In today’s ever competitive world, one of the best ways to achieve more results and fork more revenue is to operate in a niche or market space where you truly belong. Asides the advantage of being able to target a specific market segment of active audiences, finding your business also offers invaluable insights on how best to work, competition and what strategies drive the best outcome.
Sounds good eh? It sure it. Sadly, many modern-day businesses, especially lean start-ups are yet to identify their business niche, leading to a basic inability to identify their audience, loss of significant marketing, stagnation and inevitably, frustration. Think Jack of all trades is the way to go? Think again. Today, we take a look at simple ways to help find and key into your business niche as well other important features. Let’s get started.
What is a niche market?
A niche market, in the simplest way possible, can be described as a market including the collection of specific target audience that actively demand or utilize a unique and common specialized offering. A niche market is created by identifying the needs and wants of a specific array of customers and delivering services or solutions that match the demands of the audience in that group. Examples of niche markets may include Law firm niches, personal trainer niches, home repairing niches, catering niches, medical niches and much more. For instance, take two photographers with one taking still life photos and another taking wildlife pictures. Both represent players in different photography niches.
Why should you find your business niche?
There are many benefits associated with operating in your own business niche. For one, it is one of the best ways to exert yourself as an authority figure in your specialization. It is also important for cutting out strategies that range from introduction, penetration, marketing and competition for profit maximization.
Finding your business allows you to apply yourself best by highlighting your strengths and knowing how and who to leverage them to. You also get to promote specialization, enhance visibility and eventually grow into bigger players in your relevant industry.
How to find your business niche
Now that we’ve highlighted niche marketing and the importance of finding your own business niche, it is now time to go into how to find your business niche. Even as important as this process is, you’d be pleased to find that it is relatively very simple to find your business niche by doing some light research and simply being honest with yourself. Anyone can find their business niche by following these 5 steps:
- List and identify your talents
A good place to start is to list and identify your talents. This may seem to be something simple at first, but as soon as you put pen to paper, you’ll begin to discover the wide array of conscious and subconscious abilities that you may be able to commercialize. Let it all out.
- Find your passion
The next step is to find your passion from your brief or wide array of talents. The goal here is to find a talent that you can exploit while enjoying its engagement while you’re at it. For instance, if you discover you can write great stories and also come up with mind-blowing graphic designs, you will need to face which one you’re more passionate about. This is because passion will need be needed to sustain interest and keep the fire burning even in your dark days.
- Do a market research and find what people need
This is where you step out of your world and try to marry your passion with the needs of people. This single process is the creation of business. In this stage, you will need to carry out a robust research to determine what people need and how your most passionate talent can serve a faucet or all the needs of people. This way, you know the existing market size for your service and gain invaluable insight on how best you are going to deliver your services.
- Don’t be a jack of all trade and know your competition
Although it can get tempting to be a “Jack of all trade” and take more than one talent for exploit, try as much as possible to have a primary wheel before running or building your business around your other talents that you find less passionate. Also, another very important stage is a thorough evaluation of your competition. You will want to know what they are or aren’t doing to succeed in the niche, their capacity, their reach and develop your niche-penetrating strategy.
- Identify the most profitable need you can fulfill
Last but not least, you will need to identify the most profitable need that you can fulfil. Even when your passion seems to be able to satisfy multiple needs, you must pick a simple need that you find most rewarding to solve or fulfil.
Business niche ideas
Some common and profitable business niche ideas include:
- Online language teacher
- Wedding and event planner
- Style advisor and fashion expert
- Remote digital work
- Travel blogging
- Freelance services for small brands
- Business coaching
but there list is endless, and depending on your interests, skills, and experience you can filter until you find the one that best suits you.