Finding Your Niche: Things to Consider
When you’re starting a business and looking to become self-employed, having a niche to work in is a necessity. Having a specific niche allows you to be more focused in your efforts and also allows you to target a specific audience, which allows you to grow within a specific industry. For example, you could choose something like, “business software”, and create a blog and YouTube channel in that niche. Create videos and blog posts on that topic, and cater to an audience looking for things in your niche.
What is a Niche?
A niche is a small portion of the market that has its own traits. There are a variety of sub-niches within each larger niche, so there is no shortage of paths to consider.
- Think About Your Interests
- Look At Your Work Experience
- Consider Your Skills
- Think About What You Want To Do
- Consider the Profitability of Your Niche
- Look At the Competition
- Pick Something Broad
The four biggest niches that, at least, from my experience, have the most potential for growth are the health, personal development, wealth, and relationship niches. Within these larger niches, there are multiple sub-niches or niches that could fall under the larger umbrella. In this article, we’ll take you through some of the key factors to consider when picking your niche. That way, you can make an informed decision on what you want your focus to be on in your business.
Think About Your Interests
One of the first steps of choosing your niche is looking at your interests. You obviously don’t want to choose something that you’re completely uninterested in, even if it has great potential. This path often leads to decreased levels of success because you won’t be as motivated to do the work if you don’t enjoy the things you’re creating a business around.
Think About Your Work Experience
Your work experience can be an excellent way to help you determine your niche. If you have work experience and interest in a specific topic that you think you could
Think About Your Skills
Knowing your skills is an excellent way to start narrowing down your niche. If you have skills in writing, or you’re good on camera, or you’re good at teaching, these are ways to help you determine what would be the best medium for you to create your content. From there, if you use a combination of your interests and experience, you can narrow your niche down even further
Think About What You Want to Do
Thinking about what you want to do with your business can help you narrow down your niche selection. If you want to blog, choosing something in the wealth niche may be a good fit, because there is no shortage of things to write about. From best-of posts to product reviews and how-to guides, the wealth niche is rich in potential content.
On the flipside, if you want to make videos as your chosen medium, the health niche may be a great option. Creating videos on dieting, meal planning, and workout routines are easy videos to create in this niche.
Ultimately, your comfort level with content creation is a fantastic way to start narrowing down your niche.
Consider the Profitability of the Various Niches
As I stated earlier, there are three or four large niches that seem to have the highest profitability based on data that’s been collected over many years. Of course, there’s profits to be found in any niche, but it’s a matter of doing your keyword research and finding the pockets of your niche that have the highest traffic and the lowest competition. Tools like Ahrefs are excellent for keyword research and can show you very specific data on various keywords and the competition surrounding them.
Look at the Competition
Looking at competition is another very important thing to consider when picking your niche. In some niches, such as technology, there is a ton of competition. But there is definitely profitability to be found, you just have to find the small pockets of the niche that are relatively untapped. This way, you can start to dominate many different small areas of a much larger niche.
At the same time, you don’t want to pick a niche where there is no competition whatsoever. Most of the time, if there’s no competition, it means that there’s not much profitability to be found.
Pick Something Broad
One of the best pieces of advice I can give is to pick a broader niche to start out, then create pieces of content on micro-niches within that niche. Because you won’t necessarily be able to outrank larger companies within the large niche, it makes sense to find little pockets of opportunity that you can start to dominate.
Remember That You Probably Will Not Pick the Right Niche Right Away
Picking a niche is difficult. Oftentimes, you’ll have to change your niche a few times before you land on the right thing. I know that for me personally, I’ve had multiple niche changes since starting my business, but each one has been a good learning opportunity. So look at a shift as a learning opportunity, not as a failure.
Frequently Asked Questions
- What are some popular niches?
Some of the most popular niches include health, wealth, personal development, and relationships. - What niche should I choose?
Choosing a niche is highly personal. One of the ways to pick a niche is to think about an industry that you think is underserved that you can add value to. - How do I find Popular niches?
The best way to find popular niches is to look at your passions, skills, and experience and use that as a jumping off point. Then do some market research to see the competition and what your potential is.
What Is A Niche?
A niche is a small pocket of the market that you can choose to work in. Niches generally have a specific set of products or services for you to create or sell. There is a large number of niches out there, and multiple micro-niches within each niche. This can allow you to form some sort of brand identity, which is excellent for growth.
How Can Niches Benefit You?
As I stated earlier, niches allow you to focus on a specific area of the market. Additionally, having a defined niche can help you focus your marketing on a smaller group of people and help you grow within that market.
You can also expand out of a very defined niche after you’ve established some credibility. If you create content on digital marketing software, you can very easily create content on things like webinar software. Because they are loosely related, and you have established some credibility, creating content that ranks becomes easier.
Wrapping Up
Niches are an excellent way to help grow your business. When you have a defined niche, you can focus your marketing to more specific groups of people who’ll be interested in what you’re doing. Additionally, you can maintain a clearer focus because you’re creating content or marketing products that cater to a more specific audience.