The Six Simple Steps To Discovering Your Perfect Business Idea
Choosing the right niche will be one of the most important decisions you ever make for your business.
Get it wrong, and you could end up unhappy, unfulfilled and broke.
Finding your perfect niche will set you up for the journey ahead and not only help you to find customers but for those customers to become raving fans.
How to find your niche
A perfect niche is a blueprint for the rest of your business.
Step 1 – Work out your Passions
What are your Passions? – Look at everything you love doing.
Look at All your hobbies and your goals which ones stand out?
Look at your dreams, even the ones that you think could never happen?
Key Point: Your dreams that seem impossible might also be someone else’s dream, and if you can figure out a way to do the impossible, you are going to be providing a valuable service!
Step 2 – Look at your Skills
What are your skills? Do you have expertise in a certain area?
Do you have any supper skills, if you’re a specialist in something you do!
If you feel like you don’t have one specific skill, is there a passion above that you will you would be willing to learn every day to become an expert it?
Key Point: Rember, to be seen as an expert in any field, you only need to know more than the person you are helping.
If you are passionate about cooking, you can help someone who has never cooked without being a Michelin star chef!
Step 3 – Analise The Market
So now hopefully you have some ideas of what kind of service you would like to offer.
The next step is to go and look at the market.
What is the market saying about your areas of expertise and your passion?
Can you see any trends happening?
Are there people killing it in that field?
Moreover, if so, is 1% of the industry share, going to be financially viable?
Start to look at your competitor’s reviews; do you see any clues, are there issues that keep popping up? Can you solve these issues?
Check Google Trends to see how the market is progressing?
Set up Google Alerts for keywords related to your niche, Google will then send you all relevant articles found on the web daily.
Go to networking events and ask people in the industry questions.
Go into a forum such as Quora, Reddit, Facebook and Linked in groups to see what’s going down.
If you have a community ask them questions, send out a survey.
If you don’t have a community, you can pay for survey data from some survey companies like Survey Monkey.
Key Point: While the Market doesn’t always know what it wants it essential to ask it what it doesn’t want!
Step 4: Look at what type of life you want?
It’s great to come up with a big idea that will change the world but is this the kind of life that you will feel passionately about doing every day?
If not chances are you will give up!
If you’re not extremely sociable, maybe you don’t want to be speaking to people every day?
Are you the sort of person that likes to be creative?
Do you like to be able to get up late and go to bed late?
Do you want a life of no responsibilities, just you and a laptop where you have the freedom to travel as much as you like?
Would you enjoy the selling of a physical product with a small team to help you?
Maybe you are happy to anything to make as much money as possible because you are ok with delayed gratification.
Alternatively, you want to use your skills so you can create a hugely profitable business that gives you the finances to open an animal sanctuary on the side?
Most people at some point in there lives to feel stuck in their job and have days where they don’t want to get up in the morning, but if you’re living a super niche business life, you will feel fulfilled every day.
How many hours do you honestly want to spend on your business every week?
Are you willing to make sacrifices?
Do you need to earn a specific amount?
Most people would be more than happy with a lifestyle business that gave then financial freedom. It could be 80k a year, where they work 40hour weeks.
Would you be willing to work 80 hours for 100k?
What does work-life balance look like to you?
Key Point: If you are working for money, you have no purpose! Use your superpower of self-awareness and be honest with yourself!
Step 5: Find your Ideal Customers
What is unique about your client? Do they have certain pains that others don’t have, do they have challenges that are unique to them. What Problems do they have? Do they have a fear or an enemy?
What desires do they have? Where do they want to be next year? What do they dream of? Do they have goals that are unique or are they motivated by specific needs? Do they do it for some higher purpose?
Go through the above and work out the Unique differences and find the enemy your ideal customer is trying to escape from and then also identify the desired result your customer wants to achieve then come up with a solution!
Key Point: Your Customer wants solutions
Step 6: The Solution to your Customers Problems
How can you help your customer get away from their problems and realise their desires with your product or service?
Let’s look at Simon Sinek’s ‘Golden Circle’ model. He states that most companies start with the ‘What’ and then finish with the ‘Why’ as an afterthought. But that the trick is to do it the other way around, start with the ‘why’ and finish with the ‘What’.
Take your idea and play along.
I’m going to use a toy manufacturer as a random example, but it works with anything.
The What Method
What: We make toys.
How: We manufacture them.
Why: Because kids like to play with toys and we make money.
How did that sound? Does that make you want to buy? Now try and flip this model around and see what comes up.
The Why Method
Start with the Why:
Why: Because children are the future of this planet.
How: We stimulate the minds of children to learn and grow.
What: We make toys that fast track kids learning.
Which set of toys do you feel like buying? That’s right, the toys that come from the toy company that starts with it’s ‘Why’.
Key Point: The reason you get out of bed is the reason your customer buys from you. If you want to stand out in the market place you need to have more than a product because customers buy based on emotions not on
Finding your niche isn’t easy by any means and it takes a bit of time and plenty of research. But it’s the fundamental foundations that your business will be built upon so don’t skip these steps.
Remember: Every business will need to adjust and realign its self as time goes by so its worth revisiting these steps again.
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