Finding a niche market that is profitable and perfect for you is your number one job. It’s one of the key decisions to make when you run a small business online.
No matter what you sell, you have to find your niche. You want to target a specialized market that suits you best or is natural for you.
Small business players like us don’t have the resources to serve the whole market in our industry. We little guys have to find a small part of the whole market. That is a niche market that the big boys can’t or don’t want to cover.
With niche marketing we can afford to offer products or services to the limited audience. And it all starts with personal assessments.
Start Finding a Niche with Personal Assessments
You want to start finding a niche by assessing your own strengths. Just make a list of your backgrounds, work experience, personal interests, hobbies and favorite past times.
Start with what you know — expertise on a particular subject. But make sure also that you are passionate about your subject and that it fits your personality type.
Here are personal assets to inspire you in finding your strengths:
1. Home and family life. Whether you are single or married, you have gained knowledge from personal experiences that people out there may be looking for.
Dealing with serious illnesses and helping a friend through something traumatic are example of such personal experiences that could be useful to another person going through the same thing.
2. Job and career. Occupation is your other personal asset. With college education, occupational training and work experience you know a specific subject that you can use to your benefit.
It would be easy for you to promote a product or a service because you understand it. You can also create your own product and sell it in your website.
3. Personal interests and hobbies. Hobbies are also a great source of inspiration. You know a lot about a certain hobby because you have spent a lot of time and money enjoying your hobby.
If you enjoy playing golf you can share your passion with the world by giving some advice on newsletters or creating a product based on the hobby.
Finding a Niche Market That is Profitable
Try to develop a list of subjects that suits your personal strengths. Look at your list and see if there is a pattern.
Do you find that you have an inclination to a specific market? Go dig it to discover your niche. The following example tries to illustrate the process of finding a niche.
Let’s say you have backgrounds in health industry. You’re passionate about healthy living and maintaining ideal body weight.
In addition to controlling your diet and doing routine exercise you like to show your slim, healthy body off to your friends. Recently you have concocted a diet formula that will take fat out of a person’s body.
You want to sell diet pills but there are giant companies that sell similar products. What should you do? Narrow your market down to a niche. Instead of selling diet pills to general audience target your sales to those who have gyms.
Build a simple website that caters gym owners and advertise your diet pills just to people who own gyms.
What about you? Have you found a perfect niche? Share your experience in finding a niche here.