BEGINNERS GUIDE: HOW TO FIND YOUR PROFITABLE NICHE?

Introduction

Want to start a successful career but stuck somewhere and aren’t sure about where to start? Then the article is for you. Here I have shared the secret of finding the right niche that suits you best. It will help you to find out your profit market opportunity.

What is Niche?

They are two kinds of knowledge. One is general knowledge, and the other is specific. Niche will come under the specific one. No matter how great in quantity or variety, general knowledge has only little use in accumulating money.

For example, A person who holds an MBBS gets paid less than an MD in neurologist or psychiatrists.

A niche is a focused, targeted area that you serve exceptionally well. If your niche is broad, you can go with a subcategory of that niche. It is a particular area of interest in which you have in-depth knowledge to help people move from their current state to their desired state.

Common Mistakes to Avoid

1.Focus on one niche

“The man who chases two rabbits can catch none.”

When you are creating a product or service, I would recommend focusing on one. Instead of working on Multiple tasks, devote all your effort to one, go deeper into it.

It isn’t easy to focus on one thing. But you have to train yourself and focus on one niche, develop your expertise.

2.Take action

You want to travel from one place to another. If you say, “I will move only if all the signals in the route turn to green,” then you will never move. You have to start moving. If you find any red signal wait for some time until it turns green, and move forward. If you find any closure, go in another way. You will get to your destination as you move forward.

Why is it Important?

1. Getting response

We might have all experienced this. After completing a particular topic, sometimes, the professor will ask the students to summarize the topic.

Suppose if he asks, “can anyone explain the topic that we discussed today?”.No one will answer. If he calls out a name and asks the question, definitely the student will answer.

That is why having a niche or specificity is very important to get the response of people. When you are doing marketing, you always try to get responses and listen to people.

It is small, the smaller, the better. The more specific you go, the more opportunity you get.

2. Increase productivity and innovation

If you know everything, then you will be nothing to everyone.”

What if one small company provides all the services and all the products to all people in the world? How would it be? This one company will not be innovative, competitive and the product might not be super-duper.

That’s why different people from different niches bring different types of products and make culture very rich.

New Niches are born every day. New niches are discovered every day. You need to realize that this world is abundant—a unique niche born for each new product or service. There is a subcategory in each category. 

For example, If people buy a house, then there are more needs. Because they need furniture, they need to paint, need to design interior, need to install security, might install a solar panel. So new niches will be born out of the need that to be fulfilled.

How to Find a Niche?

Sometimes it would not Sometimes it would not be easy to choose among multiple choices. This might not be a one-time event. It takes time to get into shape. Anyway, you have to pick one match closely and move forward.How do you know if you are good at something if you don’t try and keep thinking? Just pick a niche that closely matches your skill & passion, and get started with it.You will find your niche eventually once you adopt the habit of persistence.

Niche is a combination of Passion, Talent, and Market opportunity. No one can tell you what your niche is, and you have to find it yourself.

1. Passion

Passion comes out of pure curiosity that binds with your inner voice. It is the excitement and enthusiasm we have for doing something or what you love to do. You would have observed the curiosity when you were a kid. When you are doing work, you will lose track of time and the world around you, losing yourself in the task at hand. That is called passion.

Think about your school and college days. It is already there, and you have to get back in touch with it. It won’t happen overnight. Be persistent, ready to find your Interests.

Find evidence for what you would have loved to do when you were a kid. If you feel stuck, list out the topics that you like and who you inspire.

  • What are the activities that made you more curious and engaged when you were a kid?
  • What would be your areas of Interest?
  • What would you like to do in your free time?
  • Imagine you are in a library, what are the books you would like to read?

2.Talent

Talent is in-depth knowledge, developing mastery by working on it for years. Talent comes out of deep specialized experience from your passion. It can also be observed and identified by trusted friends and mentors.

You will learn something more only if you enjoy learning it for a long time where you find time stands still, and you will become a master at it, and you will be unstoppable. Despite People only paying for your skills and having talents in multiple areas apart, you need a little bit of passion for getting success.

