Know Your Why and Find Your Niche in Business


I don't think too many people wake up one morning and say to themselves, "I'm going to start my own business today." Starting up any business takes a lot of effort, a good amount of skill and a little bit of pixie dust. Okay, maybe not the pixie dust, but it does take vision and ingenuity. Some people are successful entrepreneurs from the start of it all, and others are not. Perhaps they are successful because they have defined certain things that keep them focused. The main reason an entrepreneur starts a business is affectionately referred to as "Their Why?" This why is generally what keeps people from throwing in the towel when it starts getting tough.

There are varying reasons as to what makes a person choose the rocky road that leads to having a business. Some of the most common reasons I see are parents who want to have more time at home, some want to be able to make enough money to "retire their spouse", and I have seen where the ability to travel is a key factor. No matter the reason for starting this journey your why is a personal decision that helps you keep your eye on the prize. The next step to progress your business is finding your target audience and supplying a need with what you offer.

I have found that there are as many ways to discover your target audience and defining your niche, as there are stars in the sky. There are a couple of ways that seem to be common throughout the majority when it comes to achieving this. The first simple step is determining what to offer. Every business is broken down into either a product or service base. Now to figure out who you are selling to with your target audience. If I have a daycare center, I would most likely market to families that have children and working parents. Sometimes it is not that simple. Perhaps I am a virtual assistant that provides services for small business owners and entrepreneurs. Now I can take it a step further and find my niche. Most consultants suggest making a list of everything that you enjoy. I had difficulty doing this because I like various things that do not necessarily fit together. My focus in my life has always been an interest in the medical field. I have in the past took an interest in essential oils and aromatherapy. I combined these two areas and decided that my niche would be entrepreneurs and small business owners that are associated with holistic medicine.

The fun part about finding your niche is that you can be as creative as possible and then hope that there is a need for it. That means what problem can you solve for your target audience. As a virtual assistant specializing in holistic medicine, perhaps they are needing help with their online presence. I could manage their social media accounts and email marketing to get them more exposure. The next step would be to research the competition and see what they are doing great and what you can do better. Chances are if there are other people doing this same thing, then there is likely a need for it. If there is a need for it then some more research needs to be designated for determining if it can become a profitable business. One thing to keep in mind is to make sure that your niche is not so obscure and your target audience so small, that the market is oversaturated with others out there taking all the available potential clients. Lastly, you should test your theory out in a beta group and see if everything works according to your business plan.

So how are your why and finding your niche relevant to one another? I feel that knowing what your why for creating a business is, can be helpful in finding your niche and target audience. When I found my niche, I looked for areas that I was already interested in. I then found my target audience which I soon found out, was very similar to myself. When you can define what you do, why you are doing it and who you can help with it, you are on the right path to starting a successful business.