How To Find Your Niche When Launching Your Business Idea10 min read

Reading Time: 7 minutes

Imagine you get a headache and slight fever and decide you wanted to go and buy drugs to relieve you of headache

There are two options for where you can go and buy the drugs

A huge departmental store where they sell everything from drugs to baby clothes and gadgets and

A pharmacy that focuses on selling drugs for everything from HIV treatment to thyphoid  

Imagine again that there are so many major pharamcies in your city

the types mentioned above and then, another one out of the many that focuses solely on selling drugs for headaches and fever

When faced with the two scenarios above, which one will you be going for?

Remember, you are clear on what the symptoms are; headache and fever

you need drugs to alleviate the symptoms before heading to the hospital

In both scenarios, I am choosing the pharmacy over the departmental store and in scenario 2, am choosing the pharmacy that focuses on treating headache and fever

I want to buy drugs not clothes and baby food 

I would rather buy from the people who specialize in that and who will know a lot about that instead of the store

I would also rather go to the people who specialize in headaches and fever than a general pharmacy

They will understand my symptoms better, know what best to prescribe

You get how this works

This is why niching down matters

  1. You grow your business income wise
  2. You stand out from the crowd because people can very easily spot what you do and what makes you different
  3. You gain business clarity from knwoing what you are about and what you aren’t about

I started creating content on business a year ago

In that whole time, I thought my focus was on helping business owners launch and grow the business and life they dream of

If this sounds familiar, it is because it is what Marie forleo, one of the women I admire in my industry always said about her business

Love her

Anyways, It became clearer to me, this isn’t what I am focused on

I wanted to help business owners but, the term “business owners”, “entreprenuers” is so large

Plus, there were so many online platforms with the same mission

As I dug deeper, I realized my target audience was not just entrepreneurs or business owners

It was entrepreneurs and aspiring entrepreneurs who are striving to launch their business idea  or grow their young businesses but don’t have a lot of money in the bank

My niche then is actually “Budget Entrepreneurs”

This realization has changed  everything for me

I feel clearer in my business and, it has made me look at my business practices differently

Now, all I have to do is FOCUS

Focus On Your Niche

I know this may be cliche to say but, the deeper and clearer you can get when it comes to defining your niche, the better

Get as clear as possible

Go as deep as possible

As you continue to gain clarity, it is important that you focus down

I am currently working on quitting doing anything that isn’t in line with my niche and its purpose

Things like consulting  on social media ( I hate it) and just, focus on what I know how to do and my mission

Deep focus is how we win, read this excellent article by Anthony moore to understand

Defining Your Niche Takes Time

It took me almost a year to get clear on this

Chances are, you will not get it right the first time but, you will come pretty close

I am always so glad when people reach out to me and say they are budget entrepreneurs

I feel like I have managed to attract the people I had been hunting for all along and that feels good

So, how then do you define your Niche

These questions will help you get  clearer on what your niche is

1. What is my business idea?

A business idea is a solution to a problem people have that you can monetize – Diamond okoh

Yes, I cited myself

This is the only definition by which I define a business idea

Now, state what your idea is

For example, for my company, the business idea is simple

Growbaby is an online space that helps starting and aspiring entreprenuers who do not have a lot ofmoney in the bank launch their business idea and grow their young business

The problem we solve

 “Starting and aspiring entrepreneurs who don’t have a lot of money in the bank have to bootstrap and do not have the resources that guide them through that process especially, the ones in Africa so failure and struggling in business is harder for them”.

The solution

 We provide resources, well defined information, Funding, Guidance tools that help them through that process while matching their bank accounts

Now, do this same thing for your business

2. What is my unique selling point?

 Unique selling point is simply what makes your business different from your competitors

While we are to always focus on customers than competitors , we must also understand that for our target audience to choose us, they must remember us

How will they remember us if we are just like veryone and offering what everyone is offering

If you keep saying things like

  • Unique
  • Affordbale

In your unique selling point, you havent gotten it yet

Recently, I got clear on this

My unique selling point in my business is that we provide direct coaching on the GO for starting and aspiring budget entreprenuers

We believe information isn’t enough, knowing how to apply information, that changes everything

We also know that not everyone can afford coaching

We also know, there is a wealth of information out there for people

but, sieveing through all that is where the work comes in and we make that very easy for our community by providing them only the most valaubale information on the internet

We also are focused on helping budget entreprenuers which isn’t something a lot of people are doing

Finally, we intend on building an accelrator for businesses we think are excellent

3.What problem am I trying to solve?

