Wondering how to find a niche market?
I’m sure you’ve heard that to have a successful online business you need to be in a niche market. Otherwise you end up competing with heaps of other businesses doing the same thing.
Having a niche market means what you sell and your target audience is specific rather than broad. e.g. an online store selling a wide range of pet products vs an online store that specialises in selling custom dog beds for huskies.
Having a niche market will make it much easier to make sales because your product solves a very specific problem. It also makes it much easier to market your product.
So, how do you find your niche?
How to find your niche
Skills & Passions
There are a number of ways that you can try to find your very own niche market to sell in. One of the best places to start is to look at your own skills, interests and passions.
How to find a niche market exercise:
- Write down a list containing your interests and passions. What do you love doing?
- Write down a list containing your skills and strengths. What are you good at?
- Look for similarities between your lists. Do you have any passions and strengths that are similar?
- Use these similarities as a starting point for your niche.
Let’s say you have a strong interest in coffee. Not the shitty instant coffee you get at the supermarket, but high quality, premium specialty coffee sourced from different parts of the world and roasted to perfection. Like a fine wine. But coffee. You’ve also worked in the industry for a number of years. So you are also quite knowledgeable about coffee, how to make it, and how to roast it. You know the science behind the perfect espresso. This knowledge and passion is the starting point to finding your niche.
You’re probably wondering, ‘but how on earth do turn my passion and knowledge into a business?’
I’m glad you asked.. 🙂
Well, think about all the problems you’ve solved over the years working in this industry. These are problems that others in the same industry will be experiencing, especially if they are just starting. They are looking for solutions.
You could start a blog and Youtube channel that shares your expertise. A simple blog that doesn’t ever sell anything can still make a job replacing income by allowing others to place ads on it. i.e. through Adsense and similar ad networks.
Perhaps there is a lack of accessible and high quality equipment? You could start an online business that sells and delivers coffee beans and equipment to other pros in the industry.
Or maybe there is a lack of quality training in the industry as a whole, in certain countries or just your city? Creating an online course could be an option. Don’t want to create content yourself? No worries. Instead facilitate a massive collaboration inviting the best of the best to create an online course together.
Your experience will make gaps in the market obvious. While you can certainly find profitable niches outside of your interests and skills, it’s much easier to start with what you know. It will make the ride much less bumpy. Trust me.
Hopefully the above helps you find a niche.
You’ve got this!