How to find your niche and make money from it?
It’s a good question and one we see being asked frequently in forums and on social media and events that we attend and it takes us back in time to 2008 when we first met Danniel Priestley (Author of Become a Key Person of Influence). Even then he was talking about the importance of niches and that your success lay in finding a niche that was “an inch wide and a mile deep“. This really fascinated us as business people because we started to see the potential – the potential especially for people building a business online. How could they leverage the internet and capitalise on their passion in their chosen niche by solving the problems that people were experiencing.
But it’s got to be more than an idea
First of all you have to be very sure that your passion can become a viable business and that’s why it is important to do your research thoroughly because you don’t want your passion to be just a hobby because hobbies don’t make money!
This is going to take a little time but it will be worthwhile. You will need to give thought to who your target market is and what their needs are. It will require you finding your niche, identifying your ideal clients and creating your personal brand.
Having a personal brand allows you to stand out from the crowd of others who have similar products and services. To be what Seth Godin refers to as “The Purple Cow“. Becoming remarkable for what you stand for.
Once you have identified your passion (niche) it will become easy for you to become the “go to” expert for those products and services – becoming a key person of influence. Knowing your niche you can focus your marketing on how to reach your target customers, how to meet their specific needs and what motivates them to buy. What you need to become is the “solution provider” for your target market.
The Key Steps to Turning your Passion into a Business
Step #1 Discover your “What”
Look at your passions, skills, experience, expertise. What stands out for you above everything else
Step #2 Identify your “Who”
Who will benefit from what you have to offer. What benefits can you offer them.
Step #3 Define your Niche
Once you have defined your “what” and your “who” then you can define your niche. You do this by asking yourself a problem solving statement. For us one of these was “we help coaches, consultants, experts, business owners, authors and speakers to leverage the internet and get more clients and earn more” .
Step #4 Research your Niche
This involves you getting in depth knowledge of your target market. What are their challenges, dreams, goals, needs etc. Find the forums and places where they go to get information.
Step #4 Prepare your USP
What is your USP (unique selling proposition) Why would someone want to buy from you. What makes you stand out as the “go to person”
Step #4 Marketing
This is the piece of the jigsaw that is really important. You need to create valuable content that helps your target market to solve a problem. You need to attract them, inspire them and then wow them. Become a “lead magnet“.
This will start with providing them a gift that is of huge value to them in exchange for their name and email. Once they are on your list then you need to care for them by giving them more content of value and build a strong relationship with them so that when you make a compelling offer to them they are ready to say “YES”
Just how do you find a niche (your niche)? First of all we would suggest that you make a list of all the things you like to do and what you’re good at, then find out who else likes to do those things and where those people are.
This will help you to narrow down which direction you should take and help you to find your target market. Not only will this help you narrow down which direction you should go (no one likes doing something they can’t stand or backing a product they don’t believe in), but it will help you more adequately find your niche and target market. Once you have a focused business venture, research what people are looking for in that industry, who those people are, the prices they want to pay, and what the overall current availability is for them.
If there is no availability, or merely low-quality availability, you have now found yourself a niche market and ready to start making money from it.
What’s Our Niche?
Our niche is internet business coaching and mentoring specifically in the area of first time entrepreneurs, speakers, coaches and consultants (micro niche) showing them how they can create a long term business online leveraging their passion and the power of the internet.
If you would like some help in finding your niche then all you need to do is contact us.