Entrepreneurship is an extremely hot topic right now and for good reason. The barrier for entry to make money because of the digital era, makes it easier than it has ever been. The biggest problem with most new found entrepreneurs is that they get started building on terrible ideas, that no business coach or marketing guru can save. So to help, I want to give you 3 things to consider when picking your niche to get started on the right foot.
Picking your niche and what you want to be known doesn’t have to be as daunting as people make it out to be, but it does require some careful consideration.
The 3 things all new budding entrepreneurs need to consider are:
- You & what you want to be known for
- The audience you want to serve
- Is there a market for you
The most important question everybody needs to sit down and realllllllly ponder upon is, What do YOU want to be known for? This determines everything and the direction that you will go in with how you build your business. I preach about building in the digital age so much because once you understand the tools that are available, you can begin reaching an audience that isn’t even in the country.
A few questions you can ask yourself to get you thinking on what you want to be known for are:
- What gets you excited?
- What would you want to specialize in?
- Can you see yourself speaking about this niche for the next 3-5 years?
- What types of people or audience do you want to serve?
- Is there a growing demand for the niche you want to specialize in?
Asking yourself these questions will allow you to identify a few of your passions and niches that you can build upon.
After you get thinking about yourself and what you could specialize in, the next key area to start thinking about is the audience you want to serve. Now, like I said earlier, I see to many people starting bad businesses and then get stuck because nobody has the magic formula to help them make money.
You need to determine if the niche you want to be in is something that people are actually looking for help or to gain something in. If there is no audience for your product or service, well my friends, you have no business.
Ask yourself the following:
- Are people looking for help or a product in this area and are they willing to pay for it?
- Is this a serious problem that people are looking to find solutions for?
Getting clear on your audience will give you insight on if your idea is feasible.
The last thing you need to wrap your brain around when you are starting out is the most crucial, is there a market for your niche? If there is no market for your niche, than you simply will not get paid.
Some things to consider when analyzing if there is a market are:
- Is there anybody else in this space and are they able to monetize? How are they monetizing? What is there business model?
- Is there a big enough market for your niche?
- Where is the location of your market? Are they local or are they in another country?
The 3 tools I use to determine if there is a market and if people are actively searching for things in my niche are as follows:
- Google Trends – Type in the keyword and this will break down geographically where people are globally or in your country and if the keyword is being searched. You will also get related queries to your search.
Answerthepublic– You can search keywords and the website pulls data from Google & Bing, to provide a laundry list of questions being searched around the keyword you entered. You can get a gist of the emotion and motivation behind all the questions being presented to you and is a key resource if you are a content creator.
- Ubersuggest – When you enter a keyword, you are presented with the search volumes as well as related search phrases. You can also enter in domains (great for competitor analysis) and see how they are doing online and what keywords they are ranking for.
Those 3 tools should be saved to your favourites immediately. They will give you immense information and a holistic picture to see what people are looking for within your niche and also where across the globe your biggest audience is.
Knowing all of this, you can begin to make your plans for how you are going to build your business.
Today is the best time in history to be an entrepreneur/solopreneur, you have tools available to you that if used correctly, can almost feel like you are cheating. But welcome to the digital age.
It’s time for you to get in tune with your true self and passions, and figure out your angle on how you can make a viable business out of your passion. I wish you all the best in this endeavor.