How to Find & Research a Perfect Niche

These Steps Will Help You Find the Perfect Match

If you pick the wrong niche, you’re doomed to fail.

That may sound a bit dramatic – but it’s 100% true.

Nothing is a bigger indicator of success for entrepreneurs and solopreneurs than finding a niche that is the perfect fit for you.

A lot of beginners think if they find a niche that’s popular they can’t fail.

Here’s the problem – if it’s not something you know a lot about (or have a passion for) then you’re going to be fighting an uphill battle the entire time.

That’s why we’re bringing you 3 steps that will help you find the best niche for YOUR business…

Step #1 – Identify the Need

The first thing you need to do is find a niche that helps people meet their needs.

Let’s turns to “Maslow’s Hierarchy of Needs” for this one (You can see an image of that here).

At the bottom of Maslow’s pyramid, you see things humans physically can’t live without. We’re talking about air, water, shelter, etc.

That’s NOT the place to look for niches. But the higher you get up the pyramid, you get to things like “love and belonging,” “esteem,” and “self-actualization.”

Those are the sweet spots for your niche.

Anik says if you’re just starting out, the 3 best “needs” to target are…

Feeling good (fitness, diet, nutrition)

Wealth (investing, business coaching, personal finance)

Love (dating, marriage advice, making friends)

Everyone in the world has these needs. That means they’ll always be in high demand.

Step #2 – Narrow Things Down

So you’ve settled on your topic. Now it’s time to drill down to a very specific niche.

From the examples above, let’s say you settled on “Wealth.” That is a topic, not a niche.

You can’t just go into the “wealth” business. That’s too broad. No one will know exactly what you’re all about.

This is where you drill down to much more specific niches.

Some in the wealth space include:

How to invest in a 401K

How to invest for retirement

Debt management

Online business coaching

Personal accounting

The list goes on and on. There are literally hundreds of niches within every broad topic. The key is finding something very specific.

Step #3 – Research the Market

You’ve got a list of potential niches that are all very specific. Now it’s time to assess the market.

It’s critical that your niche has:

A big enough audience

Spending power behind it

A passionate audience

An audience that likes information

That last one is particularly important.

A lot of what you’ll be doing is giving away (and selling) information on the niche. If people aren’t interested in continually learning, they may not remain customers for long.

Another good way to assess the market is to check out the competition.

Don’t be afraid if you see a lot of competition in the space. That means people are making money in that niche!

And there is always a way to improve upon or create different content from the competition.

By example

We work in the ‘wealth niche’ in the sub category of ‘retirement / online business coaching’ providing education and training products and services

Helping people in or approaching retirement generate a retirement income

Hope that gives you some ideas and clarification if you’re unsure about approaching this in your business

Article Credit : Anik Singal Lurn

Any questions let us know

Chris And Susan

How to Find & Research a Perfect Niche

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