Truth: You need a niche if you want to make money online.
Truth: Most new business owners are SOOO resistant to picking a niche because they feel like it’s going to limit who they can work with and so they’re going to get less customers or clients.
Truth: That just ain’t true. The opposite is true. If you aren’t clear on your niche and your message is vague and fluffy, you will. not. make. money.
Sorry, but it’s the truth! People buy things and services because they have a problem they need solved, and when they are looking to solve a problem, they want to be helped by someone specializing in that problem.
If you need brain surgery, you’re going to the brain surgeon… straight up. You’re not going to the GP who knows a little about this and a little about that.
The more you can show what an expert you are on your specialty, the more you’ll be in demand to those people with that specific problem.
A Niche Isn’t Just a Demographic of People
First of all, let’s get away from the idea that a niche is just a demographic of people like “Women between 40 and 50”.
That could be a part of it, but the demographic should be the last consideration, as a way to further specialize in a more crowded niche.
But primarily you want to think of a niche more like a specific problem that you solve, and the specific way that YOU solve it.
You probably got into coaching or whatever your service is because you saw a problem that people needed help with. There’s a good chance you had that problem yourself.
How I Chose the Niche for My First Business
For me with The Love Vitamin (my first business), the reason I got into the health business was because I had acne and conventional treatments weren’t working. I healed my skin with natural, holistic treatments.
I could have gone into business as a health coach. But my business would have flopped, I guarantee it. It’s simply too broad.
Instead, I focused the business on the specific problem of acne – by which I helped people heal holistically it by improving their health. I later niched further down and limited it to women.
Think about it… when someone is stressing about their skin and googling about acne – if they had seen me advertising as a “health coach”, even though I knew SO much about acne and could have easily helped them with it… well. They would have passed on by.
And here’s the sad part… so would EVERYONE else. They would have ALL passed me by on their way to find someone who specialized in the exact health issue that they were dealing with.
So niche = success. Don’t do biz without one!
So how do you pick your niche in 5 mins flat?
Just ask yourself these three questions:
- Why did you get into business in the first place? (not counting self reasons like working from home & making more money). What problem did you want to solve for others?
- Which area of your broad business topic are you most familiar with? Which area do you have personal experience? Which area makes you feel passionate and fiery?
- What’s the specific method that you use to help your clients or customers solve this problem?
- Instead of “I’m a life coach”, try “I’m a life coach who helps women overcome grief from losing a loved one using supportive 1 to 1 coaching and hypnotherapy”
- Instead of “I’m a virtual assistant” try “I’m a virtual assistant who specializes in Convertkit”
- Instead of “I’m a business coach” try “I’m a business coach who helps new coaches find their niche and get their first client”
For example, my current business is in web design (which is waaay too broad!)
There are various ways I could have niched down. A common way would be specializing in creating websites for specific types of businesses. Like yoga studios. Or accountants. Or interior designers. You may also specialize in a certain website platform.
I chose to specialize in female solopreneur type businesses – coaches, online course creators, service providers. I chose this because that’s what I was with The Love Vitamin. It’s what I know best.
I could have niched further, narrowing it to only coaches, or only course creators, but instead I niched down by my distinct style. My style is quite particular and definitely doesn’t suit everyone, so it’s a niche in itself.
One last thing to consider:
Is your niche profitable?
After you’ve narrowed down your niche, the last check is asking yourself whether this is a profitable niche. It might be a niche people are interested in, but are they willing to part with their cold hard cash over it?
If you did the process properly, the answer is likely YES. Because you chose a niche based on solving a problem for someone. But it never hurts to double check.
The last question to ask yourself is… are other people making money in this niche? While it might seem like you want to niche so far that you have no competition, that is not the case. The world NEEDS more than one brain surgeon!
So it’s a good thing if there are successful people in the niche because then you know people are spending money on this problem, and you can get in on the pie.
And don’t let the competition worry you. In the end, the ultimate level of niching is your personality. There may be other people in the niche but there is no one else in the niche who is exactly like YOU! And that’s the very last level of differentiation.
And this is why I specialize in creating authentic branding for women that is loud and proud about who you are. Because you’re special and that makes you stand out. It’s the reason a person will choose you over that other brain surgeon. ✨?