I remember talking to a friend, about building her brand online. I did all the pitching, powerful marketing and where I would come in…she loved the idea but finally reminded me why this was not an essential plan for her at that moment.
Why? It was a seasonal product. For her, she needed to focus her attention as a first timer on something that has a steady market if she would invest that much time, attention and money.
And it all clicked; some niches never really go away, have constant market and have less fluctuations than others.
Health, Wealth, status: Everybody wants to know how to make more money, save as much as necessary, stay healthy, decrease pain and illness and the rich want to flaunt their wealth. These niches never go away.
How to find micro niche ideas? Choosing a niche is yet not the easiest task. If you dumbly pick a niche without any knowledge or idea what you’re doing; you’ll easily show how dumb you are.
While if you niche down; select one that is really targeted and solves problems you could easily outperform a brand that is over-broad niche in all aspects – income, loyalty and continuity long term – that’s how to find a profitable niche.
Here are some ideas for you when selecting a niche:
1) Pick a niche that aligns with anyone of your passions
Pick a niche which you’re passionate about will help you not get bored in the process of building a business. Building a business can be hard and boring. If what you do; does not bring any joy in any way; you easily quit.
2) Scratch your own itch:
Picking a niche where you have problems already and trying to solve problems you’ve experienced; is one of the best ways to pick a niche.
This time you’re not just attaching to your passion; but you’re actually trying to solve a real problem you experienced firsthand. Countless successful startups are based on this idea of scratching your own itch.
3) Research your niche
Research is key; you research such industry; to see what problems they have. How to do niche research? You’ll find them on Groups such as Facebook groups, LinkedIn Groups, Forums such as Reddit, Quora.
You’ll need to get insights on what problems they’re facing, their beliefs about the problem, what they believe about current solutions they’ve tried or available for them to know how to niche down your business.
Then create a service to solve those problems. The idea is not to get stuck on finding a perfect niche, you just need to get your idea started. Think progress, not perfection. Be very ambitious, yet pragmatic. You’ll never feel fully ready, so try anyway.
4) Attach less to your niche/product but on creating a service or solution.
There’s more to benefit from the problems you’re trying to solve than any particular niche. Creating a successful brand may need less attachment to be successful. Whatever you choose, may not be fully clear to you until it works. So you can literally just decide an industry you wish to sell your services to; you just need to do some research.
How to stand out in your niche?
1. Be innovative
Look at what the market is doing, what ways can you be more innovative? What can you add that is not existing presently? Your ability to decode and apply creative and efficient ways to solve problems in your own way gives you an edge over competitors.
2. Be Customer focused – I've never seen a successful business that is not obsessed over their customers. What system do you put in place to put this in perspective always? How fast and genuinely can you respond to a customer’s complaint even online?
3. Giving more value; produce better results.
Always be adding value. This is one of the most time-tested character of A-players; they produce results, not just once but over and over again. They are always looking forward to being among the few that can give results and solutions even in the hardest of times.
4. Build a Good Team-
As the late Steven Covey would say concerning synergy “As many ideas from as many people as possible as early as possible.”
5. Be Consistent
You can create an Edge by staying consistent. Do more of what works and do less of what works consistently; by improving, eliminating or delegating it.
Whatever niche you choose; the more you stick to it; the more you gain experience. In the long run; this can pay you more you than you ever thought of. Good companies are not afraid of failing. And when they fail they have a habit of getting back up; no matter the circumstances. You must make up your mind from the start to be relentless in the pursuit of your dreams.