“What niche should I choose?” is a popular question amongst small business owners from the newbie solopreneur to the new leader of a revamping corporation.
If you’re having a back and forth confusion around this question, don’t let that fester. Contact me at mymoneypivot.com and apply for a free Discovery Call to see if we should work together.
In this video, I talk about “Hot or Not?” And I share with you a prime example I have with a planner I created. Planners are hot, right? YES! In May? MEH, not so much.
Please use my example to see if your niche is hot or not and let me know how your experience goes.
How Niche is too Niche?
The answer here is to make sure that you have an audience of at least 10,000 people who want and need what you’re offering. While it’s good to be specific, it’s important to not exclude too many people, the majority, from your goal.
For example, say you are a caterer who makes Filipino food. My favorite!
While there are hundreds of Filipinos in the geographic area, this can be a great business for you! Filipino food is gaining in popularity in the states and plenty of people love Asian food so they’d likely want to try your cooking as well. This means, you have an audience of at least 10,000 (when you do the math).
Should you niche down? Perhaps only make gluten free, dairy free, or vegan options?
Maybe, maybe not. While many individuals such as myself have these food allergies, I’m in the minority.
Therefore, an option can be to not niche 100% down for those who want the GF/DF and Vegan choices but to perhaps offer these as options on the menu. That way, overtime, you can track the demand for GF/DF and Vegan orders.
Where to Start?
Plenty of people ask, “I want to niche…what niche should I choose to start?
I say, don’t delay. Don’t wait for the perfect answer. Set aside some time in days/weeks for market research and then get out there. The only way to refine your niche is by taking action and seeing how the market reacts to your products and services.
Stay very alert and mindful here. Ask for feedback. Welcome it in fact! That way, you can do more planning and research with others who demand what you have to offer.
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Janet Johnson is a small business advisor and author of My Money Pivot: An Entrepreneur’s Guide to Finding & Making More Money and this educational blog. All views expressed belong solely to Ms. Johnson and do not represent the views of her employer.