Do you have a dream of starting a business but still hesitate to start because of the difficulty to find your niche. Yes it is very important to explore the market and find your niche which matches your passion as well as your interests. Even though you list down all your interests and passions still you may feel stressed about selecting the best suitable niche business.
Definitely, you should add your careful and persistent effort on finding the niche business, but it is important to start running your own business which will become a great opportunity to work out your ideas, to identify the market sooner and learn through it.
If you are searching the correct path to find your niche here is a five-step formula,
By this way, you can create new ideas and gradually succeed.
1. Identify your passion and skills
This is basic, but this can make all the difference. List down 10 topical interest and passion areas you have. If you not yet done, start it now and this could be a great option to find your niche.
Don’t choose a niche only because of your interest, it should be sustainable and self-being passionated.
It is important to find your niche after paying attention on your special skilled areas, your education, training or experience and what people around you feel that you are good for. Also think what are your hobbies, what topics you like to read or learn more, and what are the organizations you are involved in.
Simply when you found an area that you have the knowledge and which you really love to do, it is the best selection for your niche.
2. Identify the customer problems
With the help of the 10 topical interest and passion areas you listed down, now you have to further narrow down your niche. Here you should mainly focus on the customer problems which can raise your niche and your ability to solve them. There are few things that you can do to identify your customer issues,
- Formulate a specific questionnaire and have individual conversations or idea extraction sessions with your target customer group.
- Carefully search on the forums related to your niche and identify what are the problems experienced by your target customers.
- Do a research on different keyword combinations related to your niche, and this will also help you to identify the popular search terms.
3. Examine the competition for your self
Having a competition in a particular niche is a good sign because it may become a profitable niche. But it is important to have a deep analysis regarding the competition in your niche. By a keyword research on the competing sites, you can identify whether you have a profitable market in your niche and also it will give you the required guidance to create a unique product.
- When there are lots of famous sites available for the selected keyword then you can understand that niche may be over saturated.
- When there are no sites ranking for the keyword then you should be careful, because others also may have already discovered that there is no market for the specific niche.
- It’s easy to have a higher rank in your niche by providing high-quality detailed information when other sites do not serve the same.
- When other sites are not transparent and provide misleading information this can disrupt the customer.
- High search rate with little competition and paid advertisement can provide a good market.
4. Discover the money you can make through your niche
Now you may have identified the best suite niche option. Furthermore,once finding your niche you should think how much money you are going to invest on realizing your dream.
By doing a basic keyword research you can identify the top products offered by others similar to your product.
When considering all above if you find a product which can provide you a reasonable market ,Pay your attention to that product price also . this will help you to decide on a competitive price for your own product.
Remember always you don’t want to be a product creator. You can become a solution provider to other product creators, advertisers and site owners.
5. Test your niche
Now you have all the guidance to find the niche best suitable for you. It is the time to put it into action.
At the beginning you can do a trial by creating a ‘landing page’ which can become an info product related to your niche. Then you can drive traffic with paid advertisements. Through the traffic and the downloads, you can understand the interest by the customers for your product.
If you are not getting enough pre-sales it is not because of the niche you selected. This can happen because of the issues in your landing page.
Another way to validate your niche is to do a survey on the target market. This can be done with guest posts, industry-related groups, on social media or google surveys.
With all these finally, you can be confident of finding your niche and developing the website and social media profiles. You can create a blog and generate more traffic to your site.
This 5 step formula will help to spark your ideas and be a helping hand to start. This will also minimize the risk inherent in finding and starting a niche site saving your own time and frustration.
As an entrepreneur never stuck in the planning phase. If you believe in you, start it today put your dream into action.