If you’re here, it's probably because you’re looking for more information about a niche. Or maybe you’ve just heard that your business needs one and you’re thinking…what’s a niche?
Either way, as always I’ve been in your shoes before! In this article, I’ll explain exactly what a niche is, why you need to have one, and how important it is to really nail your niche. AND which comes first, the business or the niche.
Before everything else, how do you say it…I think pronouncing it can sometimes be just as difficult as nailing down the right one!
A niche market is generally classified as a group of people with the same interest. In the business world, it’s also defined as a very specific segment of the market that you’d like your business to focus on.
For example, let’s say you’ve decided to choose your niche in the world of fitness. Well, having “health” as your niche is too broad—that could mean discussing anything from scientific studies on exercise to what to eat when you’re pregnant. Instead, a better niche would be something specific, like “bodybuilders,” or even “female bodybuilders” to really get your business niched down.
If you can start an online business and tap into a niche market, the chances of you succeeding are relatively high. But you don’t want to pick a niche just because that’s where you think the money is! The perfect niche will speak to a place in your heart that feels fulfilled, as though you've found what you truly love to do in your life. There's a little adage that says, “If you do what you love, you'll never work a day in your life.” And another popular one that follows close behind is, “Do what you love and love what you do.”
Strictly speaking, a niche is all of the above, and much more. If you make the decision to start a business where you can do what you love and love what you do, then your niche, when you finally determine it, will be something you’re truly passionate about.
A niche spells three things: purpose, profit,and passion.
A niche embodies three things: purpose, profit, and passion.
Without these things, there would be no such thing as a niche, and choosing a niche requires all three.
Purpose: Research that idea that is burning inside you. Is it the ingredient to the success of others?
Profit: If you’re looking to be profitable from your niche, then ensure that what you're offering to the public is what the public needs and wants.
Passion: Follow your bliss, your passion, your interest in the world. What is it that makes you come alive?
So let's get a little deep with this… I want to share with you 8 techniques I’ve learned that will help you better determine the right niche.
In general, your expertise is a reflection of what you're good at, and what you're a winner at. Determining your skills will tell you where your passion lies on a scale of 1 to 10. So, start by making a list of your skills: in what areas do you truly excel?
Is there a demand for your goods or services? How many books, products, exhibitions, and brands are there in your chosen market, and are any more required to better help your target audience? How healthy is the industry you've chosen to penetrate; that is, is it rising or are there already too many troughs? Who is your competition and what are they offering?
A quick way to do this is to use the Google Adwords Keyword tool, which is free. Research niche profitability, specifically. You can also use the External Keyword tool on Google, which is also free. Be sure to search for ideas with related keywords that are relevant to your passions.
When you love your subject, the hours you spend researching will be an education that you'll carry into your business and share with your customers. That, in itself, is valuable.
Does this inspiration assist others? Do other people care about what you have to offer? Don’t forget: if no one cares, no one is going to share.
Answer questions that haven't been answered. Research extensively to find out what people are looking for, and how your business can fill that need.
Starting out as a beginner, you'll be open to all the information you can glean. Narrow your niche to boutique size. Being exclusive and unique is the secret to success.
Those alternatives that appear as you search are some of the tools that can give you a brainwave of an idea. Don't ignore them; they're there for a reason!
Again, the topics that make your heart beat are crucial when choosing your niche. Don’t forget that when using the niches above, it’s important to focus on a very specific section of that niche (again using the example above, you might narrow down “Health and Nutrition” to “female bodybuilders”).
Even by further narrowing down your niche, it’s highly likely yours won't be the only business out there with your specific interest at heart. But from the point where you’ve niched down, it’s how you brand your business, tell your story, and interact with your customers that will further set you apart from other similar companies.
It’s true that both the business idea and the niche go hand in hand. However, without a niche, without the hard work required to give breath to your passions and inspiration, there will be no room for a successful business that you can market. In the end, while finding your niche is definitely a challenge, it’s paramount that you listen to your inspirations when developing your business idea.
Alternatively, if you rely on a mindset that directs you to work only for the sake of earning money, then you'll be dissatisfied within three months of starting.
Fulfillment comes from passion. Above all else, your passion and dedication to your niche—and the purpose, profit, and passion it creates in turn—that will allow your business to be successful. Your passion alone will make you.
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