Building A Business Around Your Niche

If you were to walk up to someone who has built a successful online business and asked them for advice on how you could get started, you will probably be asked the following question:  “What is your niche?

When I was first asked that question, my mind drew a blank:  on the meaning of the word “niche“. 🙂  Defining that word seems to be the first rite of passage into online entrepreneurship!

 

 

The 3 most common definitions for “niche” are:

  1. A nook, crevice, or cranny
  2. A position particularly well-suited to the person that occupies it
  3. A distinct segment of a market
Though definition #2 may seem like what you’re looking for, it only helps to answer that other nagging question:  “What is your passion?”  The focus of that definition is on “you”.

We must always remember to focus on the needs of our audience, our target market.  So, definition #3 emerges as our winner!

Now, how do you choose your niche?  That question is usually answered with a question:  “What is your passion?” (!!!)  Though that answer may seem quite annoying, its purpose is to discover what can get you started in the shortest period of time.  If you have a passion for something–a deep and sincere interest–then finding an audience to satisfy the needs of those who share the same passion should not be too much trouble.

In theory:  the more passionate you are about a given subject, the more you should know and be able to share about that subject.  However, we know that this is not always the case.

I’m certain we can all give examples of subjects we’re intensely interested in…but actually know very little about.

The beauty of building a business around your niche is that you really don’t have to be an expert on the subject matter.  What matters most is becoming an authority in the niche.

As long as you are perceived as to go-to source of information for your chosen niche, then the “authority” will follow.  It’s not necessarily a matter of what or how much you know;  sometimes, the knowledge of others can be used for your benefit….

If you want to be perceived as an authority in your niche, engage and collaborate with other authorities in the niche.  This could be done in the form of guest blog posting, interviews, or joint ventures.

Remember, the focus should be on your clients/customers/followers.  Find out what they are interested in and what problems they are trying to solve.  Be the solution to those problems or be the source of information where they can go to learn how to solve those problems themselves.

 

Let’s review a simple 3-step approach to building an online business:

  1. Create Your Business
  2. Promote Your Business
  3. Grow Your Business

 

Create Your Business

After you have determined a niche that you can see yourself sticking with for a while, do your homework:  research the niche to find out the wants and needs of that market.  Look for problems that are unsolved or processes and products that can made better.

Find out where you can provide value.

Don’t forget to check to see if the size of your niche can sustain your business objectives!  If there is too little interest in the niche or if there is not enough demand for any products or information you can offer, then there probably won’t be enough customers to support a profitable business endeavor.

Once you have identified your target audience in a niche that can support your business objectives, it’s time to implement the mechanics of promoting your business.

 

Promote Your Business

Getting the word out about your new business to your target audience can involve promoting your business on a variety of platforms:

  • Website blogs
  • Website Landing Pages
  • Social Media ads
  • Social Media sharing
  • Ad purchases
  • Traditional print media
The list goes on and on….  What matters most is what matters to your audience.  Where are they looking for information?  That should be the primary focus of your promotion efforts.

 

Grow Your Business

If you are flush with success (sales) and your business is moving in a positive (profitable) direction, then focus on growing your business.

The business world (as is with most things in life) is dynamic and constantly changing.  You may find yourself in a comfortable position and not want to change your secret “magic formula” that keeps everything working so well.  If it ain’t broke, don’t fix it, right?  Nothing could be further from the truth!

In any business, there is usually competition.  Your magic formula may not be much of a secret for long, and your competition will prove this to you.

You may be comfortably still, but your business will always be moving forward or backward underneath you.

Be proactive.  Continue to learn.  Continue to test new ideas.  Continue to engage your target audience to determine if what they want this year is the same thing they wanted last year.  Doing so will ensure that you will continue to be seen as a relevant “authority” in your niche.

 

Replicating your efforts is also an important part of growing your business.  You want focus more on the qualitative aspects of your business and less on the “day-to-day” tasks necessary to maintain it.

Building a business around your niche can be a wonderfully rewarding activity!  There is nothing like loving what you do and getting paid to do it. 🙂

Enjoy!



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