How to find your ideal niche
There's a system to finding a business idea that has the potential for success, and it starts with finding the niche where you'll both love and dominate what you do.
In my last post I talked a little bit about inspiration and how it's mostly overrated. So, today what I want to talk about is how you go about finding your idea in a systematic way so that you can then turn it into a clear vision and turn your vision into a marketable brand your customers will love to buy from.
So, the first thing you're going to want to do – well, actually, the first thing is take out a piece of paper and pencil or pen or open up the dock on your laptop whichever you prefer – and the first thing is make a list of everything you're good at. This is gonna be your skill set.
So, start with your hard skills. Hard skills could be coding, analytics, design, laying foundations – those are all examples of hard skills. So, write those down and then once you have those down, start writing down your soft skills.
This could be networking, communication, people skill. Those are all examples of soft skills.
Now, write down what I call even softer skills. These could be talking, listening, reading. Those are some examples of even softer skills and it's important to include those too.
Now, take your list of skills and put them in a circle on one side.
Now, move on make a second list this is gonna be a list of everything, every industry where you have experience in or knowledge of. Now, it doesn't matter if you like the industry or want to continue working in it or if you feel that you could add value to it, just write down everything where you have experience or knowledge and put that in the second circle over here.
Now, create a third list. This list is going to be skills that you want to learn or industries that you want to gain experience in or gain knowledge of. And the important thing when you create this list is that these should all be things you're excited about learning. Things you
want to learn, not things you feel that you should learn. And now, put that in the third circle down here.
And now you're gonna create a fourth list, which is in some ways the most important list, and this is a list of everything you love – because it's so important that you your idea. So, write down everything you'd love to do.
Start with the things that are business-related but don't stop there. Include things that have nothing to do with business – travel, skiing, hiking, restaurants – whatever the case may be. Going to movies. The list is endless of all the things you could love.
And while you're at it, also write the things that you hate to do, so you know what to exclude.
Okay, so now you get your four circles and what you're gonna do is kind of push them together so they overlap, so all four overlap in a Venn diagram. And right in the middle there
where they all overlap is what I call your ideal niche.
Now, this isn't a complete business hypothesis. And this isn't necessarily a marketable idea. We haven't talked about what the market wants, the problem the market faces. But this is where you should be working. This is where you'll be good at it. This is where you'll be excited. This is where you have experience and knowledge. And this is where you'll love what you do. And that's what's going to keep you motivated and excited throughout the entire process.
If you want to know more about doing market research and finding out the market problem, what the market wants, and developing your idea and looking at problem solving – that's something we look at in my coaching or in the course that I'm gonna be releasing soon.
But if you have any questions, feel free to shoot me an email. I'd love to hear from you. I'd love to help you out.
I'll talk to you soon.