We are recommending that you find your niche.
The bottom line: Find your niche by identifying an idea that makes you money and then whittling it down to its essentials. Next, add value to your niche and create unique selling points. Tada! You can think of a product/service you already buy and how you could use your skills to make money selling it. Focus on the money-making opportunities and let go of worrying about the small details that aren’t important to your bottom line. You can quickly create an income-generating niche by following just a few steps.
The basics of finding your niche
Everybody knows that person who comes up with new business ideas every few years. They seem to find the next great thing with whatever they touch. Every single dang time. They do it every single day.
They have the key to unlocking goods or services that people will pay for. This is as easy as it gets, but let’s get into the details.
Step 1: Finding the “what”.
It is much easier to create a money-making idea that you think. You probably already have some ideas in your head. Many people have trouble turning their ideas into small businesses.
So how do you do it?
Start with three to five items or services that you have already paid for. It’s possible that someone else will pay for it if you already have it.
Step 2: Combine Step 1 and your current skillset
Use your skills. It might work well as a business idea if you are getting paid for doing something. You might be doing it in your spare time, or have received training.
Consider this question: What skills can I use to make more money? There are many ways to make money, regardless of your carpentry skills and/or your artistic talent for choosing paint colors.
Step 3: Harness your hidden talents
This is where your friends gather around the fire pit to share their talents and knowledge. suggests looking for things such as “You can give great relationship advice.”
You might find it subtler. You might consider taking a few courses to monetize your knowledge if you are the one in the family who teaches everyone how they organize their garage or do their taxes.
Step 4: Check for profitability
You can’t guarantee a paycheck by marketing your skills. Instead, test the odds that someone will pay for your services.
This test is referred as the Pay Certainty Technique.
- Who are your ideal customers?
- Are they able to pay?
- Are they willing to pay?
Your people skills will be a must and you’ll have to ask your target market the right questions.
A high-powered executive might be able to afford a mobile tailor. On the other hand, a recent graduate might not have the ability but the willingness to pay for a mobile tailor. Finding your niche is all about making sure that your idea is financially viable.
Step 5: Understand your niche’s Demand Matrix
Although it’s impossible to predict where your product or service will end up before it’s actually on the market, a little research can help.
Sometimes you may have to make it public before you can determine if your target audience is willing and able to pay.
The Demand Matrix will place your business in one of the four quadrants.
- High-End: Very high price with few customers. Think luxury brands.
- Golden Goose: This category has high prices and many potential customers. You can think of expensive gadgets that will appeal to millions of people around the world.
- Mass Market: Low prices, lots of customers. This category includes everyday products, groceries, and many other services.
- Labor of Love: Low prices, few customers No! No! No! Dodge it! This is not a way to make any money. If you’ve already started, stop.
Step 6: Stand out from the rest
Although you may already have an idea in your head, the idea is not what will get you customers. It’s your unique selling point. It’s your unique selling point. You can think of intuitive apps, personalized gifting options, or anything else that will make your product and service stand out. Here’s a tip: Value adds are what will make you excited.
Be specific about your market and what you have to offer that no one else offers. Maybe you are passionate about pet sitting. You’re not the only pet sitter out there. Your target market should know that you offer pet sitting, with pictures and updates daily, as well as details about noted behaviors and animal CPR certification. The price you can charge will increase, while your target market will shrink.
It is much easier than you might think to find your niche.
You’re good to go if you don’t get distracted by the little details, such as printing business cards or setting up your fonts. These things will be important at a later stage, but we don’t want to get ahead of ourselves. Focus on the moneymakers, such as obtaining your first three clients.