If you're like most people, you have a list of a billion business ideas you would love to start. But, before starting a business, you need to figure out what your business niche will be. Of course, spending your time and money starting a business makes a lot more sense if you have an idea that will be “Profitable.”
So let's start with what the term “niche” refers to. A business niche refers to “who” your target market is. So who do you want to work with, or who will your programs and services help. The second part of the formula is “what” type of programs and services will you offer?
You can think of a niche very similar to an “industry” but in a personal form as we consider the person consuming the end service.
Your business niche is more fun when it is something you are not only knowledgeable about but are passionate about and excited to get up and share with others each day.
Let me give you an example of this:
- Virtual assistant business (service) supports financial advisors (who).
- Love Coach (service) who focuses on helping heal marriages (the who)
- Social Media Manager (service) supports real estate agents (who)
- Health Coach (service) helps moms postpartum(who)
Knowing your business niche is important because it allows you to focus on a specific area and build a business that serves a specific group of people.
Here are 3 easy steps to help you define your business niche:
1. Research your options.
The first step to defining your business niche is researching different topics and industries. Use Google, YouTube, and other online resources to understand what is happening in the business world. Look for blogs, podcasts, and videos related to the topic you want to specialize in.
You can also research through your network. Connect with people in a similar or related niche to get their advice and insights. See what they do and how they do it. The more research you do, the better you understand the trends and opportunities. This will help you identify which areas could be promising to focus on.
2. Evaluate Your Skills and Interests
The next step is to evaluate your skills and interests. Take time to think about what you're good at and what you like to do.
- Do you have specific knowledge and experience in a certain field?
- Are there areas you'd like to learn more about?
- Write down a list of all the skills you have and all the interests you have.
For each one, ask yourself: what value can I bring to my potential clients? Once you have your list down, research to find out if there's a market for your skills and interests. And find out if anyone is already offering services related to what you have on your list.
3. Choose a Niche That You’re Passionate About
Once you’ve done your research, it’s time to choose a niche that you’re passionate about. Look for something that you’re naturally interested in and take ownership of it. Focus on what makes you unique. And start to narrow down your niche even further. This will help you stand out from the competition and help you position your programs and services.
Finding your business niche is an important step when starting a business. Take the time to research, evaluate your skills and interests, and choose a business niche that you're passionate about. I promise you, you won't regret it; a little research beforehand! I would love to know what you decide on!
Let me know if you have any questions about finding the perfect niche!