Four factors to consider when choosing a niche for a successful business/career start up
Four factors to consider when choosing a niche for a successful business/ career startup
Alot of us start businesses, brands and careers without necessarily knowing what niche we fit in,we basically do things because we see others successful at it and we just jump. Well today I'm gonna take you on a little journey to reset that button. What ever you wanna do or sell...I'll discuss how to start it like a pro..Lets go...
Before embarking on this journey/discussion, I want to lay down the foundation by letting you know the most important factor which is NICHE.
First off, what does the word niche mean;
It means denoting or relating to products, services, or interests that appeal to a small,specialized section of the population. In a layman's language. Niche is that small sector you cut out for yourself whether its in business, career or life. Now that you understand what it means here are factors that determine what niche to follow or engage with;
1. Passion/interest : Some of us enter businesses and careers just because we were told to or we saw someone we liked go into it and not necessarily because we had interest and passion for it. Many ask must you have passion before you do something. Yes ..hell yeah. Passion must be there,interest must exist. Reason is because without passion or interest in that particular business or career, attention will be impossible and like I always say to you all, no attention and your business fails. Attention is *work -energy-time*
Here is why: Without passion and interest, whenever there is a slight change in how things normally are, you become tired and stressed and start backing out. I never take on a cause I have no interest in. Neither do I sell what I have no interest in. I sell brands and people because I have interest in it. I don't sell crime because no interest but I'm 100 percent sure if I had interest or passion for crime,I would be the greatest druglord ever. Because I can function well there. Never pick a niche you have zero passion and interest in.
2. Market needs : Before you pick a niche in any area of your life, find out what it is ,your environment or audience needs. Discover what they cannot do without and capitalize on it. Understanding what the market or society needs puts you a step ahead in the profit and success ladder. When you want to go into a business in your school or anywhere. Look for problems where it is lacking and provide solutions. Feed their needs with provision. Alright let me give a few examples; As a corper in a village where there is complete lack of electricity.(need). What is wrong if you go to a solar company and strike a deal with them on provide solar power inverter to the village in large quantities at a cheaper price and you keep a certain percentage of the gain whatsoever. You found a need and provided a solution. Now the village will no longer have light problems because you brought solar infrastructure to them.
A group of friends take professional courses on data science and programming because they saw the lacking availability of such a discipline where by companies will have to take international students rather than nigerians. So they pay alot of cash to learn and gain certification and apply for that career space and solve the problems that the course requires them to do. If you want to go into university.Dont enter because of the name,ask yourself in 10 years will my career or services be needed.
Then you can pick your niche !!
3. Market competition :Find those people or product under the niche you want to pick and decide what it is you want to do differently. What is the the upgrade in what the niche. Why should customers come to you instead of going to another person. Why should they trust you.what makes your own skill or product different from the competition.
And I'll give you few examples;
Let's say you want to go into sales of shoes.
You have to consider three things your competition already has control over which are PRICING -QUALITY- TRUST if customers know that they can get the same quality of shoes at a cheaper price than your competition and you gain their trust with faster delivery. Trust me, you just took out your competition. Always create an offer better than the competition. Stay above the chain!
4. Profitability: Now alot of people decieve themselves with the lies of not being in business for profit (money) but the truth remains that the endgame of every business is profit. If you like be a priest. Now don't choose a niche that is not profitable in the name of passion. Truthfully you might not last long.
Money shouldn't be the first thing you think but it should be a major motivation. As much as I add value on a daily business. Money is still on my mind and the business of value addition is highly profitable.
What ever it is you want to do whether in business or career wise, make sure it is profitable one way or the other. It might take time to actually make profit but let your endgame be certain. Profit maximization