Updated: Apr 1, 2020
Welcome, I am delighted you are here.
I know you are in the midst of starting a business or launching a product or services through your website or social sites or E-commerce affiliated sites. But, you are in bit confused. Where to start actually, right? Sometimes, without having a perfect and profitable business niche will lead you to the huge loss of assets or the likelihood of losing your brand identity. Both of them are outrageous as an entrepreneur.
Perhaps, you want to earn money online or sell digital products or services using online tools. But, remember one thing about starting a business which is “you should know your customer”.
If you don’t know about your customers, you will never become a successful entrepreneur. This happens only because of not having a specific business niche.
Finding a perfect niche will be hectic and stressful and also it takes lots of time and effort. But once you get it, you will able to grow your customer base very easily and quickly. Always keep the focus on having a perfect niche.
Now, you might be wondering that I have been talking all about the ‘Why Niche is so important, right?”. But, you know what the answer lies within itself. I know you didn’t get it yet, what I wanted to tell you. Let me explain it in a very elegant way.
Let’s assume that, you are about to start a business but something is holding you back from taking this adventurous step. So, these questions might be teasing you before starting your startup-
I would like to take an example to elaborate it - Let’s assume that you are about to think of becoming a Social Media Influencer. But, you didn’t find your niche yet or have yet to decide it. And you haven’t decided yet your perfect Niche.
Besides, you have selected Photography to become an influencer.
You didn’t decide yet, the perfect niche of your expertise like-
Travel Photography, etc.
None of this would be selected by you. And you start posting content on your social sites. But, due to not having a perfect niche nobody is going to follow you and also you are also going to lose your faith in your business. Perhaps, due to insufficient content ideas, in the future, your ideas will be burnt out quickly.
Honestly, finding a perfect niche can be tricky. You could list all of your interests and passions and further you might list out the subtopics from your area of interest. But still, you can’t find your niche. Don’t push yourself so hard. Take a long breath and I will help you out to find a perfect niche within 3 stunning ways.
Let’s find out your future-proof profitable business niche to become a successful digital entrepreneur.
Here is the simple and elegant formula for finding a Niche easily -
Perfect Niche = Interest + Profit
Let’s just elaborate the most asked question which is -
“How to find your Niche in just 3 simple steps?”.
1. Find your Interested areas - Keep evaluating your skills and niche.
I know this is the easiest thing that you have done already. Believe me, if you think you’ve got your niche market without having a foolproof reason I must say you are going in the wrong direction. Keep in mind that, if you lose here to finding your niche market and get started without doing any research you’ll have to pay a huge penalty in terms of many aspects like money, brand name, shares, efforts, time and many more…
So, before we get started with finding your niche market I want you to understand some scenarios of taking action which will help you to make your business idea future-proof and keep it a long-lasting minimum of 5 years.
Be honest with your decision because it will cost you in many terms if you lied to yourself.
Be ready to acquire the trust of customers by giving your efforts, time and quality.
While choosing a niche market, think like an entrepreneur not like a student. Calculate all the possibilities.
Now, we will see the terms which will help you to find your niche market in less than 90 minutes.
In which area do you have special skills or do you have any certification in a certain area?
Do you have already any family business or do you have any certain skill which you have to adore while implementing a specific task?
Have you developed skills through any pieces of training?
Do you have any unique talent?
Despite having a talent or skills, do you enjoy it while persuing it?
Is it ok for you, if you don’t get paid while you get started?
Have you ever thought that you could solve a problem that others don’t? Most importantly, have you ever identified a problem that you could solve for others.
After asking all of these questions to yourself, I want you to do this as an assignment to get your market niche as early as possible.
Find out 4 - 5 topics after asking these questions to yourself.
From these topics, figure out the subtopics among those niches.
Later that, try to figure out your niche in which you have a lot of interest. Also, having a huge possibility of making lots of profits according to the market research and needs.
After doing this exercise, you will definitely find your niche which will help you to solve other’s problems.
Unfortunately, if you find a niche having a lot of expectations from it but the market doesn’t need it then you may be failing or the chances of losses will increases. But, don’t worry about that, you need to find a niche with having a great passion for market needs. For that, we will see how to understand market needs.
2. Find out, What do people need in the Market? Do Market Research while carrying your Niche-
Now, you have got a niche, right? But don’t get excited right now. You haven’t solved the main problem which will lead you to the huge losses.
I mean, have you found any market for your niche? Have you done any market research for your niche?
Is your niche will be able to solve any major problem for the customers so that they will pay you big?
Is your passion is completely unique from others?
What you are willing to do differently to solve customer’s problems?
You must have considered one thing that is only having a great niche doesn’t mean you win the war of Entrepreneurship. You must have an analysis of the market with humongous research on your topic.
Also, you’ll have to figure out the need for your niche in the market. You can only do this by market research. Do it to launch your idea sooner.
If you want to avoid in-depth market research. Do one thing, launch your niche and see what happens in the future. If you fail, learn from it or if success then upgrades it with new ideas and make a lucrative business with a great response.
But the chances of success without doing market research is less than 5% (as per my experience).
Now, the question arise in your mind that how would I do the market research having no experience? The answer is to check out the Google Trends and Keyword Planner which will help you to find the market area for your Niche.
Also, check out my blog where you will learn about launching a successful startup business having a perfect lucrative niche.
3. What makes it different from competitors? Why customers should buy from you?
Now, you’ve got a niche and market to launch it, right? Now the has come to test out your niche in the market by launching it sooner so that you will get an idea of your customer’s buying behavior.
Let’s assume that, your niche isn’t unique. Such as, you are a photographer. But, the question is having millions of photographers in the market, why would anyone pay for your services like wedding photography, fashion photography or anything else like that?
If you are a landscape photographer then what makes you different from competitors? You’ll have to find out sooner before you get out of the competition.
You must come with a unique talent even if your niche is not unique. Such as gadgets reviewers. They have been all reviewing the same gadgets having everyone have their own method of delivering the information with some unique styles.
They all have similar niches but the information in front of people from a different angle. Which will make them a unique reviewer.
So, come up with a unique technique if your niche is not different from others. It takes time, I know but it will pay you a lot more than you think - that’s my personal experience.
Give some reasons so that customers will buy from you. Run extreme marketing campaigns that will help you to make your niche as your personal brand in the market and will help you to grow your startup business very quickly and easily.
Always, come with a solution in the market rather than a problem. Everyone has a problem with something, You can only do one thing by helping them to solve their problems effortlessly. Be honest with the customers so that they will become your lifetime loyal customers.
Always think about long term profits, not short term. Give them values instead of fake promises.
Perhaps, not all the ways that I have mentioned in this article will help you. But, some of them will definitely guide you to get find your niche with a profitable market. After finding your niche, launch a website and start the journey of your startup business.
How many times have you failed after finding your perfect niche?