Posted June 12, 2019 - in Uncategorized
Finding your niche is something a surprising number of entrepreneurs struggle with. You know you need to choose one, but what if you pick the wrong one? What if the niche you choose doesn’t bring you the success you desire?
Let me stop you right there. Choosing your niche doesn’t have to be this huge, life-altering decision. Sure, you want to choose a viable niche that will actually bring revenue to your business. However, you’re not going to get your business off the ground if you keep falling at the first hurdle.
So, here are three questions to ask yourself to help you find a profitable niche for your business:
11 years ago, I was a personal assistant to a property developer. He was a passionate entrepreneur and I learned so much from him. But I had my own passion brewing. Actually, it was more like a pang of hunger to start my own business and I knew I could never satisfy that hunger until I left full-time employment and launched my own start-up.
So, that’s exactly what I did. I worked from home as a virtual PA and I loved it because I knew I was making an impact on somebody’s life. I knew there was value in my services. There was a problem I could solve and so, I worked on building my business into what it is today.
I identified the problems I could solve and targeted customers that I knew needed my help. As Mi-PA continues to grow, we’re focusing on creating amazing training programs and doubling down on how we can make the lives of our customers, who are all business owners, better.
So, when you’re trying to find your niche, ask yourself where you can add the most value. Everyone has their own unique set of talents. There’s something that you can offer that nobody else can. Or at least, they can’t do it as well as you can.
Identify what that ‘thing’ is for you and focus on that. You can always outsource the rest if needed. Think about where you can add the most value and stick with that.
Before you settle on a niche, you need to make sure that it’s scalable. You might have an idea of what type of niche you want to get into, but is there an audience for your service or product
It’s important to determine just how profitable your niche business will be. You don’t want to choose a niche and invest everything into a business that’s destined to fail.
When I niched down into the virtual PA industry, I knew that there was a lot of demand for my services. There’s a lot of business owners out there who don’t have the time to book appointments, schedule meetings and so on. So, my team and I do all of that for them. We take the pressure off and do the tasks that they don’t have time for. Doing this helps to free up their time to focus on more important things like actually growing their businesses.
A great way to help determine if your business is scalable is to do some research. Check out what your top competitors are doing and if they’re doing it well. Are there areas they could improve on? Is there a way that you can learn from their mistakes and make your own business the superior option for your audience?
When I launched Mi-PA, I knew without a doubt that it had a lot of potential for growth. There was so much I wanted to do with it and so much to gain. I needed a business I could scale because I didn’t want to work in my bedroom forever. I wanted a team. I wanted the financial freedom to be able to go on holiday and trust that my business was being taken care of.
Keep this in mind when you’re finding your niche. Make sure that it’s something that you can scale and grow or else you risk being stuck in the mud.
The next question you need to ask yourself to help find your niche is concerning your interests and passions. This should be relatively easy but if you need a hand, grab a notebook and make a list of all the things you enjoy doing.
This is your list of interests and passions. For me, it was serving people by helping them grow their businesses. Sadly, a lot of people don’t like their jobs. They aren’t passionate about what they’re doing because they have no interest in it.
Don’t let this be you! You’re launching your own business, so you’ve got to make sure you LOVE it. For me, I’m super passionate about helping entrepreneurs lessen their workload so they can build their empires with confidence. My team provides them with the support and assistance they need to lift them up so they can keep doing what they love.
So, when you’re trying to figure out what your niche should be, take some time to determine what your interests are. What makes you happy? How do you like to spend your free time? What inspires you? These are the types of questions you need to ask yourself and eventually, you’ll spark an idea that makes you excited to get up in the morning and work on your business.
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