Finding your niche

One of the things that holds entrepreneurs back from first starting their business is finding their niche. Hours upon hours of thinking, creating lists, and delving deep inside your mind can lead to disappointment if you don't hit the nail on the head right away.

This type of pressure can sometimes be too much especially in the early stages of business. We have probably all wondered to ourselves on numerous occasions, if the niche we have chosen will be viable in the ever changing market, or if anyone else will share the same interests.

Sure its important to research and do your due diligence when selecting the niche, however if you don't act upon it quite quickly, you will go around in circles.

There are still many aspects that need to be done when you first start your business, such as testing the market, collate ideas, create a marketing plan, and learn from the initial mistakes and successes. This way, regardless of the outcome; you can learn and improve your skill sets moving forward.

If you are struggling to get the brain into action and need a little guidance, follow our steps below to help you with finding the perfect niche for your new business.

Brainstorm

So you may be scratching your head at this point, because you have already spent hours working on lists, and ideas for your business.  But business has it's up's and downs, it will push you to your limits, and knowing you have a passion for the industry you are about to embark on is extremely important for the longevity of your business.

If you don't have a passion for the industry in some way or another, you will very quickly lose interest. The passion within is what drives us to succeed and push our business, and there will be many times when we hit a speed bump in the road, that this very passion will provide the persistence we require to keep on going!

Start thinking about:

• What are my hobbies and interests
• What do I have background knowledge on already
• What topics do people generally ask me about 
• What do I enjoy learning. 

Research

Competition is everywhere, especially in business. Now most new business owners will stray away from competition as much as possible. But this is not necessarily something to be worried about, if an industry works, then it works. You may have just hit the nail on the head in finding a profitable industry to work in. Your main concern should be having the ability to do it better than the rest. What can you offer customers that your current competition isn't already offering them.

By simply analyzing your competitions website, ad formats, advertising techniques, and general service or product; You will start to create an information pod that can be used to generate a better plan for your own business.

Now this research should not only be on your competition but also on aspects of your own business module, product or service that will be beneficial. Are you going to hire a web developer to create a website for you and is this something that you have the budget for? Or will you create your own website for free or for a small fee. If you have the skills to do it on your own, then this could be the option you are looking for.

There are many popular web building sites online that can create a sense of ease, even for people like myself who are not very tech savvy.

Two very popular website building sites are:

•  Wix  offers a free plan if you are happy to use the domain address http://yourwebsite.wix.com/yourwebsite. The paid plans are focusing on storage and features. The prices are quite competitive especially for start up companies. Wix does create a sense of ease with creating your website. No technical knowledge is required.

• Shopify is the the number one E-Commerce platform currently available. They also have an integrated system for those running a drop shipping business. 

Like mentioned above, research is key and looking into the method that best suits your business needs is the most important key.

Identify Problems

Once you have collated your brainstorm ideas as well as the research you have collected, you can now start looking into any possible issues that may arise for customers with their current methods, and figure out how you are going to solve these issues for them

Another important aspect to running a business is the either solving an issue, or creating ease within a current issue.

• Are shipping lengths an issue?  (How can we ship faster)
• Is pricing an issue (How can we be more competitive)

Testing

Once you have gathered all your information together, you are ready to hit the market. The only thing left to do is TEST.  A very simple way to test the market is with Pre-Orders, figuring out the customer demand by setting up a landing page. 

Another great way to test the market is to send out a large mail out to your current data base, to test the reaction to your new launch. Companies like Ninja Outreach or Mailchimp are used to create fantastic looking email flyers that you can send out in Mass to your current audience or data base.

To Summarize

If you believe in your product/service and you believe it is viable enough to start grasping your target audience then you are ready to rock and roll ! 

You will want to look into marketing techniques, social media marketing, paid or organic traffic sources, creating a blog and various ways to boost your website.

There is no ONE way to find your niche, sometimes we just test the waters until something sticks.

If you have have a strong passion, a positive mind set, and determination, then you are ready to create the business of your dreams. And remember dreams don't work unless you do! So do your homework!

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