6 Tips for Finding Your Business Niche
If you love the way you make a living, you won’t feel like you’re working. Feed your spirit, feed your soul, and at the same time, earn money for necessities and extras. Maybe you’ve been spending a lot of time daydreaming and watching videos of different business scenarios in hope of switching careers or starting a new business altogether but aren’t sure where to start.
Taking a look at your likes and dislikes can help get you started on the road to finding your true path in business. Whether making tie–dye t-shirts with your message is your dream or becoming a freelance editor offers the freedom you long for, it all begins with taking that first step.
1. What Do You Like to Do?
What is your favorite pastime during your downtime from your regular job? What do you like doing so much that you do it for free now — or would if given the chance?
Do You Like to Work With Your Hands?
A business that lets you work on cars, boats, or trucks or one that involves refinishing furniture or baking and decorating cakes could bring you pleasure if you like working with your hands.
Do You Feel Fulfilled Working Outdoors?
Are plants your jam? Landscaping or ornamental horticulture could be the garden path for you.
Do You Like to Solve Problems?
Are you more of an introvert and prefer working alone? A business that requires critical thinking might be ideal for you.
Are You Creative?
If so, visually or with words? How do you best express yourself? Painting, writing, needlework, or graphic design are only a few of the ways your creative bent could be the niche on which to focus your business.
What Do You Want to Learn How to Do?
Has something been nagging at you to take a class? A brand new hobby could turn into the perfect business niche that you’ve been looking for.
What Are You Good at That You Want to Share and/or Teach?
Options for teaching are endless. Almost anything you can think of to teach will have an audience waiting to learn from you.
2. Make a List
Get out a piece of paper and pen or open up your laptop and get into list mode. Write down all the activities that you enjoy doing. Write down the things you liked about past jobs, that you like in your current job, or that you would like to do in a future job. Yes, making money is important, but how you make that money can be even more important.
3. Get Ready to Try Some New Things
Trial and error can be fun. Experimenting with new ideas can help you determine what you want to include in your future business as well as what you won’t accept. Look at this as an adventure that can only improve your future. Weeding out the negatives is a helpful tool in getting closer to finding the business niche that suits you best.
4. Online vs. Brick and Mortar
Online businesses have become the norm for companies large and small. You can choose strictly online, rent or own physical business space, or combine the two. An online business often allows more flexibility since you can operate from anywhere in the world. Brick-and-mortar companies offer the benefit of bringing you customers who will interact more personally with you and your team.
Choosing a business niche that offers online and a physical location to your customers could be a way for you to reach more people and fulfill more needs. Your final decision might be based on the particular area of business you decide on as your perfect niche.
5. Understand the Learning Curve
Have patience with yourself. There is bound to be a learning curve when you start out in a new business. The complexity can vary depending on the route you take. Anything you are not familiar with will likely need extra hours on your part, and that can add to the excitement of your new endeavor.
6. Try a Side Hustle
Side hustles, in general, are meant to bring in extra income on a part-time basis. Many of these jobs (once referred to as moonlighting) can turn into full-time enterprises, especially when they allow you to do something you enjoy. A side hustle can give you a chance to try out a new idea for your potential business without giving up the financial security of your current job.
Starting a small side hustle has the potential to be lucrative while awakening your creative side. It can be done on a part-time basis to schedule around the rest of your life while you’re learning if it’s right for you. For example, a business selling bulk shirts or homemade crafts can be run from home.
Many opportunities lie in launching your business with platforms like Shopify, Canva, and Placeit that can help you with designing, advertising, and selling. This might be a way for you to break into the online business world.
You Can Do This!
Starting anything new can be stressful and scary. When it comes to a business that will be the source of your livelihood, it’s important for your peace of mind and overall well-being that you find something that will be an extension of yourself, the part of you that makes you happy.