In this article you will learn:
-What a business niche is
-Why a business niche is important
-How to find a business niche
What is a business niche?
A business niche is a specific area that you want to focus on within a particular industry.
For example, sports. There are dozens of sports. Sports is a very broad industry. But a niche inside of sports would be basketball. An even smaller niche would be youth basketball.
When you hear the term "niching down" it simply means narrowing down your product or service for a specific group of people.
You don't go to Victoria's Secret looking for men's underwear, right?
Women go there to find a specific type of underwear: lingerie
Woman's Clothing > Underwear > Lingerie (A very specific niche within woman's clothing).
Why is a business niche important?
Having a business niche is important because people don't buy general things. Going back to our sporting example, someone going to a sporting goods store is not looking to buy "sporting stuff." They are going there to buy a specific product like soccer cleats, or a first base baseball glove.
While technically you could sell anything and everything, you'll have a hard time marketing to a specific group of people if you are the "Everything Store."
If you are starting your business alone (solopreneur), you're best focusing your efforts on specific people who are looking for specific things.
How to Find a Business Niche
If you are looking to start a business niche, but don't know where to start, think about creating a business around people that you already know about.
If you know lots of stay-at-home moms because you are a stay-at-home mom yourself, you already know the wants and needs of that market. You'll know how to speak to them in your messaging and know exactly what is on their minds.
My sons and I like to go fishing on the weekend, so I know exactly what fishing enthusiasts need for their next fishing trip because, I myself, am a fisher.
You get the point.
Start taking a look at what you buy on a regular basis. As you examine your own purchases, you just might find the business niche you've been searching for.
Have you found your niche?
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