How to find your profitable niche?
- Do you have any plans to start your own business?
- If yes, have you identified your niche for your business?
These two questions are super important when it comes to your Entrepreneurship.
If you plan to start your business, you have to identify your niche.
Then, What is meant by niche?
What is a Niche:
- Niche is nothing but your passion
- Niche is nothing but your strengths
- Niche is nothing but what re you planning to sell to your customers
- Niche is nothing but has a clear vision in your products or services
- Niche is nothing but the customer will have to identify you easily and understand your products or services easily and remember your products or services easily
So, in a nutshell, Niche is defined as:
A niche is the profitable segment of any market with a focused audience who are looking for a solution against their problem. This is where you come up with a solution and promote it in the respective niche.
It can be further segmented into categories such as sub-niche and under the sub-niche, there could be more sub-niches to cover.
Sub-Niche—->Training….>Software Training….>Data Science Training
So, for every niche, you can find the sub-niche as well. So, you are going in-depth to find out the value of the niche.
If you see the above example, I have selected my niche as Software Training, under this software training, I have selected only the Data Science Training as this has a huge demand in the market right now.
So, if you have selected your niche, please find your sub-niche as well to penetrate the market on a deeper level.
This is called Deep Marketing as my mentor was used to say.
Ok…You have identified your niche now and you have found the sub-niche based on the profit level of the sub-niche.
Then, how to proceed to get this business rolling out and get the profit out of it?
This is where every business owner will be used to get fail or still keep on learning new things to make it a profitable business.
In my experience, below are the points that you would need to take care of after finding your niche and sub-niche for your business.
- This niche and sub-niche – There’s no dependency on selecting this one.
For instance, if you don’t have any passion for education and training (as per the above example), then it’s really difficult to roll out to the market and get the revenue out of your business.
Suppose, If you are planning to start your business with your friend, please try to learn and contribute something and make some interests towards your niche so that you can be a trainer and you can create a brand value.
So, this article is best suited for individual business owners who are interested to start on their passion and strengths.
- We need to check the Market Value – We need to check the market value of the training business which is mentioned over here and also with respect to your location.
If you are starting your business having an office and taking the training in instructor-led coaching, then you would need to find out or do the research on Data Science.
This is very important when you start the physical office in your location.
You have to do clear research on this particular training like how this can be perceived in this location, how many students are there, how many parents are searching for this kind of course, what’s the traffic there for this keyword, etc.,
- We would need to look into Past and Current Trends – We need to check the trends always when you are doing the market research.
- We would need to identify the problem of your niche market – We will always use to give the solution for the customers, not the usual way of doing the business.
If you are starting your niche in Data science training, what problem that you are going to solve for the students or working professionals.
This is super important as this determines your revenue and profit for this niche.
- We would need to check our audience WILL to pay for this – Once you have decided to go for your niche, it’s important to check your products or services fee structure so that your audience has the will to pay for the same.
- Analyze the competition for your niche – It should always be there and you should be aware of checking your competition market analysis.
- Should have a strong network and Affinity and the Association – You would need to have a strong network and you would need to build that network slowly and steadily through your social community.
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Do you really want to see this finding niche in a practical way? Please let me know.