Are You Too Busy Niche Picking?
Are you a small business owner or entrepreneur, who is struggling to maintain your dream of recurring residual income?
Do you spend more time Niche picking instead of operating a business?
Stop Wasting Time; Pick A Niche.
This is where the brainstorming starts. RESEARCH!
Therefore a successful business owner is always learning, honing their craft and growing from their mistakes. Yet today's business climate thrives on innovation.
Some businesses have survived by completing reinventing their business model. Conversely, if you're not cannibalizing your Niche, then your NOT creating a sustainable business. Bye, bye Forbe's list.
What do I mean by Cannibalize? The American Heritage Dictionary defines cannibalize as a verb that means, “To remove a serviceable part from” and “draw on as a major source” (See Image below).
Definition of Cannibalize. Image from The American Heritage Dictionary
What Does Cannibalize Your Business Mean?
This means you will need to find the sellable parts of your field and draw on them as a major source of income. Sell these services in bite-size chunks, but you must have deep knowledge of your industry to do so.
If you search Google for a Niche, you will find several articles about the “Top Niches.” I believe the top three are Education, Health, and Lifestyle, however, they also share some of their sub-niches.
On that note, my top-ranked niche is Education. I’ve never been extremely into daily exercise, although I am athletic. Likewise, I grew up believing that nice things are to be earned, instead of idolized. We do all love our toys though.
When I found my top niche, it took a moment to settle into my mind, because I had plenty to learn. Actually, I still have much to learn, even though I have several certifications. I also didn't have enough degrees to teach in the American education system, so if I wanted to teach and share my skills at educational institutions, then I had to reinvent myself.
Need Help Finding a Niche?
There are several techniques that you can use to find a niche.
Here is a process I created.
Niche Picking Photo of Doc Reo, while In The Hot Box at Studio Yoleven 8.
Building a focus on education has also really helped me communicate thoughts more clearly, which has enhanced the quality of all my content. Furthermore, I have gained an appreciation for data and developed a passion for research.
The Importance of Niche Picking:
In each Niche, there are many of sub-niches and sub-niches within sub-niches. I suggest you utilize the skills you already know. Here is a question you should ask yourself first. What do you know?
Have you asked yourself this question before? I know I have. When I started to brainstorm my problem. I realized that I had to stop saying to myself, “That’s just the way it is,” and start saying,
“This is what I can do.”
I hear people say the former all the time as if, “That’s just the way it is!”
Is it? Have you thought about it? Did you really consider your answer? Don't you feel you have the ability to do more?
Then Grab a piece of paper or a text document and do the following:
1. Write down a list of the skills, and qualifications that you know well.
2. Make a list of the hobbies that you know well.
3. Create a list of things that relate to both your hobbies and your skills.
4. Add your social media skills (if they aren’t already in your hobbies).
5. Search Google for your Top Niche and include One of the words you listed.
6. Locate Businesses that are similar to the services you wish to provide.
7. Repeat the process with all the words on the list.
After I was finished analyzing my list, multimedia, marketing and training were the prominent themes. What are your prominent themes? Figure them out, then write them down.
Whatever you find will give you guidance. It is not set in stone. There may be sub-niches below the sub-niche themes you will have discovered.
Lastly, don’t go too far down the rabbit-hole without testing some of the sub-niches in the field. Get out there and take a risk. Make one sale, then rinse and repeat.