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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?

Tune in to discover: how to spot market gaps that are ripe for your expertise, the best way to turn your unique strengths into a goldmine of opportunities, and powerful techniques to test your potential niche and ensure it’s a winner.

In this episode we chat about:

• How to uncover your passions and strengths — and turn them into a profitable niche (2:39)
• The key to effective market research that reveals untapped opportunities (4:12)
• Why it’s crucial to discover who your ideal clients really are and what they’re looking for (5:34)
• The smart way to analyze your competition and find gaps you can fill (6:41)
• How to test out your niche to ensure it’s a winner before you commit (7:56)

Episode resources:

• SheLaunch (join here)
• Mastering Your Mean Girl by Melissa Ambrosini (book)
• Open Wide by Melissa Ambrosini (book)
• Comparisonitis by Melissa Ambrosini (book)
• Time Magic by Melissa Ambrosini and Nick Broadhurst (book)
• Answer socrates (website)

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The following transcript has been automatically generated and not checked for accuracy.

[00:00:00] In episode 630, I’m going to be sharing with you five steps to find a profitable niche so you can have the business. The income and the impact of your dreams. Let’s dive in. Welcome to the Melissa Ambrosini show. I’m your host, Melissa, best selling author of Mastering Your Mean Girl, Open Wide, Comparisonitis.

And I’m here to remind you that love is sexy, healthy is liberating, and wealthy isn’t a dirty word. Each week, I’ll be getting up close and personal with thought leaders from around the world, as well as your weekly dose of motivation so that you can create epic change in your own life and become the best version of yourself possible.

Are you ready, beautiful?

Hey beautiful. Welcome back to the show. I’m excited about this episode because I’m going to [00:01:00] share with you five steps on how you can find a profitable niche. So if you are someone who wants to start your own business and you’re not sure what your niche is or even if you are a little bit further along and you want to refine your niche, you’re going to love this.

If you’re in the online business space, you will have heard the terms niche down in your business probably a thousand times. I’ll see you Is it good advice? And if so, how do we do it? So I’m going to break it down for you today. So how do we find a profitable niche in five steps? Grab your pen and paper.

Let’s dive in. Now, a lot of entrepreneurs, they resist niching down because they don’t want to limit their potential audience. They think they’re going to limit their potential audience. The numbers don’t lie. Businesses that have a clearly defined niche actually see a 15 percent higher profit margin compared to those that don’t.

Now, niching is so powerful because it allows you to [00:02:00] one, instantly set yourself apart from others in your field to position yourself as an expert. So just think about this for a second. If you’ve got a sore knee. Who would you rather seek out? A general physical therapist or someone who specializes in knee pain?

That’s the power of niching in action, okay? And number three, it also allows you to increase your prices. So specialists typically charge more than generalists. Okay. Let me say that again. 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.

So really it is a no brainer. So I want to share with you how to find your ideal niche. Number one, I want you to 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? What are you really good at? Now your niche should ideally lie at the intersection of four things.

Okay. [00:03:00] Write these down. Number one, what you love. Number two, what you’re really good at. Number three, what the world needs. And number four, what you can be paid for. So to figure this out, I want you to grab a piece of paper and make two columns. Now in one column, I want you to write out the things that light you up.

Now, whether that is health and wellness, personal development, business, marketing, strategy, or anything else. And in the other column, write down the strengths and skills that you have developed through work, hobbies, or personal experience. Now take a look at your columns. Are there any interesting overlaps?

How can you combine two or more items? What dots can you connect? And just a little hot tip for you, I want you to ask yourself these three questions. Number one, what do I love talking about even without getting paid? Number two, what do I love doing? What do people often ask for my advice on? And number three, what do I bring to the table that no one else can?

Now, [00:04:00] master your inner mean girl who will say, Oh, nothing, nothing. I don’t offer anything. No, I want you to master her and answer those three questions from your heart. Okay? So that is the first step. Identifying your passions and your strengths. Step number two, conduct market research. Once you have a list of potential niches, it’s time to validate them through market research.

Now, you don’t want to dive into a niche that doesn’t have a market willing to pay you for your expertise. So this step ensures that there is a demand for what you want to offer. So here’s how to do it. Number one, look at current trends. You can use Google Trends to see if there’s any buzz around your potential niche.

Number two, 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? Okay. Number three, head to Amazon. So look [00:05:00] at the best selling books in your potential niche. What topics are popular?

What are the reviews saying? And a little hint for you here, check out the two to three star reviews to find out what readers are hungry for and where the gaps are in the field. And number four, 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 and it’s free.

