How to find your perfect niche and business idea

(Hey you.... I've created the most comprehensive, but quick-to-implement startup idea toolkit to help you find your ideal business idea.  It's a step-by-step guide to finding your ideal customers to help and then find the best business idea to start working on. If you want to check it out, take a peak here.)

 

Creating a business that rocks starts with this big decision.  And I know how hard it can be to get right as I’ve pivoted my own target market knowing that I’m better suited to certain product types.

“The riches are in the niches” – Mariah Coz

When we start out, we often want to serve everyone and build a product that helps everyone out there.  I mean who wouldn’t want to serve as many people as possible?  Well, you’re wrong! 

The more you can niche down, the better potential you have to reach those customers through your marketing message, because your message will “talk” to them directly. 

If you can solve one specific problem for one specific niche audience then when they land on your webpage they think “hell yeah, this person gets me – I want more!”, instead of “uummm, nice but not sure it’s for me”.  Don’t know about you, but I’d prefer the “hell yeah” experience over the “uuumm nice” experience.

So, how do we find your profitable niche and then build “the thing” that they’re dying to use?

Want to jump straight to more help, get the Idea Generator Toolkit by clicking here for only £17 (usually at £49).

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1.     Identify your passions and interests.

You must have some hobbies you enjoy? 

Or previous experiences in life that really lit you up? 

You may need to think back a while if you’ve been stuck in corporate grey offices for a few years : ))

What do you love to do in your spare time?  Where do you spend your weekends and what’s the first thing you go to while on holiday? 

Do you get the best book out and devour 5 on each holiday?  Or are you the person running to the beach to try out the next water sport? 

Forget about money or being “clever” at this stage, just go all heart on this section.

Think back to what you enjoyed studying in uni?  Which were your favourite subjects in school?  Get ‘em all down now.  Don’t worry about having too many options, we’ll come to narrowing them down in a bit.

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2.     Experience and skills

Now let’s get to what you’re good at, or even better what you’re great at!

What jobs/ sports/ events/ personal endeavours have you really excelled at in the past? 

Don’t be too hard on yourself for this one.  Keep in mind, you don’t need to be the best in the world to build a business around it, you just need to be better than the people you’re helping/ serving.

What previous job roles have you held?  Who have you helped in your life? 

Think of work, charitable roles, social roles and even family roles. 

There are tons of great businesses built around cooking, healthy family life, travelling with kids, balancing work/life.  It doesn’t have to be all about the excel spreadsheets and office jobs.  Write them all down.

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3.     Have some “idea sex”

Now it’s the fun part.  Take your two lists and see what creative combinations lead you to an exciting new niche to break into. 

Sometimes the most absurd mix can be the basis of the best niche audiences to serve. 

There have been incredible businesses built around vintage trailers, maintaining a beard, cleaning boats, the list goes on.  Because when someone is struggling to keep their boat clean and they land on the webisite that says “this is how to clean your boat”, they feel like “heel yeah”, not “uuummm nice”.

So do some mixing and matching and see what you can come up with.

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4.     Add on a specific audience

If you feel you are still too broad, then add on an audience to get you talking to a specific demographic.

For example, I knew I wanted to help other entrepreneurs build successful businesses, but then by adding on “for parents”, suddenly my market was specific.  When they landed on my Instagram account, my website, my sales page, they thought “heel yeah, that’s me!”.

Remember by talking to everyone, you’re reaching no one.

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5.     Market needs

If you want to build a business around this niche, then there needs to be a market willing to buy what you want to sell. 

There are many ways to discover market needs, such as customer interviews, surveys, online research but I’d say form my experience of helping hundreds of entrepreneurs the best are talking directly to your target customer.

Don’t sell your idea to them but use the opportunity to learn from them exactly what they need you to build for them.

If you’re solving a problem, you have a solid foundation for a buzzing business!

Want to jump straight to more help, get the Idea Generator Toolkit by clicking here for only £17 (otherwise at £49).

 

Photo by James Bold on Unsplash


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Nicole Velho helps entrepreneurs find a profitable, sustainable business model that works. She’s the founder of Super Startups and runs a 6-week online accelerator for ambitious, big-hearted entrepreneurs.