The term ‘niche’ is one that gets used over and over in the business world but what does it really mean? And how do you find your own?
If you’re in the process of starting a business in the creative industries, finding your niche is a good place to start. It’s certainly a step that you need to take, and one that you need to take seriously.
Finding your niche means targeting a small part of a wider market. This means that you’ll be able to focus on a small number of people. A common rookie mistake is to start with a broad market, but you want to avoid doing that. The result would be that you’d find yourself competing with the big boys and you’d quickly find that there’s just no room for you.
Passion and demand
The key to success as a small business owner is to choose a niche that you’re passionate about and that you’re confident will have a demand. Always remember that If you’re trying to appeal to all types of people, you won’t stand out and you won’t be remembered.
Another thing to bear in mind is that people buy products or services based on trust. If you aren’t trustworthy, don’t expect a flood of buyers to be queuing up to buy from you. By choosing a specific niche, you can get clear on where you’re going, And by limiting the number of products you offer, you’ll have a lot to say about it.
Finding your voice
You might be intimidated by the idea of limiting your products because you might think that will lead to less money. However, when you really narrow down and package your offer properly, that isn’t the case at all. You’re simply reaching out to those who have an interest in the products you’re selling and asking them to listen.
Once you know what problem it is that you’re solving, you give yourself the chance for a profitable business. Your business model can sometimes be too impractical to lend itself to the long-term repeat customer. For example, graphic designers who design logos won’t have the same clients each month. But then there will always be new businesses that need logos designed.
Finding that niche
This part requires some soul-searching and brainstorming. It’s also the most enjoyable part of the process. You may already know the wider industry you’re interested in but you’ve yet to narrow it down into a smaller niche market. If that’s the case, choose a few that you’re most interested in and ask yourself how passionate you about each one, how much you know about them, and how much money is being spent in each area.
Regarding the first two points, sometimes they get confused with each other but, in reality, they’re two very different things. With regards to a niche that you feel knowledgeable in, think about what topics come up when you’re chatting with friends. Which ones are you able to engage with, and provide input on, the most? What do friends and family come to you to ask for your help on?