So you decided you want to start a business or side-hustle. You love the idea of being your own boss and the potential flexibility of working only when you want.
Well, when you are first getting started with your new venture, choosing the right niche for your idea is a very important step – especially if you don’t know what a niche is.
The goal with every business is to make money, so being in the right niche for your idea can determine your success or failure when starting out.
Here some useful tips, that I find very helpful when choosing a niche for my ideas – hopefully you will too.
Firstly, what is a niche?
A niche or niching-down is basically when you specialise in a specific interest, product or service that you can then market directly to a specific group of people.
- Selling educational resources to parents that have kids with special needs.
- A battery repair service for electric scooters and bicycles.
Whatever it is, choosing the right niche for your business idea doesn’t have to be hard.
Start by deciding what you are going to be offering, and to who specifically.
You may already have the perfect business idea, or already started providing the kind of products or services that you’re passionate about – but still find it challenging to get new clients…
Try niching down to a specific sector of the market that you want to be in. Start by specialising in the right type of products or services for the specific kind of customers that you want to attract.
- I design and manage websites for owners of holiday rentals in the Caribbean.
I found that many people are not very tech savvy or they just don’t have the time to learn a new skill and do it themselves. And because I have always had a passion for computers and the internet, niching-down my services from the vast world of IT – to a specific group of people that required my expertise, was super easy.
Ultimately, it’s easier to find a great niche in whatever you have a passion. This would also make it easier to promote your products or services, to your specific kind of customers.
YOU are the Niche.
As a self-employed person, you are the niche. Every thing you do while working for yourself, becomes part of what you want to represent in your business.
Your originality, knowledge, and life experiences cannot be copied entirely, and this makes you, your best niche idea.
One of the goals of a self-employed person, should be to grow an audience of subscribers and followers. You can then use your platform later on, to market your products or services to your supporters.
Influencers, Youtubers and other popular individuals are their own specific niche.
If they have a large following or many subscribers, then whatever products or services that they choose to represent, can be easily marketed to that specific group of people that follow them – turning their followers into paying customers, directly or through affliations.