6 Guides and Processes for Finding a Business's Ideal Niche

Introduction

It is high time we/you start turning your passion into business if you have not thought of that before now. Come to think of it, have you ever thought of turning that your passion into a money-making business? Having been working closely with entrepreneurs, I come to realise that many companies offer a huge range of services, while some a wide range of products, but a lot of they struggle to become the market brand (leader) for what they offer. Most time, we focus on name, widespread population or customer.  We could focus on a small portion, but potential customers bearing in mind 80/20 Pareto theory. This tells us to narrow our scope that provides the chance or opportunity to be the best at what we offer.  

                                        Image Source: http://vertu-marketing.com

PASSION NICHE MARKET 

Let's take this for an instance, If you love dressing gorgeously in a good looking attire, always having an update on dressing sense and what is trending in the fashion world, probably you even like to sew clothes or you have a passion for the related stuff...this is indicating business niche for you. In other words, passion can leads to a business's Idea niche market.

6 STEPS AND GUIDES TO FINDING A NICHE MARKET 

1. A Deliberate Reflection on Passions and Interests
2. A tough Search of Customers' problems and needs, providing solutions on them 
3. Study the competition and device a better way
4. Use your Experience 
5. Establish your niche and its profitability
6. Examine and Test-run the service or product

A Deliberate Reflection on Passions and Interests

Is there a craft or a skill you're expressly passionate about or skilled at? Take some time to ponder on your areas of interest as potential niche market ideas. Beneath are a few questions to spark your brainstorming:

• What skills come naturally to you?
• How do you enjoy spending your free time?
• Do friends, family, and colleagues ask for your advice on a specific topic?
• How do you approach problem-solving?
• What topics do you enjoy learning about?

Write down your answers to these questions, and start a listing of ideas to reflect for your business's niche market.

 A tough Search of Customers' problems and needs, providing solutions on them 

Now that you have gotten some business niche or idea, consider the obstacles faced by your target business or market and how your passion or interest can become a product or service that satisfies their necessities. What's their motive to purchase?

Study your potential buyers and ascertain their shopping and product study their behaviours and the hurdles they face. There is a variation of instruments (comprising free ones) you can use to help you as you search your customer persona. This will give you a greater sense of how your enterprise can give value to your niche business or market.

Study the competition and device a better way

Ere consecrating your time and potential in promoting a brand new business, you'll want to study your potential competitors. You might have a viable product idea, but how many other businesses will you be racing with?

Below are a few websites that can help you with your competitive research.

• Google Trends 
• Google Keyword Planner
• Twitter Trends 
• Alibaba Express
• Jumia
• Amazon

                                                     Image source: wikimedia.org

Utilize these agents to explore the best-selling products consumers are researching for, and see if your new business can meet their needs.

Use your Experience 

Capitalize on your pieces of training, education, or work experience to device a niche of the market. E.g., pharmacist running a drug shop or distribution drugs, Mechanical Engineer running a mechanic workshop professional, like GOF Autos limited. 

Establish your niche and its profitability

If you're devoting your resources and time to a new business idea, it must have the capacity to become profitable. Here are a few determinants when finalising the niche you'll be providing a solution to:

• Customer demographics
• Customer values and interests
• Customer location
• Product quality
• Price

When researching, if you find a reasonable number of related goods, but not an excess of products -- this means your idea could be profitable. Take a survey at the price points of your rivals' products so you can price your own competitively. 

Examine and Test-run the Service or Product

Design an easy navigates website or landing page for your business so buyers can find you and research your product or service. Give a trial time of the product or give out free samples to your target customers. This fundamental test phase should not cost a large number of funds, but you can surely use paid ads to drive traffic to your website. 

Conclusion 

To see if people want to put cash on your product, take advantage of tools such as crowdfunding sites. This may not be applicable to all countries, especially some Africa countries.  Not only can you gain the funding you'll also get your product in front of potential customers.

If the test is not as successful as you hoped it would be, don't scrap your idea wholly. Go back to the drawing board and see if there are any key areas where your product or marketing could be enhanced.

Still not sure what a niche business looks like in practice? You could attend my free training online and offline training. Kindly drop your email via site email at the side of this blog or at the comment box. 

Thanks for ready. More are still baking. 

Hey, I'm

KINGSMOND EHIMARE

(Dip., B.Sc., M.Sc., AHR.) Business Psychologist, Business cognitive Coach. Write for Quora.com, The Heart Magazine, Kingsmond.com, GOFautos.com

CEO Kcmond Consulting: Known for Copywriting, Digital Branding/Marketing, Web Development and Training. 

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