Talent is a knowledge or skill you developed in the last 1-3 years. Here are few questions.

  1. What are the areas you spend most of the time?
  2. What are your proud moments? You can include your rewards and appreciations.
  3. What are the things you feel comfortable completing while others think it is difficult? Sometimes you may find yourself correcting other people.
  4. What are the unexpected appreciations and rewards for your work?
  5. What would you like to do if money is not your priority?

Sometimes your talent will be unnoticeable. Ask around your friends and family, write it down.

3. Market Research 

The passion and talent always are aligned with market opportunity. Combine your talent and passion for matching the common interest. Then analyze the opportunities in the selected niche. Your passion and talent may vary. You may feel entirely disconnected. You may first find it like stars in the sky scattering here and there. Start to explore, and you see a line connecting every dot. Eventually, you get to know how to combine your talent and passion. You feel it at home.

If you are going towards talent and passion, you can make money only towards the end. It would be an outstanding achievement. You can do it if you don’t need to make money immediately. But in the short term, you have to consider market opportunities as well.

Start with understanding market needs. You have to find out

  1. What are the problems people facing in your niche?
  2. What are the possible solutions you can give?

How to Understand Market Needs?

Understanding who people are and what they want will be your more significant challenge in finalizing a niche. If you’re going to make much money and still do what you love, you need to combine your passion and talent with market needs.
I hope you have a list of niches in your hand. Now you need to research the possibilities of making money from it.
You can use Keyword research tools to understand market needs based on your niche.

1.Keyword research: Google Trend

Google trend is a tool that helps us to compare two niches or services.
Suppose you are confused between two niches and don’t know what to choose. Then google trend will help you. You can also filter by country.


Let’s say fitness and gardening. Here six-pack abs have more searches when comparing to Hydroponic gardening, and the selected country is India. If you choose other countries, the results will differ. It will help you to give clarity on choosing yours.

According to google trends, Hydroponic gardening has not popular as Six packs abs India. Going with fitness will be the best option for seeing growth in the short term. Do not enter the market with no competition. A market with no competition means no demand among buyers.

2. Keyword research: Google Auto-suggest

Google auto-suggest is an easy and powerful tool to get the basic idea of what people are looking for.
Assume that your niche is gardening, and let’s choose a more specific one, hydroponic gardening.


If you search on ‘how to make hydroponics,’ google automatically provides query suggestions that people are already searching for.

2. Finding problem : Online forums and Product Reviews

Online forums and review websites are the best places for finding problems in your niche.

Quora

You have your niche. Now you have to find out the problem.

Quora is an online community of people providing answers to questions. You will find you can find tons of golden ideas here. You can also ask questions and post solutions.

3. Creating product or service

People always want to go from their current state to the desired state. They still need a solution for their problem, not the product. Your product should be a bridge that will help them go from where they are and where they want to be.

  1. Find out the top 10 blogs and books in your niche.
  2. Read online forums such as Quora, Reddit.
  3. Read the review on Amazon and other e-commerce sites for the product in a niche.
  4. Read review on the product review website and consumer complaint website. Find out the gaps in the market. What is the competitor not helping with your niche?

Conclusion

  • niche is a focused, targeted area that you serve exceptionally well. If your niche is broad, you can go with micro.
  • Without specification, there is no innovation, demand, and productivity.
  • Niche is a combination of passion, talent, and market need.
  • Passion comes out of curiosity.
  • Talent comes from in-depth knowledge.
  • New Niches are born every day. New niches are discovered every day.
  • Focus on one niche, do not jump from one to another.
  • Do not enter the market with no competition. A market with no competition means no demand among buyers.
  • Find out market needs by researching a solution to the problem. You can use Keyword research tools and read online forums.
  • Your product should be a bridge that will help them go from where they are from and where they want to be.

I hope you have found your niche and ready to move forward. Comment and let me know your profitable niches. Happy reading:).

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