Whether you’re a business coach looking to specialize in a specific niche or prospective entrepreneur looking to make a name for yourself, finding the right specialty for you is important for success. But, like anything else, it’s a process. Here’s where to start:
1. Start with YOUR interests.
It’s almost cliché at this point, but you have to follow your bliss, as the great scholar Joseph Campbell once said. That doesn’t mean that your niche will be the perfect culmination of everything you’ve ever dreamed of, but it should at least be something that you find interesting. Interest creates drive. The drive creates success. You see where we’re going with this.
So, make a list of your top 10 interests.
2. Recognize problems that need to be solved.
Now the narrowing process begins. Identify the problem and create a solution. Ensure that you can create a solution for the target market, which requires some target market research. How do you accomplish this?
- Talk to your target demographic. In real life. Online. Just talk.
- Play with different keyword combinations on Google Trends and Google AdWords keyword planner. This is a strategy to pinpoint popular searches and pain points.
3. Determine profitability.
By this point, you should have a more focused idea of what niche might suit you the best. At the very least, you should have a few promising ideas you’re excited about. At this point, it’s appropriate to do enough market research that you’ll have an idea of the profit margin possible in this niche.
Now you have all the facts. It’s time to start testing. Don’t just dip your toe in. Jump in headfirst and test your idea.