Find Your Niche

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You want to start a business, but the thing that’s holding you back is the market niche? Honestly, this can be tricky. You could list all of your interests and passions and still not hit upon anything you were meant to do.

Luckily we’ve prepared a step-by-step process to help you figure out your niche.

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1. Identify your interests

Think about question such as what do you do in your free time? What do you like learning about? Growing and maintaining a new role is challenging, but the more you enjoy your work, the easier it’ll be to stay motivated.

2. Identify problems you can solve.

To create a profitable business, you first need to find problems your target customers are experiencing, then determine whether you can actually solve them. There are several things you can do to identify problems in specific niches such as Having one-on-one conversations or idea-extraction sessions with your target market, use online forums, or research keywords.

3. Research your competition.

Create a new spreadsheet and log all the competing sites you can find. Then figure out whether there’s still an opportunity to stand out in the crowd. Ask yourself questions like Can you still rank for your keywords? Is there a way to differentiate yourself and create a unique offer?

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4. Determine the profitability of your niche.

At this point, it’s important to get an idea of how much money you have the potential to make in your niche. Browse top products in your category. If you can’t find any offers, that’s not a good sign. It might mean that nobody has been able to monetize the niche.

Keep in mind that you don’t have to start your business with a product offering of your own. You can always partner with products creators, advertisers or site owners in your niche to earn commissions at the beginning.

5. Test your idea.

One simple way to test your idea is to set up a landing page for pre-sales of a product you’re developing. You can then drive traffic to this page with paid advertising. I f you don’t get pre-sales, that doesn’t mean that you aren’t in a viable niche. It could be that your messaging isn’t quite right, or you haven’t found the right offer yet.

By leveraging A/B split testing, you can optimize conversions and find out whether  there is anything stopping your target market from taking action.

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Conclusion

Remember that there isn’t necessarily a perfect process for finding a niche. You’ll want to do your homework, but if you get stuck in the planning phase, you’ll never actually get around to starting. As an entrepreneur, you need to become a good starter.

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