Have you ever felt frustrated as an entrepreneur, and thought to yourself, I don’t know my niche, how do I choose one? Have you ever wondered what your niche is, or given it some real thought? At some point in the growth phase, you’ll want to pick a niche. So, when someone asks you this question, “What is your niche?” would you say, “I don’t know my niche?”, or would you instead have a clear answer for them?
Creating a value proposition that customers are likely to buy into isn’t easy. That’s why if you find yourself thinking, I don’t know my niche, you’d better choose one. Choosing a niche is pertinent to the success of your business.
Identifying your niche and positioning yourself in a certain niche within the marketplace is crucial whether yours is an online or offline business. Not only does it establish your credibility over your competitors, but choosing a niche also results in a more focused business model. Why? Because, your unique value proposition and your niche area of focus, makes it easier for the right customers to find you.
This means, your understanding of the marketplace leads your customers to say, “This is what I need.” Have you ever heard of the expression, “jack of all trades, master of none”? This means a generalist can do everything, but not be an expert at one thing. Therefore, finding a niche is the key to your growth if you want to be a successful entrepreneur, and be viewed as an expert
As an entrepreneur, you should definitely choose a niche when starting a business. Perhaps, however, your uncertainty when it comes to choosing a niche is holding you back.
Honestly, this can be tricky. Putting plenty of pressure on yourself to choose the right niche can put you in a state of paralysis. While you shouldn’t make it harder than it is, it’s more important to know exactly what you’re getting yourself into.Mastering a niche takes time and talent, and the key is to identify a niche that you can master. Click To Tweet
So, if you say, “I don’t know my niche”, that’s okay, because wondering which specialty to pursue can be overwhelming.
In other words, if you find it difficult to choose a niche, you’re not alone.
To be effective at your niche, you want to specialize in something you’re an expert at. This is the most basic specialization and it’s ideal for both online and offline businesses. You can implement any of these strategies: Identify your skills and passions, and then narrow it down. Once you’ve identified your niche, you have to be explicit about what type of client you are looking for and if there’s a market for your niche. From there, identify how you can increase the knowledge of your skills to be specialized in what you do.
Identify Your Skills and Passions
“I don’t know my niche, how do I choose one?”
This may be something that you’ve struggled with but already done. However, if you haven’t, where should you start?
Start by writing down a list of your skills, areas of expertise, knowledge, and passions. Starting a business isn’t easy, and if you choose a niche that you’re not passionate about or knowledgeable on, the chances of success will decrease. If you pick the wrong niche to focus on, this could be detrimental to your business. Also, you may have had the passion before, but after a couple of months, the passion subsides.
This may sound basic, but in actual fact, it really makes all the difference. Don’t pick a niche just because you’re interested in something. Think about whether or not this is something you want to do for the next 5 to 10 years. Whether you’re a freelancer, an entrepreneur, in a career transition, or you’re just starting a business, be thoughtful about your niche.To be sustainable, it should ideally be something you can see yourself being passionate about for at least 3 years. Click To Tweet
It’s also important to think about your skills and past experiences. What talents do you have that people compliment you on a lot? Which industries do you have a high level of understanding of or a high level of knowledge?
Have you ever achieved an award for the best salesperson of the month? Or an award for the best fashion designer? Perhaps, you developed a special skill or knowledge through your life experiences. So, finding an area that you’re both knowledgeable about and passionate about, is the way to go for identifying your niche.
Here are a few questions to help you determine what your interests and passions are:
- What’s the first thing that comes to your mind during your free time?
- What would you do with your free time if you didn’t have to work, and your TV was broken?
- Which activity do you look forward to doing when you aren’t doing it?
- What expert knowledge do you have that could help solve a problem for today’s consumers or fill a gap in the marketplace?
- Why do you want to pursue this passion?
Research if There’s a Market For Your Niche
Once you’ve identified your niche, do research on your target market. Having a passion for a particular skill or niche isn’t enough. Why? Because you can’t choose a niche that has too small of a customer base. This is crucial because you want to make sure there’s a need for it, otherwise, it’ll never be a growing lucrative business.
One way to start your research is by doing some basic keyword research. Some of you might think this is hard, but it’s pretty easy once you learn how. A Google Keyword Planner is a great tool for this. Apart from being a free tool, it allows you to search for both local and global search volumes for certain keywords, related keywords, as well as the competitiveness of those keywords.
