Your niche is what you’re known for. Even if you’re a multi-talented jack of all trades, you still have a niche because clients will identify you as that specialist. The takeaway is to be picky about what you do best.
Let’s see, How to Find Your Business Niche, According to an Expert Business Designer.
A niche is a small market segment that a company focuses on to differentiate itself from larger competitors and appeal to consumers with specific needs. To stand out in a crowded marketplace, you must define your niche.
For example, if you’re selling products designed specifically for children, such as toys and games, you might have a niche in the toy industry.
Now you know what is a business niche?
Let’s move forward.
How to Find Your Business Niche?
These steps will help you identify a niche that’s both profitable and sustainable.
Be clear about what you want to do.
The first step to creating a successful business is to figure out what you want to do niche.
According to expert business designer and author Dan Olsen, there are three steps to figuring out your niche.
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Define the problem you want to solve
“The best way to choose a business niche is by defining the problem that you want to solve, and then finding people who have that problem.” – David Siteman Garland.
There are a lot of different ways to define your business.
The most common way is by choosing a product or service you can sell and then finding customers who want that product or service.
But there’s another way: by defining the problem first and then finding customers who have that problem.
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Understand the customer
The customer is the focus of all business decisions. You don’t have a business if you can’t connect with them.
The more you know about who they are and what they want, the better you will be able to design your products or services for them.
So how do you find out who your customers are? Here are some tips:
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Use surveys
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Observe what people
Think about where your interests and skills intersect
Think about where your interests and skills intersect to do niche according to expert business designer
If you’re a writer, write about what you know. If you’re a photographer, photograph what you love. What if your passion doesn’t fit into a neat little box?
Let me tell you about a niche business example of my friend Sara. She was a great teacher but hated being stuck in one classroom with the same kids every year.
Sara loved kids but didn’t want to be a full-time nanny or babysitter.
What did Sara do? She created her business by teaching science classes at her local community center.
She worked with groups of kids interested in learning about dinosaurs and outer space — topics that didn’t require much math or art ability — and she loved it!
Sara’s story illustrates how important it is to find your business niche ideas within an industry before launching a business.
Ask yourself these six questions.
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What do you love?
It’s an important question because it helps you get clear on your passion, and then it helps you figure out finding a business opportunity.
It is important because if you’re doing something you don’t love, it will be hard for you to succeed.
It’s going to drain the energy out of you, and it’s going to make your business feel like a burden rather than something that comes from your heart.
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What are you culturally wired to be good at?
Many people want to be the next Facebook or Instagram, but that doesn’t mean it’s right for them.
If you’re not culturally wired to be good at something, it’s like trying to force yourself to like ice cream when all you want is chocolate cake.
So how do you figure out what you’re culturally wired to do? And can you change course if you don’t like what you’re naturally good at?
In my experience as a business designer, I’ve found there are two major categories of cultural wiring:
1) Your values and beliefs
2) Your work style
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Identify the friction in your life.
The key to finding your niche is identifying the friction in your life.
Friction is anything that makes you feel frustrated or annoyed. If you can identify what’s causing you frustration and solve it, you’ll have a business idea for which people will want to pay.
If you’re not sure where to start, here are three questions that can help:
- What do I hate doing?
- What do I wish someone would do for me?
- Who else is doing this thing that annoys me?
Conclusion
After Understanding business niche ideas and their Benefits
When you have a niche, you become the expert in your field, making it easier for you to sell your products or services.
Niche business examples :
If you’re selling financial advice, it’s not enough just to be good at math and know-how investments work.
You’ll also need experience dealing with clients who want help managing their money. It can range from helping them get out of debt to planning for retirement.
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