When you try to solve everyone’s problems, you will end up creating enough for yourself. On of the greatest trap in business is not choosing a niche at the early stages. The fact is, you can’t solve the world’s problems. You are not a superhero. So, you have to niche down.
But, what is a business niche?
A business niche is a specialized or focused aspect of a larger market that. It is a small part of the market that your business can focus on, in order to stand out in the market place, and from the noises in the market.
Here are steps to choose a profitable niche in 2021.
- Identify your interests and passions.
You have to do what you are passionate about, else you will lose interest in the long run, and quit. Sometimes, things do not go as planned in business. So, your passion will keep you going. Here is what to do. Find out what your natural talents are, or your skills. Then look for problems you can solve with them.
When you find out the problem, determine who, among the broader market, you can offer that solution to, more efficiently. Now, that is your niche. Move over to step 2.
· Find out if there’s a market for your passion and skills
Your passion for a particular niche isn’t enough You also want to make sure there’s a need for it;
One way to find out if your niche is profitable is to conduct a keyword research. You can use Google Keyword Planner to do this.
- Find out how profitable your chosen niche is.
The reason you are in business is to create solutions for people, while making profits from doing so. Unless you are a nonprofit, this step is very important. You have chosen a niche. Now, it is time to check if you can make money from that niche. Ask these questions
- Is the market willing to pay for the service I want to render?
- Can my target audience afford to pay?
- How much can they pay for it?
Conduct online researches on the niche and people who are already in the niche. These questions will help you determine if the niche is profitable or not.
- Research your competition.
One of the reasons you should research your competition is to find out what they might be doing wrong, and then capitalize on that to create your unique selling point.
Also, your competition may actually be showing you that you’ve found a profitable or unprofitable niche.
- Test your idea.
After taking the previous steps, you are now ready to test your idea. Here is what to do. Set up a landing page for pre-sales of a product you are developing. You can then drive traffic to this page with paid advertising.
If you do not get pre-sales, it does not mean that you are not in a viable niche. It could be that your messaging is not right, or you have not found the right offer yet. Use A/B split testing to optimize conversions and find out whether or not there is anything stopping your target market from taking action.
My name is Chigozie Japhet. I am a content writer, and a brand strategist. I like writing, reading, researching and watching football, especially my team, Man United. i believe in working hard, and also in relaxation as all work without play, makes Chigozie a dull boy.
