it. Narrow downing will help you to target a limited group of people, limiting your ad spends. 

Know your competitor 

Entering into the niche where you have competition is not a bad idea. In a way, it is good as you are in the profitable niche. You need to do a competition analysis and find out their strengths and weakness. 

Compare theirs with your strengths and weakness. Focus more on your weakness, and learn to improve it by maintaining your core strengths.

Find their USP (Unique Selling Proposition) and how best your USP is against them. 

Good that you find your niche, understand your competition and how much you get a profit on this niche.

Test Run

You are now equipped with all information and did complete market research and are ready to launch your product or service. 

We need to test the market with your product/service. Get involved in every stage of your test run. Understand what is doing good and what is not. Identify the gaps and fix them correctly. 

Engage with customers and understand their views and opinion. You can also take a survey during your test run on social media and industry-related groups. Respect their views and opinion and include them in your business. 

Final Thoughts

Remember that this five-way of identifying your niche does not guarantee you a successful business, but it will surely give you comfortable visibility on your niche or business. 

Doing perfect homework will always help you grow faster in your business by saving your time, money and stress. You have found your niche and build a business plan, start your journey with an open mindset.

What is your niche? Share it as a Response, and we can discuss and have an elaborate article on them. 

Image Courtesy: Photo by Andrea Piacquadio from Pexels