The term ‘niche’ comes up frequently in the business world – especially in regards to entrepreneurs. A niche is an area of specialty within an industry – a way for a company (or individual) to stand out and solve a unique problem.
When it comes to an entrepreneur finding their niche, they need to consider several things. This decision will not be set in stone – an entrepreneur is always free to try new industries later – but it may define them for years to come.
New entrepreneurs should look to their interests and passions when trying to define their niche. They say that work doesn’t really feel like it, when it revolves around your passion. That is undoubtedly true for entrepreneurs.
When trying to lay out all potential passions and interests, it is okay to be as general or specific as needed. Consider hobbies, for example. What do you do during your free time? What do you most look forward to?
Likewise, don’t forget to consider favorite forms of media, websites, magazine subscriptions, etc.. All of this can be used to help narrow down your niche. The critical part here is identifying a list of things you’re passionate about, which could potentially be turned into a business idea.
The next step involves the cultivation of unique ideas. A business succeeds when they create a solution to a problem through either a product or service. When considering new niches, try finding a few issues within that given industry – and how you would work to solve them.
Before making any final decisions, it is essential to take the time to do a little bit of research. Look into the niche and industry that you’re leaning towards. Is there room for more growth, or has it become bloated with entrepreneurs?
One easy way to understand the viability of a niche is by looking at potential competitors. How are their businesses doing? Are there things you would do differently? Answer these questions before moving on.
Reel It In
It’s impossible to please everyone. That’s a hard truth that entrepreneurs will have to accept. What this means is that no solution will work for everyone. By trying to find a niche that appeals to everyone, you’re essentially making your job impossible.
Instead, it is okay to narrow down your niche to a comfortable and approachable level. Remember, you can always expand later – if the timing is right.