If you want to turn your passion into a business you need to know that what you have to offer will sell.
Too many businesses try to be everything to everybody. Usually this leads to chasing clients, being overworked and having a bank account that doesn’t scream success.
You may have heard the term, “The riches are in the niches.” This is so VERY true.
If you dial in your business niche and offer a product or service that provides a solution to the problems those in the niche are facing, you’ll have a successful business.
In the video below, I discuss what a niche is, how you can find your niche and figuring out if your niche is commercially viable.
What is a niche?
Definition: a specialized segment of the market for a particular kind of product or service.
What that means is that you have a very specific group of customers for whom you are providing a solution.
For example… I am a founding partner in a business called Trench Training.
In this business, we provide training for youth and high school football players. More specifically, we provide specialized training for only two positions, offensive and defensive linemen.
This is a very narrow niche and we have had a lot of success with our training, camps and online content because we have become a go to in this niche market.
How do you go about identifying YOUR niche?
Identify your interests and passions.
What experience or skills do you have? List out EVERYTHING! No matter how small or how insignificant you think those interest may be.
If you like to crochet sweaters for pet lizards, there’s probably a market. In fact, I looked it up, there are sellers on Etsy and Amazon selling lizard sweaters.
What subjects or interests do you like teaching or talk about the most? These are the things you love talking to others about.
I love to talk to people about their websites and how they can build their businesses online. I know, that’s super nerdy, but it’s what I’m passionate about and it’s something I have a lot of experience with.
So what’s yours? Make your list.
What are the problems and pain points for your potential customers?
Don’t just think about what products and services you can create. Think about what your target market is feeling right now.
What is causing them frustration? What are they doing that they wish they didn’t have to do?
What are they not doing that would make their business more successful or improve their quality of life?
The key to having any profitable business is to solve a problem in a market. It’s about providing a solution that speaks to the problems that others are having.
But you first need to know the problems your marketing is facing. List them out. Write down every problem or issue that your customer base is facing.
Find the intersections between passions and pains.
Look at your two lists. Put those lists next to one another.
How do the lists overlap?
What connections can you make between your interests and passions and the pain points that others are feeling?
When you can make those connections then you may have a niche for your business.
The next step is to find out if your specific niche can make you money.
Is your niche commercially viable?
Here are 3 easy steps confirm that your niche commercially viable with searches that will tell you if your niche will generate revenue.
Step 1: Are there books related to my niche currently being sold on Amazon?
Go to Amazon.com and type your niche into the search bar with the books department selected.
What books are showing up? Are they an exact match?
If they are a little different, take note. Maybe you have to look at making a subtle change.
This exercise can give you some great ideas on how to refine your niche.
Step 2: Are there physical products related to my niche currently being sold on Amazon?
Now type the same search into Amazon for all departments. Are there physical products related to your niche?
Again, they may not be exact but look at the results. This is going to tell you if there is interest in this market segment.
Step 3: Are people currently paying for coaching in my niche?
Go over to Google.com and type in your niche + coaching or training. What shows in the search results?
Are you seeing courses, memberships or professional coaches listed in the results? If you see coaching offers then there are people making money coaching or training inside this niche market.
Do you have to see positive results in all 3 steps?
If you see positive results in all 3 you should have a profitable niche. You can be assured that the niche is commercially viable.
I would say you better see good results in at least 2 of these 3 steps.
And if it’s only 2 then consider making some small adjustments to the niche to get all 3 steps giving you positive results.
Follow these steps and be sure that you choose a niche that speaks to your business and has the potential to create financial freedom.