How To Pick A Profitable Business Niche

How can you build a successful business, if you have yet to find a niche for your business? One of the first things I ask my business clients is “Who is your audience?” Simply saying women aren’t targeted enough. And simply saying stay at home mom’s isn’t targeted enough. I created a document that breaks down the 4 questions you need to ask to “Niche Your Brand.” And to day i am going to share with you what does four questions are.

The 4 Questions.

1. What products do you want to sell? Are you a blogger? Your product is your content. If you’re a coach it’s a service. Before you start your business, break down what it is that you want people to come to you for.
2. What’s your market? Determine who your target market is, this is a bit broader than your audience. This is where you’d go to find your target audience. This is what their socioeconomic background is, where they hang out on social media, how they like to receive information. What’s the market like for your business? The average income, promotional strategies.
3. Conduct detailed research. Jumping into being a business owner without having a clear understanding of your business needs, certifications needed, what the market needs, and the resources available is like jumping off a mountain without a bungee cord. It’s a lack of preparation.
4. Who is your audience? This is the detailed version of your market. Who is the person that you are marketing to, what’s their name, where they like to spend their time, what problems do they have? Why do they need your business?

I challenge you to ask these questions about your future business or even your current business. If you find yourself unable to answer them, you haven’t properly created a niche for your business. If you’re branding yourself as being for everybody, how will you get your ideal client?

Leave a comment below with your answer to some of the questions.

Don’t forget to check Nikki out on her blog, and come back next week for more entrepreneurship tips.