Sales

Do you know your niche? Here’s how to find it

- June 12, 2024 3 MIN READ

 

Discovering your niche can feel like finding a needle in a haystack. Yet, it’s one of the most pivotal decisions you’ll make on your entrepreneurial journey. If you’re wondering how to pinpoint that sweet spot where your passion meets market needs, there’s one thing I want you to know, its never set in stone, explains business strategist, Jim Cocks.

What’s a niche and why is it so crucial?

A niche are the people you market to, NOT the only people you work with. It’s your corner of the market universe where your unique skills and interests meet the specific needs of a particular group. It’s not just about specializing; it’s about dominating a small part of a larger field in a way that nobody else can. When you nail your niche, you’re not competing with everyone—just those who haven’t matched your level of focus and expertise.

After years of corporate grind leading to severe burnout, I found my niche in helping others build successful online businesses without sacrificing their well-being​​. Supporting people that were a few steps behind me. So that might be a place you can start to look.

How can you find your niche?

1.    Reflect deeply on your passions and skills

Start with a deep dive into what you love doing and what you’re good at. My pivot from a draining corporate job to coaching stemmed from my passion for empowering others—a realisation that came from reflecting on what truly energized me during my darkest times​​. Look at what you value in life and how that can relate to a future audience. You will love working with your clients if their values align with yours.


2.    Identify gaps in the market

Look for what’s missing in your industry. What are clients complaining about? What do they wish was better? I never wanted to be a business coach but as I started developing my business and seeking support I found a major gap in genuine, experienced-based coaching for businesses wanting to package their experience and grow one to many programs online that actually delivered tangible results. There were so many offerings at the time that lacked no-fluff, actionable coaching strategies​.

3.    Test your concept

Before going all in, test your idea. Start by having conversations with people, understand what they think their needs are, and what language they use. This not only refines your approach but also builds confidence in the niche you are creating​.

4.    Define what makes you different

What can you offer that no one else can? Is it a blend of personal experience, your mission as a business owner, your genuine commitment to your clients’ success​​? Your USP is what sets you apart in the crowded marketplace and has hungry buyers wanting to track you down.

Launch on a small scale, gather feedback, and adapt. A business isn’t built in a day. It evolves through continuous feedback and adjustments, ensuring it always meets the changing needs of clients while staying true to your core offering​​ and mission.


Bringing it all together

Finding your niche might require some soul-searching and market research, but the payoff is worth it. By aligning your business with your unique strengths and a clear market need, you create not just a business, but a legacy.

Remember, a well-defined niche doesn’t just help you stand out; it makes every other aspect of running your business more focused and effective. From marketing to product development, knowing your niche guides your decisions, making sure they’re always aligned with your ultimate business goals.

So, are you ready to find your niche?

Think of niche discovery not as a hurdle, but as an exciting phase of your entrepreneurial journey. It’s your chance to turn your unique blend of passion, skills, and insights into a thriving business that feels less like work and more like a personal mission.

Most importantly, choose! With all the hundreds of people we have supported at startup phase niche can be one of the things that holds most people back from moving anywhere. As I like to say treat your niche like a piece of clothing; try it on, see if it fits, if it doesn’t put it back on the rack and try something else on. You will move forward and succeed much faster if you get out of your own way and take a leap.


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