Finding Your Niche & Turning Your Passion Into A Profit
Starting a business can be a daunting task. The days can be long, the road ahead uncertain. But, when you’re building the foundations of your business around your passions, you will flourish! As a freelance coach, I want to drive entrepreneurs to find something that they’re passionate about and to make money from that passion. It all begins with finding your niche!
Why is finding your niche an important step? You know that saying Jack of all trades, master of none? It’s not to say that you can’t be great at the fundamentals of a lot styles or segments within your industry. BUT, you’ll do your best work when you hone in on a segment of the market that sparks your drive and creativity. Writers are a great example. Sure, a talented writer can write about almost anything, but if their heart and soul is in writing about home decor and not politics…surely you’d be able to tell if you reviewed both articles in contrast.
How do you determine your passion and find your niche? Here are a few prompts below that will help you get the ball rolling:
What Am I Passionate About?
Repeat that question aloud and do a quick brain dump of the first things that come to mind.
What are you passionate about? What do you like to do in your down time? What topics really ignite your creative juices? What is a cause that is near and dear to your heart? What kind of accounts are you really drawn to on social media and what do they do really well?
Doing a brain dump is an incredibly efficient way to just get everything out of your head and on paper. No need to decide quite yet if it is profitable or even a problem you can solve for clients. Just simply write it all down as a starting point.
What Problem Can You Solve For Your Clients?
Now that you have a list put together of your passions, it’s time to determine if they can equate into a business. Any good business is built on solving a need. To be frank, without it your business is just a good idea.
With your brain dump list in hand, start evaluating the items on your list and work on finding topics that you think others can relate to.
Are people struggling to build an email list? Are there recent grads hoping to start their own business after university? Are there moms looking to work from home as they raise their little ones?
Can You Make A Living Off Of Your Niche?
Now that you’ve narrowed down to your niche, we can’t forget about this very important point – can you make a living off of it? While working for personal fulfilment is great, you need money to live. The best place to start is with research, research and more research.
Research the market to see what the competition is like. A competitive analysis will help you to determine the viability of your idea. If you research yields no results, is it because no one has thought of this idea or were they simply not able to get it off the ground. Alternatively if the market is saturated, how will you set yourself apart. Ideally you want to find a middle ground between the two scenarios above.
Determining your niche is all about finding your edge. The easiest way to identify your competitive edge is to put yourself in your prospects shoes. If you can easily articulate why they should use your product/service over your competition then you have succeeded at determining your edge. Here are some cues to help you get there:
- Why would a company go with your services over another freelancer?
- Why would a person buy your product over one that is already on the market?
- Why would an editor chose to run your piece over the thousands of submissions that they receive daily?
Putting Your Idea To The Test
You’ve found your niche and determined that you can potentially make a living off of it…now what? Put those wheels in motion. Test the waters to see if your niche is viable. As with all business ideas, you need to be agile and open to making modifications along the way. You might also consider working with an entrepreneurial coach like myself. My Passion To Profit course will cover off everything you need to know in order to profit from your passion. Join the waitlist today to learn all about how this course WILL set you up for SUCCESS: https://www.subscribepage.com/passion-to-profit-waitlist
They say that if you love what you do, you will never work a day in your life and that my friends is something worth working towards!