At some point in time, you’ve been told that you should follow your passions. Do what brings you joy. After all, joy is ultimately the most important thing when it comes to success, right? I’ll admit, even I’ve given this trite statement at times.
Because the truth is that joy IS an important part of your success. But you’re running a business. Which means you want to make that money! Unfortunately, that also means that your passion just might not be in alignment with creating sustainable profit. Which is why we’re digging into the three steps you need to take to find your most profitable niche!
Before we dive into those three steps, let’s talk about why this is so important. I’m not telling you to dig into to your niche just to rattle your cage! There’s a valid reason why your passion might not be the perfect thing to follow as a business owner.
People are multi passionate. We often have a million different things that bring us joy and those things can change from moment to moment. So let’s say we create content or products based on those changes. We’d have content that would be all over the place. And the message that conveys is that we’re a jack of all trades and the master of none.
People aren’t looking for another one stop shop. They have Amazon and Walmart, right? When they get online, they’re typically searching for a specific solution to a specific problem. In order to make the most of that, you as a business owner should step into one area that you’ll be deemed an authority on.
This target content will reach a targeted audience. In other words, you’ll be the solution someone finds!
Now how do we determine that niche? It’s a simple three step process.
Step One: Brain Dump Your Passions.
Brain dumps are one of my favorite things to do! And this is no exception. Grab a notebook and pen and let your brain just flow! There’s really no wrong way to do this.
Start creating a list of business ideas that you have. I like to ask my clients three very important questions.
- What are you naturally good at?
- What do you love doing?
- What to be people naturally come to you for?
Create a list of ideas that coincide with those questions. Chances are you’ll find that the ideas come pouring out of you.
Once you do that, go through the list and eliminate anything that doesn’t quite feel like a business to you.
Step Two: Validate Your Business Niche
This is an important step to ensure that you’re in a profitable niche. Go through your list of ideas and confirm that these are valid niches for you to make money in.
This isn’t hard but requires some market research. The first thing you want to determine is whether or not people are actually running businesses in that niche. If they are, hooray! That means there’s already some semblance of market available!
Next, you need to find out if there are any businesses that are experiencing success in that niche. This means businesses that are getting traffic, making sales and living on their niche. Again, you want this to be a BIG YES.
Many times people feel like they have to create and corner an industry. This simply isn’t the case. In fact, it’s quite the opposite. You don’t want to convince people of your niche’s worth. You want them to actively be looking for you.
Finally, you need to determine how you’d make money in the niche. It’s all well and good to see that there is a market but how do you intend to use it?
Step Three: Focus on the Winning Niche!
Now that you have a strong list, you need to focus in on the one that’s best for you. This is when you get to find that overlap between what brings you joy and what will bring you money.
Start by asking yourself these questions.
- Which niche brings me the most joy? You want to be able to work in your niche without it feeling like a constant chore.
- Which niche are you most qualified to speak on? Having passion and knowledge are two totally different things. I may be passionate about saving the whales but I don’t know enough about whales to teach a class on them!
- Which niche can you create content with ease around? The last thing you want is to have to struggle with content creation so you want your niche to be one that you can easily come up with talking points for.
With all of that information, you’ll be able to zero in on the right niche for you in no time. And even better, you’ll be ready to make that money!