Finding your niche is one of the earliest soul-searching decisions you have to undertake as an entrepreneur as it helps you gain clarity and eliminates elements of floating.
What does it even mean to find a niche? To find a niche means to define where your territory is. It is to be clear about what you are currently doing or plan to do, it is to understand that you have a specialty and you should perform in your space, it is to make a decision to dominate in your little space.
Here are FIVE steps to take in finding your niche whether you are just starting out or you have been in it for a while:
- Make an honest and proper evaluation of your skills, interest and passion:
Carving out a niche for yourself is important but not more important than understanding what your skills are, where your interest lies and what your passion is.
Writing down a result of this finding would help you in finding a niche for your business.
- Identify your business goals:
What business goals do you have? What benefit would creating a niche do for you? What are you looking to achieve? The answers to any or all of these questions may be all you need.
- Spot and look at problems you can solve:
You need to focus on where your strength lies but do not be too relaxed. Every entrepreneur’s “job” is to solve a problem; directly or indirectly. So, if your niche is not solving at least one known problem, then you may need to take a second look at it.
- Find your competitors:
After evaluating what your skills are and finding out the problems you can solve, you need to find who your competitors are. Take a look at what they are doing, the necessary skills they acquired, the problems they are solving and how they are solving it. Competitors are not necessarily bad or hurtful businesses run by your enemies; competitors are people doing what you plan on doing, what you are doing and sometimes they are people doing what you do better.
- Check for the profitability:
The aim of every business man aside from problem solving is profit making. You do not want to run your business at a loss, get into problems either with your clients or even your staff, so you would have to check the profitability available in the niche before venturing into the business.
As you work towards starting a business or you are at a crossroad regarding your business, you may need to find your niche first as this will set the tone and offer the needed clarity on dark days.
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