Sure, you may want to help all people, but in order to find a profitable niche you need to first build a platform to branch out from. Think of it like a tree. If a tree started with all of its branches and then tried to build the trunk last, it would never work. The foundation comes first.
To truly find a niche that grows and becomes profitable, you must hone in on one sub-category (within the wide category of whatever your industry is).
Remember, Amazon first started by selling books and only books.
When you put yourself in a niche, there are a few things to consider. But I’d like to simplify it for you and ask you to focus on just one idea:
Your profitable niche is at the center of compassion and your passion.
PASSION:
What would you like to be thinking about all day? Maybe it’s:
- Snowboarding
- Marketing tips
- Diet
- Exercise
- Being a better parent
- Dog training
It’s that thing you’re obsessed with (in a good way) — whether since childhood or a brand new discovery.
Brainstorm answers to questions, like:
- What do you always want to learn more about?
- Is there something you’re always watching YouTube videos on?
- What subject are you always reading books or taking courses on?
The answer may not necessarily be for your business or for school, but, rather, just holds high interest for you. Those are your passions!
COMPASSION:
Ask yourself…
- Who have you thoroughly enjoyed working with?
- Is there any particular group or person(s) or cause you like (or feel called) to help?
- Do you feel that the Universe is nudging you in a certain direction?
Also, another way to think about compassion is by describing your closest group of friends with five adjectives. Maybe THAT is the kind of person you’re drawn to. And of course, ultimately, the point or the goal of thinking about compassion and who you’re compassionate for, is to think about that demographic. Because that is who you’re going to serve.
For much more on this topic, including:
- Further detailed explanation of both passion and compassion
- Examples of well-known brands finding their niche
- What happens when you focus within your niche
- Why a niche is not an industry
Then, check out the Build Your Tribe episode below:
