Finding your niche is a lot like finding your place in the world. It can be an uphill battle but it doesn’t have to be. In doing so, you must first look within and consider your own interests and passions, what solutions you can offer, and how others in the field are doing. It is also important to identify what makes you stand out and if the niche is profitable and sustainable in the first place. After reflecting on these aspects, the only thing left to do would be to try it out and see if it works for you.
Why do you need to niche down?
Niching down can sound so limiting. Who would want to be confined in a box of what you can do and who you can cater to? However, once you really get into the swing of things, you'll find that a niche is more than just a box; it's a way for you to hone in on your interests so that you can work toward making them the best they can possibly be.
Niching down as a business is simply a way of focusing your energies on a specific group of people. It's important because it allows you to make a strong connection with that specific group of people, and apply your energies in the most efficient and effective manner. Without a niche, you won't be able to properly experiment if your idea is viable and scalable target your business or figure out how best to reach your audience. It's a lost opportunity for both you and the people who could otherwise be buying from you. In order to set yourself apart from the crowd, though, you need to be able to identify those differences—and then have the guts and marketing savvy to capitalize on them.
Now that you know why you need to do so, how exactly can we find our niche? Here are some ways how to.
Consider your own interests and passions
If you're not sure what your niche is, consider the things you really care about. Do you have a particular way of seeing the world? Are there certain kinds of situations or tasks that are particularly rewarding for you? Once you've identified some interests that seem to tie together, try focusing on them more. Those are clues to your true passion and motivation. You might find that honing in on one area of life, it'll help bring order to all the other areas.
A great way to do this is by joining communities on Reddit, clubhouse, and Facebook groups. Be part of a niche and observe what are people talking about. Eventually, you will find a way to contribute and build connections with other members.
After all, when doing business, it all comes down to also loving what you do that it does not feel like work anymore.
Conduct competitor analysis
If you're trying to find your niche, one of the things to do is look at other people in the field and see what they're doing. You might be surprised by how similar everyone is, despite their differences. By looking at the people who are already successful in the field, we can learn the common threads that have worked for them and use this information to help guide our own choices.
More than that, they can also be an effective resource in the current situation and trends in the market and among your target audience. Learning more from those who are working in and have concrete results from the niche you are looking into is an effective business practice.
Think about the problems you can solve
Think about the things that you offer that could be helpful to others—it can be skills, services, or products. Maybe you're great at selling, marketing, or organizing things. Maybe you're just a really nice person with an incredible work ethic that people would want to work with anyway. By knowing the problems you can solve, it will become clear what the best angle for your business is.
It's not just about the money here, or even about the product or service itself; it's about what problem are you solving? What need is your product fulfilling? The only way for people to buy from you is if they know that they need your business in their lives. So ask yourself: what problems do I solve? How can my skills be an asset? What do I have that can be of use to other people? Then, figure out how your target audience will benefit from doing whatever it is that your business does.
Determine your unique selling proposition
Your unique selling proposition (USP) is what makes your business different from anyone else's—it's the thing that sets you apart. For example, if you're starting a bakery, then your USP might be that all of your baked goods are made with natural ingredients. Or if you're starting a tutoring company, then your USP might be that all of the tutors are Harvard graduates.
Narrow down the categories of things you know and cater toward one specific category. Once you do that it becomes easier to create a brand identity based on the niche so people know exactly what kind of content to expect when they come across your work or name. You'll have more opportunities available to you because of this specialization. If there's something else that comes up outside of your niche, this isn't the time to try and stretch yourself into something new; it's best to stick with what works for you until it no longer does.
Assess the profitability of your niche
To assess the profitability of your niche, you first need to evaluate your position in terms of competition. If you're an engineer or computer scientist, there are many other people who have studied the same subject as you. Your competition is intense because there are so many people with the same skills. If it is not possible to specialize in a very narrow field, then your best bet would be to go into areas where it is easier to find your place in the market.
Research what people in your niche are doing to make money. Have they released a product? Do they have a membership site? Are they writing for an online magazine or blog? Are they selling their work on an online market like Etsy? Are they freelance writers or consultants? What's working for them, and do you have that kind of drive and talent?
On the flip side, also look at what's not working for them. If there are popular blogs or websites in your niche and you can't find any information about how they made money from them, any underperforming posts, or negative reviews about their products or services, you can ground on these gaps and be the one to fill them.
Try it out
The best way to figure out your niche is just to try it out. For instance, if you’re a writer and found a specific topic, create a blog about it. Write about it every day. Once some time has passed and you've posted regularly, start looking at your stats. Is your audience growing? Is there a particular time of day when people are more likely to visit? Do they seem to like long posts or short ones? What kind of comments are they leaving? What kind of questions are they asking? Do they ever ask questions that lead you to believe they'd enjoy reading more posts on a certain topic or feature in your blog? These all give hints as to where your niche may lie.
And even if it does not work out eventually, the key is trial and error. Pick up from where you left off, start over, and try again!
Finding your niche doesn’t have to be a losing game. In fact, finding your niche can be one of the most fulfilling experiences in life because it means you put yourself out there and equipped yourself with the resources you need to succeed. At the same time, it is important to plan ahead and make sure that your choices are sustainable in both the short-term and long-term. Remember that this is your project, so don't be afraid to take some time to figure out what works best for you and your business.