Now, there are 3 elements you need to know about for achieving better results in your keyword search:
- Monthly search volume
- Suggested bid
Stick to 500 to 10,000 per month, for search volume. Any less than 500 means there’s not much of a market for your product or service. For the competition, go with low to medium, because this will tell you how competitive the word or phrase is in Google Adwords. This can help you uncover popular search terms related to your target market’s pain points. And for suggested bid, if you see a higher bid, often indicates a high level of commercial intent. This means you will make more money by paying more when you rank for those keywords.
Watch this video on how to dominate your industry
Narrow Down Your Niche
Once you’ve found a market for your niche, it’s time to narrow down your niche even further. So, for those of you who told me, “Dan, I don’t know my niche. How do I pick one?” Now, you shouldn’t have any further excuses if you’ve chosen one. You could even choose a niche, and then choose a niche within that niche, if you like.
To create a profitable business, you need to find problems that trigger your customers’ emotions. Can your product or service solve their problems? Is your business niche enough to get rid of a lot of your competition?
Here are some things you can do to identify your audience’s specific pain points:
Have a conversation with the people in your current market, or you could speak to anyone who fits your target customer to find out what problems they are currently experiencing.
This means acquiring knowledge from the people you need insight from (your target market) and these communication skills may help you with crafting a framework for asking questions that uncover pain points.
Now, you may be thinking, Why do I need to learn how to ask questions? Well, let me explain: If you learn a unique way of asking your target market some questions, not only will you discover the deepest pain points of your customers, but also you’re most likely to overcome objections when you start your business. That’s why the skill of asking the right question, at the right time, to the right person, is crucial. Especially now that you’re finding a niche for yourself.
The next thing you can do to identify the specific pain points of your customers is to peruse forums. Join or search forums that are related to your niche, which you can find on platforms such as Quora. You would be surprised by the amount of discussion that is taking place in forums. Things like questions people are asking, problems they are experiencing and reviews of a certain product or service.
Lastly, don’t neglect your keyword research. As I said earlier, keyword research is crucial if you want to make sure there’s a need for what you are offering.
In other words, if nobody is searching for it on Google, there may not be a need for what you are offering. So, explore different word combinations on Google. Think about what people will search for specifically. For example, “Organic cleaning products” or “Vegan lipstick”.
Check For Competitors
Most entrepreneurs believe their product or service is better than anyone. That’s why they decide to build a business rather than joining in the rat race of a 9 to 5 job. Creating an entirely new niche isn’t necessary but there are a few key factors to think before you pick one. So, if you still have this question in mind, “I don’t know my niche, how do I choose one?”You don’t want to compete in a market or niche. You want to dominate it. Any company that’s a great company always dominates its niche. Click To Tweet
You can simply search for a specific product or service that interests you and ask yourself these questions:
- What other services and products does your competition provide?
- What ideas do you have to improve your client’s experience?
- How can you be different from your competition?
So, instead of creating an entirely new niche, identify the gaps to ensure you’re different from your competition. Being different is a way to achieve a lucrative business. Even if other people are in your niche selling the same niche product or service, you can still stand out and dominate your niche.
Now, how do you check for competitors? Again, doing market research is important, you’ll also want to see for yourself what the competition is like for your niche. This requires a lot of time and effort, as research takes time, but it is crucial. You should also search some of the keywords you’ve found to see which sites come up on the first page of Google. It’s clear whoever those companies are, are your competition.
While the presence of competition isn’t necessarily a bad thing, it may actually show you that you’ve found a profitable niche. But you need to be thorough in your competitor analysis. You could create a spreadsheet to analyze further, and once you’ve found that niche market you know you can succeed in, don’t just settle. Be different. Decide that you will dominate that niche.
What Can You Do That Others Can’t Do?
While finding competition and doing market research is important, don’t just settle just because this niche has a demand in the marketplace. That won’t earn you the right customers. So, if you want to be a successful entrepreneur, find those sub-niches and get into them. Because within every niche market, there’s a group of people with unanswered questions.Analyzing the competition is important because it gives you an idea about their methods and strategies. Click To Tweet
With that said, put yourself in the customer’s point of view when you analyze the competition, and think about some of these comments or questions their customers might have:
- What do you dislike about their website?
- Are there any eye-catching pages or posts you can refine?
- Are they collecting testimonials from clients? And do they publish them on their websites?
Learning from top companies in your field will help you stand out and be different. You could learn what they should do differently, and explore the gaps in their service so you can find room for improvement.
Think about ways you could solve your client’s biggest challenges.
Create High Ticket Offers
Access the profitability of your niche. Since you’ve come to this point, it’s time to gather your ideas and turn it into a high ticket offer. Now, to be able to sell a high ticket offer at a premium price, you need to learn a certain skill.
