So why do you want to choose a niche?
Well someone once said “if you sell to everyone, you sell to no-one”.
So you need to move away from being generic when you first set up your business. You effectively need to become an authority in a specific area, so that you become the expert that everyone turns to for that one key thing. (eg. If anyone asks me about speaker training – I turn to Andy Harrington)
If you want to turn your passion into profits and create a true lifestyle biz, then the first step you need to take is to be clear on what you “want to be known for”. What is your key subject area?
There are 5 real steps to defining this, as so many people just say “do what you are passionate about”, then they stay broke! You have to combine your passion this with the ability to solve a problem, ability to create products around it and monetise the passion.
So here are 5 steps to help you clearly define your “subject” area:
Ideally if you are going to be starting your own business you want to have a deep passion for what you do. What do people come to you for? What do you like to do, learn about, talk about on a regular basis?
Think about when you are having conversations with people around you, what do you get fired up about, what could you talk about for hours.
For me it’s about helping people work less and earn more, I love strategizing with entrepreneurs to help them work smarter, not harder. To create alternative income streams, to build product funnels etc. It’s what I love to do. I’m becoming the lifestyle-biz strategist.
2. Problem You Solve
The next steps is to think about your passion and define it in terms of what problem you solve? This solution may have come about because of an experience you have been through yourself, for example one of my friends has become a vitality expert because she experienced years of yo-yo dieting and had no long term health success. She was in pain and didn’t know how to get out of it. So think about your passion and your audience, what pain are they in and can you solve it?
Maybe you have been through something and now feel that you want to share this experience or journey so that you can help others going through the same issue? To show them there is another side.
Is your subject/topic something that is going to get you out of bed in the morning? Will you be able to talk about it and still want to share it 3, 6, 9 months down the track? When you talk to successful entrepreneurs who have truly created lifestyle biz’s around their passions, they always say it never feels like work? It just feel like a way of life.
So think about your subject area, does it create the fuel to your fire. This is really important for the future when you are going out to “sell” your product as such, as people buy from people and they can feel the passion you have for what you do.
4. Natural Ability
Now again, it’s great to follow your passion. So for example I love to cook and could follow this passion, but really I’m not skilled enough to teach anyone else, to really build a business around it. It would take a lot more training for me to succeed in this area.
So do you have enough skill and performance levels around your passion to be ahead of your market place, to be able to teach them what you know, to become a leader, inspiration to others?
Quite often people will have told you that you “do …………..” so easily?
For me this was strategizing, facilitating thinking and masterminding around issues people were facing in their business to make their lives easier. I used to do it naturally at networking events, but didn’t even realise it was my gift at first.
Does your subject area have a demand where people will spend money for the information you have? This is where a lot of entrepreneurs fail, they spend hours creating amazing products, but when they go to sell them there is no demand for them.
Are there people wanting to master the skill that you have, are other people selling these types of products/services. Also think about longevity in the marketplace. Be careful not to set your business up around a passing fad.
So think about some of these key topic areas like: sales, marketing, leadership, motivation, communication, business, spiritualisation, relationships, health, fitness and money
They are always going to be in demand and around for long term?
So take the time to go through each step I’ve outlined above before you start your entrepreneurial journey. And if you are in business already, but struggling to sell your products/services, go back over these questions, think about whether your are passionate about what you are doing, whether it really helps someone and solve their problems?
The next step once you have defined your niche subject area, is to go on and define your target market. Let’s look at that in my next blog.
In the mean time I’d love to hear about your passions, your thoughts around these steps? What are some of your stories, has your passion changed over time? Are you nervous about getting started?
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