Expert Guidance on How to Find a Niche for Your Business
January 10, 2019
Finding a niche for your business can be one of the most challenging and gratifying experiences of building an audience, a following and a business. Thankfully, the internet gives us endless resources that we can use to create, post and share content while connecting with others who share the same interests and passions that you do.
So how do you find your niche?
Where and how do you get started?
One of the best ways to find a niche for your business is to take an inventory of yourself, including your interests, passions and what you excel at.
1) What Do You Like and What Are You Passionate About?
One of the best places to start with when you are searching for a niche for yourself is considering what you are passionate about. There are many of us that are passionate about the work that we do already, and many more who are not passionate about our daily grind and our lives from 9 a.m. to 5 p.m.
There is a good chance that you can identify one or two of your biggest passions in life, but this is not the truth for everyone. If you feel like you don’t know what your passion is, you may feel like you are totally lost, and have no idea where to start looking for your niche.
Here are a few questions you can ask yourself and some exercises that you can use to help you find your passion, or find a way of discovering your passion.
- What do you enjoy learning about the most?
- What do you spend most of your free time doing? (think hobbies, projects, and leisure activities)
- If time weren’t an issue, what would you spend most of your free time on?
- What subjects do you enjoy talking about the most?
- What are you most interested to hear others talk about?
- When your mind drifts off during the day or at work, what do you think about?
- What do you like to read about?
If you answer all of these questions and aren’t finding any trends or that you are passionate about anything, it’s time to move to the next step.
2) What Do You Know?
Taking stock of what you know is another good place to start. What are the subjects, topics or fields that you know the most about? Another thing that you may want to consider: when your friends and co-workers need help or information about something, what knowledge, wisdom or advice do they come to you for.
This may or may not be related to work, but in either case, what you know can be a superpower that separates you from others. Think about what you studied in college, what knowledge you have that makes you an asset in the workplace, and what that knowledge makes you capable of that sets you apart from others. It is best to start as broad as you can, and then see if you can narrow your focus from there. You may be the knowledge expert in your field and didn’t even know it!
3) What Are You Good At?
What you excel at is another excellent place to look when you are trying to find a niche for yourself. Coincidentally, many of the things that we like best are the things that we are the best at doing. This can be related to what you know, in that these are both factors that set you apart from other people in your personal and/or professional network.
You can get started by making a list of three to five things that you feel like you are particularly good at, or that others say that you are great at. Then take into account which ones you enjoy, and the aspects of each that you like best.
4) What Does the Competition Look Like?
When you have made it here, you have identified either, some or all of what you are passionate about, what you know best and what you are best at, you can start looking into the competition or resources available in each one of these niches. Take the top five experts in each of these areas and take note of
- What they talk about (topic matter)
- What they are doing (on and offline)
- Who they are addressing (community, following, interest group, etc.)
- Where they are present or have established an identity or reputation
- Who’s listening or paying attention to them
- How many people are following them and benefitting from what they are doing
This will give you an idea of the market size and the opportunity in the niche or market.
5) How Can You Be Better or Different Than What’s Out There?
You are one step closer to finding your niche! The next and final question you need to ask yourself is what makes you better or different than what is already available? When you identify a niche with traction, successful competitors in those markets and can identify one or two ways that make you different or better than what and who is already out there, you are really on to something.