TODAY, IN 4 MINUTES OR LESS, YOU’LL LEARN:

1. Insider tips on spotting market gaps that are ripe for your expertise.
2. How to turn your unique passions and strengths into a goldmine of opportunities.
3. Powerful techniques to test your potential niche and ensure it’s a winner.

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You’ve probably heard the advice to “niche down” in your business a thousand times before. 

But is it good advice? 

And if so, how do you do it?

Let’s break it down.

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A lot of entrepreneurs resist niching because they don’t want to limit their potential audience.

But the numbers don’t lie: businesses that have a clearly defined niche actually see a 15% higher profit margin compared to those that don’t. (Source: MarketingProfs)

Niching is powerful. It allows you to:

• Instantly set yourself apart from others in your field.
• Position yourself as an expert. (Think about it: if you’ve got a sore knee, who would you rather seek out — a general physical therapist? Or one who specializes in knee pain? That’s the power of niching in action.)
• And increase your prices. (Specialists typically charge more than generalists. So by niching, you can charge a premium and attract dream clients who are bursting to work with you.)

Really, it’s a no-brainer. 

So let’s talk about HOW to find your ideal niche.

1. Identify Your Passions and Strengths

The first step to finding a profitable niche is to look within. What are you passionate about? What are your strengths? 

Your niche should ideally lie at the intersection of 4 things: 

1. What you love
2. What you’re good at
3. What the world needs
4. What you can be paid for

To figure this out, grab a piece of paper and make two columns. In one column, write out the things that light you up — whether it’s health and wellness, personal development, business strategy, or anything else. 

In the other column, write down the strengths and skills you’ve developed through work, hobbies, or personal experience.

Now take a look at your columns — are there any interesting overlaps? How can you combine 2 or more items? What dots can you connect.

 

Hot tip: Other questions to ask yourself: What do I love talking about, even without getting paid? What do people often ask for my advice on? What do I bring to the table that no one else does?

2. Conduct Market Research

Once you have a list of potential niches, it’s time to validate them through market research. 

You don’t want to dive into a niche that doesn’t have a market willing to pay for your expertise. So this step ensures that there is a demand for what you want to offer. 

Here’s how to do it:

• Look at current trends: Use Google Trends to see if there’s any buzz around your potential niche.
  
• Check out social media: Join relevant Facebook groups, follow hashtags on Instagram, and engage in LinkedIn discussions. What problems are people facing? What questions do they frequently ask?
  
• Head to Amazon: Look at the best-selling books in your potential niche. What topics are popular? What are the reviews saying? (Hint: check out the 2-3 star reviews to find out what readers are hungry for and where the gaps are in the field.)
• Find out what questions people are asking: I love Answer Socrates for this. It’s a genius tool that lets you discover the questions people are asking on Google about almost any topic, for free.

3. Understand Your Target Audience

A profitable niche is one that not only has demand, but also aligns with an audience that has the willingness and ability to pay for solutions. 

This means you need to dive deep into the psyche of your target audience — 

• What are their deepest desires? 
• What keeps them awake at night? 
• What dreams are plastered on their vision board? 
• What drives them? 
• What scares them?
• Do they have any regrets? 
• What would make their life easier? 
• What do they crave? 
• What lights them up?

Understanding these things will allow you to tailor your offerings precisely to their needs, making your niche not just relevant but irresistible.

4. Analyze the Current Players

Other people doing similar things is not necessarily a bad thing. In fact, it often means that there is money to be made in your chosen niche. 

However, you DO need to differentiate yourself from everyone else.

Here’s how:

• Identify the top players in your niche. What are they offering? How are they positioning themselves?
  
• Look for gaps in their offerings. Are there underserved sub-niches or unmet needs within the market?
  
• Craft a compelling personal brand. Your unique story, values, and personality will set you apart. People buy from people they connect with, so ensure your brand reflects who you are and what you stand for.

Use this information to carve out your unique angle. Perhaps you can offer a more personalized service, a unique methodology or mechanism, or a different format (e.g., high touch one-on-one coaching instead of a self-study program, etc).

5. Test and Refine Your Niche

Testing your niche is the final step. 

For the love of Oprah, please don’t skip this one — it can save you *so* much time, energy and resources if your niche turns out to be less profitable than expected.

There are a few different ways you can do this:

• Offer a ‘beta’ version: Create a pilot version of your product or service and offer it at a discounted rate to a small group. Collect feedback and make adjustments based on their input. We did this with SheLaunch and it was invaluable for us.
  
• Start creating epic content: Start posting valued packed, epic content for your niche. Pay attention to the engagement and feedback from your audience.
  
• Put up a ‘waiting list’ page for a niched offer, and see how much interest it gets. 

If your testing generates results, then congratulations: you’ve found yourself a niche with genuine profit potential.

If you’re met by crickets, circle back to the beginning and go through the steps again, choosing a different option to research and validate.

The Bottom Line

Finding a profitable niche is about aligning your passions and strengths with market demand.

BOTH these things are essential if you want a business that lights up your soul AND your Stripe dashboard.

Remember, the journey to finding your niche is a process of exploration and refinement. Be patient, stay curious, and keep moving forward. 

The world needs your unique brilliance, and there’s no better time than now to step into your power. ✨

You got this beautiful!

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Til next time, sending so much love,