If you’ve ever searched for advice about starting your own business, you’ve probably read about the importance of choosing a niche. A niche is a particular area that you choose to specialize in – and it can really be anything your heart desires. Finance and self-improvement are some popular niches, but you could choose anything that has an audience, no matter how broad or specific it is.
Successful entrepreneurs choose a niche for one main reason … narrowing your focus and being a specialist, elevates your business to a level not possible for companies that offer everything to everyone. It allows you to demand more money and attract bigger clients.
So, the big question is … how do you choose the right niche for your business? Well, head down the page to discover 3 of my favorite tips.
Tip #1: Think about What You Love
Real talk: you’re going to be spending a lot of time in your business. From research to offer creation, admin duties and working with clients, it’s all going to require your attention and focus. While you might think it’s better to find a niche that brings in big money, it’s better to choose something you love.
Start by making a list of all the topics you’re interested in. You don’t have to be an expert already, just come up with 10 things you really enjoy and write them down. Could you see yourself spending several hours of your day focused on that topic? Now, highlight a few that really resonate with you.
Tip #2: Consider What You Already Know
Now, you don’t need to be super-knowledgeable about your niche when you first start out, but it can make things easier as you get things up and running. It cuts down on the amount of initial research you need to do and means you can dive into client projects or start designing your product quicker.
So, go ahead and make another list of 10 or so topics that you know a lot about. Don’t worry about whether your knowledge comes from formal education or a hobby. Next, compare that list to the list of things you enjoy. If something hits both lists, you might have found the perfect niche.
Tip #3: Find Out What People Need
At the end of the day, you’re in business to make money. And you can’t make money if there isn’t anyone to buy your product or service. So, you need to examine the market and find out if what you intend to provide is something people are interested in.
The best way to do this is to browse some sites as if you were a customer. What would you type into Google if you needed to buy this product? What would you ask in Quora if you wanted some expert advice on this niche? If you see that others are searching for similar phrases or there are already products out there, then you know your niche is in demand.
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Choosing a niche might feel like an overwhelming decision, but it doesn’t have to be. Take a step back, consider the things you enjoy, think about what you already know and find out what your potential audience needs to discover your perfect niche.
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