Steps To Finding Your Own Business Niche

There are many good money making ideas to try but many businesses already exist today and you are likely to failed in your venture if you just target the general market.  There are no easy ways to find your own niche business.  However, it is necessary that we find our own niche as it makes more business sense to do so.  As a small or one person business, you can then target your limited resources to your chosen niche. Steps To Finding Your Own Business Niche
Step 1: 

The single key to your business success is to first define the demographics & psychographics for your audience. 

This varies for each business, and it depends on several factors, you can do a business brain dump to get more ideas for yourself. Here's a few areas we tend to start with. 

  • Age: Do people in a particular age range buy more than others?
  • Gender: Are men more interested in the specific type of product or service you'd like to offer?
  • Income: How much money does your audience need to make to afford your offer?
  • Ethnicity: Are people of a particular ethnicity or subgroup much more interested in your offer?
  • Marital status: Are singles more interested? Or are married couples with a shared interest more likely to focus on your offer?
  • Location(s): Are there certain cities, regions where people are more interested in what you're offering? (e.g. people in Seattle or Portland love vegan food).  Go local and think local.
Step 2: 

Confirm the demographics for the customer you're targeting. 

This could be as simple as you going to a conference and surveying a few people or reaching out to people who comment on websites that target the customer interests you're looking for. 

Once you know who you're looking for and what they look like you can move on to the next tips to supercharge your small business...

Step 3: 

Your target audience needs to meet (at least) two criteria.

  • A willingness to buy.
  • The ability to buy. 
If the people you've listed in your demographic aren't able and willing to buy what you're selling you'll need to rework/repeat things in steps 1 - 3.

There are two basic ways to determine whether your target audience is actually willing to give you money for your stuff. 

1. Ask them. I personally avoid this method as people often make the mistake of telling you what they think you want to hear in stead of the truth.

2. Presell your product. Once you've finished your other research (e.g. target profile interview, triggers, problems, etc.). You can put up a sales page or micro site to test customer interest. If you're able to get a small amount of orders from the target audience you selected in steps 1 through 3 (which could be as little as 3 to 4 orders depending on your industry), you'll have more confidence in moving forward with that target audience. 

Caution: Most people stop at step 3 which usually turns into a disaster later on (e.g. target the wrong customer and they refuse to buy). Once you've completed step 3 there's more work to be done. 

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