Let’s be honest, finding your niche can be quite a daunting task!
There are usually 2 case scenarios:
1. You have it figured out, but it either seems too wide, or too narrow.
2. You have lots of ideas and enthusiasm, but you are not sure which is the right one for you.
In the first case, I would say “You are half way there”, because at least you have a direction or an example to aspire from. This is definitely a good start. But you would still need to ask yourself a bunch of questions in order to get a clearer understanding of where you are going.
In the second case, I would imagine you have already sketched a few different pictures in your head of where you would see yourself in the future. You have probably read a number of articles similar to this, trying to find the BIG answer. But you ended up even more confused than when you started and after changing your mind each day for a few days in a row, you most likely feel a bit lost.
So here comes the part where you would expect me to give you the secret answer. Well, my friend, as much as I would love to, it is not possible for me to do so, but the good news is – you have the answer within you.
What I CAN do is to share with you 3 things I have found helpful in this process and challenge you to ask yourself some key questions:
1. Identify your passion and skills.
What are you good at? What do you enjoy doing? What areas do you have knowledge and experience in? It is very likely that your ‘niche’ would be where the answers or those questions overlap. The most important one here would be “What Is Your Passion?”. You may be very skillful or knowledgable in a certain area, but if you are to start a business, you don’t want to be stuck forever with something you don’t enjoy or you aren’t excited about.
2. Think of problems you can solve.
What can you offer people which will make their lives easier? What useful knowledge or experience can you share? Sometimes the best ideas are small solutions, which simply improve the quality of our daily lives and if executed well, we can even become emotionally attached to the brand. A great way of finding out whether your idea is good enough is to ask the people around you – both people who know you well and people you have worked with, so you can have an objective perspective. An easy way to do this is to create a short survey through Google Forms or Survey Monkey so you can view the stats at the end. Just make sure you have empty fields for open answers, so you can get those genuine comments from people who want your best, and would tell you the truth even if they have to be painfully honest with you.
3. Determine whether your niche is profitable.
Would people pay for what you offer? Who are your potential competitors? What are they doing and what are their results? It would be nice if you have a great idea, but if no one is willing to pay for it, it would be of no good to you. Is your ‘invention’ really going to make a difference? Is it going to bring value or transformation and if so, would your price be realistic? It would be useful to do some research of the market to see what the best practices in your industry are and if there is anything you can do to stand out.
I hope after all those questions your thinking has been challenged and even though this is just the beginning, that you have moved at least one step closer to where you want to be.
One of my father’s friends used to say: “Find the need and fill it.”
OR even better: Create the need and fill it.
There is no wrong or right direction when you are trying to identify your niche. You just need to follow your heart, but also to be mindful of the context.
Be bold. Follow your passion. Explore. What’s the worst that could happen? To have to start from the beginning.
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