Like I said in the beginning, if you want to target the right customers, you need to have a unique value proposition, and when you learn a certain skill, it enables you to determine your own target market. Ideas can be great but if you’re going to develop a profitable product or service for your niche, don’t be afraid to create high ticket offers.
For example, my High Ticket Closer Certification Program is designed to make successful people more successful. Which means, this program is not created for everyone in the marketplace. But my High-Ticket Closer Certification Program is specially designed for business owners and successors who want to generate a 6 to 7 figure income through their niche business.
Also, keep in mind that you don’t have to start a business with a product of your own. You could partner and collaborate with creators, manufacturers, and other business owners. 42% of startups fail because they couldn’t find a profitable niche (for their online businesses.)
So, before you choose a niche and invest your time and effort to start up a business, you should do your research with these points given. 42% of business failure is due to no market need, 19% gets outcompeted and 17% is due to a poor product. If you want to attract lucrative investment, again, be different.
Improve and Increase the Knowledge of Your Marketing Skills
You may find many of the niche websites out there are run by hobby bloggers who lack the knowledge of marketing skills. If you’re looking to make a profitable business from your niche website, this is one factor you should focus on. Marketing skills are what could give you a leg up in the competition, as effective marketing is a major competitive advantage.
While online marketing may involve many different factors and if your competition within your niche is not keeping up, you could easily get the advantage. Have a marketer’s mindset when creating your social media channels. If you learn all about digital marketing, you are learning a very valuable, high-income skill. Not only will you gain knowledge for your own advantage, but this high-income skill could bring you success in various ways.It’s crucial to have a marketer’s mindset when developing a niche website. Click To Tweet
So, with some time and effort, you can build a brilliant website for your niche product or service that’s truly profitable. Here are some tips to implement on your website immediately:
Optimize your content for search engine optimization. Remember you’ve done your keyword search? Crafting your website copy for optimization is important to create visibility. When creating your content, place keywords with good search volume throughout your content naturally.
Use high-quality visuals. Adding high-quality visuals with good formatting and appealing design makes a huge difference. You can also add a high-resolution video to showcase a product demonstration or a brief company introduction.
Lead generation. Build an email list to help you generate more followers. They could be your potential loyal customers who keep your business growing. These customers often return to check out your website for new updates, and more likely to trust you and what you have to say.
So, by implementing these 3 simple tips, it’ll put you above all competition and most likely, you’ll see better results from your niche website.
Time To Test Your Niche
Now that you’ve found your niche, as you gather information about pricing and profitability, it’s time to test your niche product or service in the marketplace. You could offer a free trial or offer a sample product to your target audience. This is a good time to see their response, their level of interest, and receive feedback.
The testing stage is crucial because to develop a powerful brand image for your niche, you need to create compelling content and this is a learnable skill. So, what can you do to test your niche?
Here are some tips you could use to test out your niche:
- Connect with your target market through social media.
- Join forums and groups. Be proactive and answer questions which are related to your niche
- Get connected and engage with your target audience by hosting live videos or upload a video on YouTube to answer questions from your audience.
- Create a landing page to build your email list.
- Offer a free trial before your actual product launching.
- Create and offer a free masterclass if you’re in the service industry.
With that said, you may want to run paid marketing campaigns at a smaller budget to test your message. Creating a simple Ad from Facebook or Google is an advanced move. They provide immediate feedback about how well your ads are. On top of that, you can look into niche marketing to grow your business.
Now, let’s say you don’t get pre-sales, it doesn’t necessarily mean that you aren’t in a niche. It could be that your messaging isn’t quite right. That’s why I said this is the most crucial part of the process because if your message isn’t compelling or convincing to your target audience, it might take a long time to see success in your business. So, even if you have great ideas, without good messaging, you’re not likely to see success.
Implement Your Ideas in Your Niche
With the rise of technology, many entrepreneurs prefer taking their businesses online. While e-commerce can be a lucrative business to start with, if you don’t have an interesting product, it may not be a success. However, if you learn a high-income skill, you’ll be more likely to succeed at business ventures like these.
For anyone looking to generate more sales and more growth, having a profitable niche could earn you a steady income. But you might not only be wondering what niche to choose. You might also be wondering, What high-income skill can I learn that will help me dominate my niche?
While success is not guaranteed, developing your high-income skills is just as important as choosing the right niche. After you take the high-income skills quiz, you’ll have a better understanding of what skill you need to succeed. On top of that, if you have a mentor to guide you through the process of creating a niche that aligns with skills, this is ultimately the best way to see profitable results.