Finding Your Niche In Business Using This 5 Step Formula
Do you know what niche your business fits into? Here is a 5 step formula to finding your niche in business to attract the right audience.
Hi Trish Davies here, founder of Build You AU and Trish Davies International. So, you are looking to start a business, but you are unsure what business within what niche. This is something that holds many people back from the outset but also further down the line.
Defining your niche is a tricky subject and cause many headaches in your search of what you are meant to do. What may happen though is that you fall into procrastination, you are trying to make things perfect from the start. There is no such thing as perfection, so my recommendation is that you take action.
Get up and running with an idea as that will in all probability be the seed that evolves. That seed will reflect in some way your niche, but things may change in the future as I have found out very recently.
You Must Drill Down To Your Inner Core
Over the last three Build Your AU members masterminds I have focused on drilling down on finding your niche in business. I have a very unique process that identifies purpose, natural talents and gifts, expertise and experiences.
Just recently I have started a process of questions that my members must answer. Those specific questions get right to the deep core, the personal makeup of my members.
They have also hit home for myself as well and made me think what my niche in business is. We are about 3 questions into 15 in all and it has made it apparent what my niche is.
That is Wealth Creation. Creating wealth from scratch using business models and systems to generate revenue that can then be leveraged. Leveraged through investment that in turn generates passive income, the holy grail to business. Generating money and wealth through work that has previously been done.
So, the process I have been sharing with my members has benefited myself and I am now 15+ years into my journey. Click here to learn more about the Build Your AU process of defining your niche and audience.
Now to give you some insights on finding your niche for business I am going to share with you a 5 step process. This process will start to give you some clarity on what niche your business fits into.
The 5 Step Process To Finding Your Niche In Business
Step #1 – Identify Your Passions & Interests
Start of with making a list of your passions and interests. If you can create a business around your passions and interests then your chances to succeed great increase.
You will have more motivation to move forward, you will have the drive to persevere and see it through. So how can you determine what you are passionate about? The likelihood is that you already know what you are passionate about. If not then think about what you like to spend your time doing, what do you look forward to doing?
Are you a members of any clubs or societies? Do you subscribe to any particular publications?
Step #2 – What Problems Can You Solve?
From your lists of passions and interests you must start to drill down. The purpose of drilling down is to identify from your passions and interests profitable business ideas. To make money through a business you must have products and services which people will purchase.
Invariably those products and services solve a problem that your target audience is experiencing. Solutions generate revenue for you and fulfil the desired outcome for the customers. A win/win scenario.
Identify potential pain points that people suffer from. Search online forums and question and answer websites. Install Keywords Everywhere into your browser and research potential questions people are asking.
From these three sources you will identify what your target market, your niche, needs.
Step #3 – Define Your Competition
You will have competitors, there is no doubt. If you don’t then you are either very lucky to find yourself at the beginning of a trend. Or there is no demand for any potential products and services.
If there are competitors then the likelihood is that it is a profitable niche to enter into. Now this step is going to take you some time to complete but complete it you must. Open up a spreadsheet and start listing your competitors. Who are they? What do they provide? How do they serve their audience?
Once you have this information it is your task to outdo, go further, be better. Start creating value driven content to start to build your audience. Be transparent in everything you do and create. This creates authenticity and trust in you from your audience.
Don’t portray your business as cloak and dagger. Be the face of your business and demonstrate that you aligned with your core values.
Step #4 – Determine If Your Niche Is Profitable
Through your research in the previous step, you will come across products and services that already exist. You must determine if your niche is profitable, how much money can you make?
Look at other vendors in your niche and determine how much they charge. You don’t have to copy them penny for penny, but you must be in the ballpark. What you are looking for is a decent amount of products and services without being oversaturated.
If on the other hand there is a lack of products and services it could raise alarm bells. Meaning that in the past people have entered your niche but have not been able to monetize their efforts.
Step #5 – Test, Test & Test Again
To ascertain if your niche is right you must test, test and test again. Testing relates to your products and services, your marketing and your message. Online business relies on website visitors which means you must learn how to connect with your audience.
This means that you will need to test various web pages in your marketing system. Landing pages to obtain leads, sales pages to create conversions, thank you pages to create relationships.
These elements need a strong marketing message. A message that relates to your audience emotionally, so they take action and purchase. Testing your products and services also plays a huge part in finding your niche in business.
You must listen to feedback and make any necessary improvements in line with what people are saying. This step again takes time, but you will eventually create the right mix, the right formula.
How Build Your AU Can Help
I have shared with you a 5 step process to go through when finding your niche in business. Also, I have given you a brief insight into how Build You AU works in helping you establish authenticity, authority and attracting your audience.
My Build Your AU mastermind helps you determine your niche based on what I have shared and much more. Build Your AU starts with a free 9 step program which lays the foundations to creating a profitable online business. To learn more about this process click here and I look forward to connecting with you on the inside.
Helping you build your authenticity, authority and audience.
Trish Davies
Build Your AU
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