Hey how’s your week going?
Let’s
get straight into it…
We have all heard that we need to niche when we go into business. Not too long
ago I did a short blurb on why you should consider finding a Niche. In this
blog post I’m going to dive a little deeper into the mindsets you should think
about when deciding a niche.
I hope it will assist you In discovering how to target a niche that has a
high probability of working.
Having the right mindset and the right information in this area will save you
from wasting your time, effort and money… and therefore, give you the highest
likelihood of success in your new business.
So, let’s get into it…
Mindset number 1 - Niches are not chosen and are not what you want
them to be
When I see a client and they have decided they want to start a business from
scratch, usually the next thing that comes up is that they want to find their
niche. Or I hear phrases like “my niche is going to be (insert niche)”. As soon
as I hear this, I already know we may have a challenge. Now, why do I know
this?
Because a niche isn’t something that you choose, or something that YOU want it
to be. Your niche is about what your customers are going through and the
challenges and obstacles that they have, the problems they have and the
outcomes or results that you provide for them. This means Niches are things
that are discovered not chosen.
Mindset number 2 – Niches are needs
Cannot stress this enough. I’ve covered a great deal on previous blogs about
the importance of looking at things from the perspective of your customer.
Instead of thinking about your niche as your product or customers, try thinking
of your niche as the need that your customer has. More specifically, what
drives them? What motivates them? What are their fears and frustrations?
For example, if I was going to create a dietary weight loss product, I would
want to know specifically what my customer wants and what their fears and
frustrations are. In their language…their words. I want to know more about why
they want to lose weight, where they want to lose it, why they want to lose it
and so on and so forth. Knowing these details specifically will give a much
higher probability of success when creating the product.
The objective is to identify an unmet need. It’s not to create a product for
people to buy, or imitate what everyone else is doing, or ‘find a market’.
It is to find a need within a group of people you can meet by creating products
and services that deliver the result that they want. Never forget this. A niche
is a need. Remember your customers do not buy what you’re selling. They buy the
solution to their problem and the outcome that they want; relief form pain,
result that they want to achieve.
Mindset Number 3 - Niches are discovered and developed
Niches are not chosen or targeted in the sense that most people mean them. They
are first discovered. Once discovered they are developed. To lead on from
mindset 2, the niche is discovered by finding a need that has not been met. You
develop that need by delving a little deeper, focussing more and almost
isolating that need.
So consider these mindsets when you are thinking about starting a business from
scratch. It just might make the difference between a successful and failure of
your business..
Be well and catch up soon!