How to select your niche

June 28th, 20082 Comments

With all the products flooding every market, it’s easy to get lost in the crowd. That’s why in order to get noticed, you should pick your battles carefully. Focusing on a niche market will also give you a better sense of purpose with your business and, consequently, a definite direction to take. Finding a niche market that fits you is no simple task, but due diligence is always rewarded.

1) The first thing to do is to create three lists. Ask yourself the following questions:

a. What are you passionate about? Write down the 10 things that make you smile or would like to learn more of in the future.

b. What can you do well? Write down the 10 most useful or special skills that you have.

c. What do other people need? Find out what’s hot out there. Buy your local newspaper and read the classifieds. Log on and go to Craigslist and other sites with job ads. Browse magazines. Visit Ebay. Take note of the products and services that are currently in-demand.

2) Now that you have everything on paper (or computer, if you prefer), look for the things that the three lists share in common. The point at which your passions, your expertise, and the market demands intersect will be the most viable to turn into a business.

3) Create your Unique Selling Proposal. Your USP should answer the question: “what makes you different?” If the common theme from the previous exercise turns out to be graphic design, decide what you are going to specialize in, what your target market will be, your price range, and so on. Study other businesses similar to yours and find out what they are lacking, so that you can step up and fill that void.

Related Articles:

• How to Select your Niche Part 2 - more tips
• A Little Blog Niche Experiment
• Update On A Project I Started in May 2007
• Exams aren’t stopping me from niche blogging
• 6 Steps To Build A Powerhouse Niche Mini Site In 37 Minutes

Related Ads: