Are you trying to figure out the prefect niche for your business?
If you are like us when we were first starting out, you may be driving yourself batty researching and brainstorming where you can have the biggest impact.
What we quickly found out is that you need to find something that is in demand and relevant to your target market, but also something you love and are passionate about.
Finally, it needs to be profitable in order for you to create a successful business out of it.
Below is our approach to help you brainstorm: (Our little secret…) You can almost guarantee that you have a great business niche as long as it solves problems your target market is facing.
How Solving Customer Problems Creates a Win-Win
People are constantly searching for solutions to their problems online. This is why they use Google, search for YouTube videos, or ask their friends for help on social media. We turn to experts and friends we trust for help with the issues we’re facing.
Your customers are searching for these solutions with their credit card in hand. People are more than willing to pay good money for something that saves them time, saves them money, and improves their lives by removing the trouble they’re facing.
Discover the Problems Your Audience is Facing
If you can provide this help, you’ll have a highly profitable online business. The first step is to discover what issues your target audience is facing.
If you know your customer well, you probably have a pretty good idea of what problems they face. But it’s better to conduct some market research and base your business niche ideas on objective data you obtain from them.
Here are some ways to find out which problems your audience is facing:
- Follow discussions on social media, online forums, Q&A websites, and blog comments. See what issues people are asking for help with.
- Find out what your target audience is currently buying to help solve their problems. Look at what items in your niche are selling well in online marketplaces like Amazon.
- See what competitors your audience follows. Look at the content they enjoy, share, and comment on.
- Ask your customers what problems they face and what kinds of solutions they’re looking for.
How You Can Offer a Solution
When asked what niche they’re in, most people will say something like natural health or self-improvement. But this isn’t very specific. A better way to think of your business niche is to identify how you solve customer problems.
Create a statement based on this template:
“I help _____ to ____.”
For example, “I help health-minded parents to choose natural products for their families that are not only good for them but also good for the environment.”
Another example would be, “I help new remote workers to get organized and maintain a good work-life balance.”
You can use this statement when describing your business and it also helps you to clarify the exact solutions you’re offering.
Make It Specific
You can never be too specific with your business niche, so try to identify as clearly as possible what you do. Emphasize how it’s unique. Drill down into a specific sub-niche within your niche so you’ll have less competition.
Start with your customers and the problems you can solve for them. From there, find a business niche that you’re passionate about and that’s in high demand.