4 Steps to discovering your market niche

INTRO: In this step you’ll learn about the four elements of a business niche and how to brainstorm and choose one business niche idea to test out.

What is a business niche? A business niche is something you want to specialize at doing. More precisely put it’s a specific, high demand, low competitive and profitable need that a specific group of people have that you would personally enjoy solving or helping out with. A business niche idea comprises of FOUR main areas:

ONE: An idea or meaningful dream you are excited about pursuing

TWO: WHO you are going to help (your target audience)

THREE: WHAT problem(s) or areas of pain do they have that you would enjoy helping out with and/or solving.

FOUR: HOW are you going to address or solve that problem or pain they are feeling?

ONE: An idea or meaningful dream you are passionate about pursuing

The things you are passionate about are an excellent source to look at in helping you discover potential business niche opportunities to make money with online. Why is it so important to build your business based up on something you are passionate about you ask? Let’s compare it to the fuel you put in your car. The gas powers the car engine to go somewhere. Without the right gas you go nowhere. The need for passion is no different with building a business online or offline. Many people however discover they are passionate about something once they start making money with it and that’s okay too. However, if money is the only motivator of your business you won’t get very far. Having money as your sole motivator for business is like putting an ounce of gas in your car engine and expecting to drive 500 miles on it…just won’t happen folks. So now that you’re aware of how important it is to be passionate about what you do let’s talk about who you are doing to help with your passionate idea.

TWO: WHO you are going to help (your target audience)

Most people starting a business fail because they never get clear about who exactly has the money they want and how they are going to persuade them to give them that money. Your target audience is the group that does the buying. They have the money you want so it should makes sense to get to know them, their needs, wants, preferences, desires, habits, emotional needs, etc.. In other words their PAIN! Pain comes in many forms. A person may be stressed out and needs a vacation; another may have gushing blood coming from his arm (sorry for the graphics!), another may be depressed, or tired from running a marathon, a mom taking care of a screaming child,all types of health issues, relationships issues, money issues, and so forth. The list is literally endless. The better you come to know your audience you are helping the better you can do at business.

THREE: WHAT problem(s) or areas of pain do they have that you would enjoy helping out with and/or solving

The world is full of problems to solve ranging from small and almost painless to enormous painful problems. When you are in business you are in business to solve people’s problems. The people in the word who solve the biggest problems get paid the most. If you’re solving small problems you’ll most likely get paid peanuts. In the steps to come you’ll learn how to discover the estimated profitability of the problem you plan on solving or addressing. For the time being you’ll simply want to brainstorm the specific painful problems you believe your customers have and write them down or you can use the form below to have a copy of what you brainstorm emailed to you when you’re done.

FOUR: HOW are you going to address or solve that problem or pain they are feeling?

This is where you want to brainstorm real solutions to your customers real problems, needs, wants, etc.

Super Niche Industries: If you have a tough time at all discovering business ideas you are passionate about pursuing, you could choose almost any high urgency need/problem in any of the three super niche areas, choose a product/service to sell that solves their problem and that idea could very well be a great idea to move forward with testing out:

• Health and Wellness issues, needs, wants, etc..

• Relationships & Parenting issues, needs, wants, etc..

• Showing People How to Make Money in any given field

ACTION STEPS: Get a piece of paper or recording instrument of your choice and do the following:

1. In Column A, brainstorm the ideas, dreams, products, services etc.. that you are personally interested in and would be excited about making money promoting.
2. In Column B, identify the types of people (target audience groups) who purchase products/services in the area of your interest. At this point just use your best judgement and common sense and determine the rough age group, sex type, etc. that you think would does most of the purchasing of goods within that industry of personal interest.
3. In Column C, brainstorm as many SPECIFIC needs, desires, wants, etc…you think and/or believe your ideal target audience has that you think need solving as it relates to your business niche idea.
4. In Column D, brainstorm as many SPECIFIC solutions that address or solve the customer need. These can be any type of product, service, blog post, audio book, etc… you would enjoy sharing and/or selling to your ideal target audience as it relates to your business niche idea.