If you are starting a business, one of the main areas of concern is finding your clients. The truth is that there is nothing new under the sun. In one Google search, I am sure you can find some version of what you plan to offer. In your mind, you think, “I must now identify the people who need something that is not yet available”. Instead of looking for a brand new idea, you should start looking for the best niche in your current market.
Now, this may sound simple enough, but if you are like me, you are probably overthinking. I mean, how can I get this done? If 15 different products are similar to mine, how can I make a dent in the market? Wouldn’t it be a hard sell for me because all these other businesses already have clients? The truth is that in any market that you are starting a business, there is room. As a small business owner, my goal is not to take over the market but to serve the small percentage of the market is presently invisible. (This is an important statement- you should take note of it).
The way that I found that small percentage was by answering three simple questions. Now I am sharing those three (3) questions with you and the reason that they work:
1. What was the thing that happened to you that made you think of this business idea or solution?
The truth is, you are the first example of the unseen clients who need what you have. You would have had an experience with a similar product or service that was lacking something. This is the something you are now going to provide. Write down what was lacking – what was missing from the product or service? How wil your product fix this?
This first step points to the best niche for your business. It pinpoints the problem that you are fixing.
When you think about your passion, how is it connected to your business idea? Well, truthfully, it is the reason that the business idea came up. Why is it important to you? What would be the best outcome for a person with this problem?
2. What are you passionate about?
The reason you experienced the problem you described in question 1 is because of a violation of your values. What do I mean? Our values are the things about which we are passionate. They influence how we feel about all decisions, experiences and actions – whether angry or happy, violated or empowered, defeated or encouraged.
When you think about your passion, how is it connected to your business idea? Well, truthfully, it is the reason that the business idea came up. Why is it important to you? What would be the best outcome for a person with this problem?
3. Who will benefit the most from your product and your passion?
When you think about the problem and the solution, who comes to mind? This is such a meaningful question because it helps you to narrow down that large group of consumers for a type of product. When you answer this question, think, “Are the persons who experience this primarily male or female?” “How else would you describe them?” “What do they need in this area fo their life?”
So, now that you have answered these questions, how can you use the answers to identify your best niche when starting a business? These three questions help you to go from a general niche statement like:
I help teenagers build their self-esteem
To a specific statement that shows the benefit:
I help teenage boys understand what they are good at so they can build a successful career.
The difference between these two statements make the difference in your ability to stand out, your ability to create the right product or service and your ability to attract the right clients.
Are you ready to find you best niche? Leave a comment below so share what stood out to you? If you need additional help, click to get your 1-on-1 Planning Table Session.
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[…] Entrepreneurs must have a clear understanding of their business goals and objectives. This will help you to develop a growth strategy that aligns with your goals. Your growth strategy should focus on both short-term and long-term goals, and it should be flexible enough to adapt to changes in the market. For example, your short-term goal may be to hit your monthly sales target but your long-term goal would be to build a reputation and brand with a very specific niche. […]