So check that out. I’ll link to it in the show notes as well. So that is number two, step number two, conduct market research. Okay. Number three, understand your target audience. So 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. And you do that by answering these questions, okay? Let’s dive deep into them right now. What are their deepest [00:06:00] 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? And 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. Okay. And that’s what you want. So that’s step number three, understand your target audience.

I teach this and I dive so deep into this inside SheLaunch because it is so important. I cannot stress this enough. You have to understand your target audience. Okay. Number four, analyze the current players. So. 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. And here’s how to do that. I’m going to share three steps with you. [00:07:00] So I want you to step one, identify the top players in your niche. What are they offering? How are they positioning themselves? Step number two, look for gaps in their offerings.

Are there underserved sub niches or unmet needs within the market? And then step number three, craft a compelling personal brand. Like your unique story, values, and personality will set you apart from everyone else. Remember, people buy from people they connect with. So ensure that your brand reflects who you are and what you stand for.

Okay, so go through those three steps and use this information to carve out your unique angle. Perhaps you can offer a more personalized service. Or a unique methodology or mechanism or a different format. For example, high touch one on one coaching instead of a self study program. So that’s step number four, analyze the current players and see where the gaps are in the market.

And number five, test [00:08:00] and refine your niche. So testing your niche is the final step. And 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. Okay. So. There are a few different ways that you can do this.

Number one, offer a beta version. You can create a pilot version of your product or service and offer it at a discounted rate to a smaller group of people. You can collect feedback and make adjustments based on their input. Now that is exactly what we did with SheLaunch when we first launched it and it was invaluable for us.

Okay. So that’s the first step. The second thing you can do is start creating epic content. So start posting value packed, epic content for your niche. Pay attention to the engagement and the feedback from your audience. And then number three, you can put up a waitlist page for your niched offer and see how much interest you get.

If your [00:09:00] testing generates results, then congratulations. You have found yourself a niche with genuine profit potential, which is amazing. But my friend, if you are met with crickets, I want you to circle back to the start of this episode and go through the steps again, choosing a different option to research and validate.

Okay. So they are the five steps on how to find a profitable niche. Let’s recap. Number one, I want you to identify your passions and your strengths. Number two, conduct market research. Number three, understand your target audience. Number four, analyze the current players and number five, test and refine your niche.

Finding a profitable niche is about aligning your passions and your strengths with market demand. This is what we teach inside SheLaunch. And if you want to link arms with me and want me to help you create the business of your dreams with the profit of your dreams and the impact of your dreams, just go to SheLaunch.

com and you can book your free strategy call with one of my elite coaches right [00:10:00] there. Now, like I said before, finding this profitable niche, it’s about aligning your passions and your strengths with market demand. Now, both of these things are essential if you want a business that lights up your soul and your Stripe dashboard.

Okay. You want it to light up your soul and your Stripe dashboard. And just remember that the journey to finding your niche, it’s a process of exploration and refinement. So be patient, stay curious and keep moving forward. The world needs your unique brilliance and there is no better time than now to step into your power.

I am so excited for you to really nail your niche and get your message and your magic out into the world because the world really needs it right now. So I hope you got a lot out of this episode and if you did, please subscribe and follow the show and leave me a review on Apple podcasts if you haven’t already and send me a screenshot of your review to Hello, I’m Melissa Rambrosini dot com and I will send you my wildly wealthy guided meditation and come and tell me on [00:11:00] Instagram at Melissa Rambrosini what you got from this episode.

What is your biggest key takeaway? I would love to hear. And before I go, I just wanted to say thank you so much for being here, for wanting to be the best, the healthiest and the happiest version of yourself and for showing up today for you. You rock. Now, if there’s someone in your life, a business bestie or anyone in your life that would really benefit from this episode, please share it with them right now, you can take a screenshot, share it on your social media, email it to them, text it to them, do whatever you’ve got to do to get this in their ears.

And until next time, don’t forget that love is sexy, healthy is liberating and wealthy isn’t a dirty word.

Thank you so much for listening. I’m so honored that you’re here and would be SO grateful if you could leave me a review on Apple podcasts, that way we can inspire and educate even more people together.

P.S. If you’re looking for a high-impact marketing opportunity for your business and are interested in becoming a sponsor for The Melissa Ambrosini Show podcast, please email pr@melissaambrosini.com for more information.

P.P.S. Please seek advice from a qualified holistic practitioner before starting any new health practice.