For example,

The problem I am trying to solve is

“Reduce the number of startups that fail every year by making starting easier. Infomrtaion isn’t enough, entreprenuers need access to guidance, funding and a how to step by step process”

For your own business, point this out in one or two sentences

4. Who are the people that have this problem?

 For example, for my business

Starting entreprenuers who are learning everything on their own with no proper gudiance and little funds are most susceptible  to failing.

People start businesses every year but, in Africa where resources are super scarce and information is incredibly scarce, little money can go to waste overnight

Your turn, state who your people are

5. What are the characteristics of my target audience?

For example, for my business , my target audience are

  • Budget entreprenuers which means, they do not have a ton of money in the bank
  • Just starting or aspiring to start
  • Need help with their business in terms of guidance
  • Have very little business experience

I could go on and on

But, these are their core defining features

Your turn

If you need more guidance on how to do this, follow this link to listen to my podcast episode on “how to define your target audience”

6. How do I help people?

Here, you point out the results you help them produce

For example,

  • I help people avoid the shut down situation.
  • I help people figure out how to grow their business.
  • I help people build their starting business and launch their business ideas.
  •  I help people go from 0-100 customers successfully.
  •  I help people reduce the pain from launching a business and get to their goal faster in business

Your turn

7. What am I good at?

This could mean the talent you have, skill or knowledge

Knowing what you are good at also makes it super clear what you should focus on

For example,

  • I am good at witing, speaking
  • I am good at teaching
  • I know some valuable thnigs about launching a business idea
  • I know a ton about lauching a business idea on little money

8. What am I truly passionate about?

For example,

 I am truly passionate about helping starting and aspiring entreprenuers who don’t have a lot of money and making starting easier for them

Like, I wake up and the thought of having my own accelrator genuinely gives me so much Joy

Your turn

What genuinely gives you so much joy?

Common Questions Asked About Defining Your Niche

What if I have a lot of things I am passionate about?

In this case, the focus should be on the unifying theme

For example,

I am passionate about business and personal development

My unifying theme is “ helping people be the best version of themselves both in business and  their personal life”

I find that as we go on in our careers and life, we become clearer and clearer on what our niche is

Listen to Marie Forleo who was also mutli-passionate talk about this here

Won’t Niching Down Limit Me?

Look, trying to serve everyone is you limiting yourself

Imagine coming to an event of 100,000 people with 100,000 naira and trying to feed everyone

How will you do that effecively if at all?

You are not Jesus

Imagine coming to thesame event and saying , I will feed children below 1 year only

Do you know how effective you will become overnight?

We often think of limitations in terms of not reaching a lot of people

Limitiations should instead be measured by our in-ability to effect the change we want to effect

If we cannot do that effectively, then we are being limited

This isn’t a numbers game, it is an “effectiveness” game

Imagine charging all the moms at that event 3,000 naira to feed their under 1 year old children daily

Imagine doing that at 10 events like that monthly

How limited are you feeling now?

Won’t I be missing on extra money when I niche down?

Yes, you will be missiing on money but, not extra money

You will be missing out on the wrong money

In  this article, anthony moore talks about the Temptation right kind of mney and the right kind

The right kind of money in business is that which is aligned with our goals

Right now, in my business, I have been distracted by the wrong kind of money

Being paid to do the things that do not align with ,my vision or goal hasn’t been a blessing and has been draining

The right kind of money will not do that to you

Focus on learning how to create wealth from doing what you love and are good at

Not just, making money anyhow

Remember this quote “How you make your money is more important than how much you make”

Money makes you happy only when you are happy with how you make your money

This is how we Marie Kondo through life and spark joy in it

Niching down will make you have wealth faster

How?

You become the go to person in your field which means, when people think of where to go for help, they think of you

But beyond that, it will genuinely make you happy.

What if my niche is crowded?

Remember why your unique selling point is important and be clear on that

You cannot be hidden if you are different than everyone else

In this article, I share different ways to stand out in a crowded market

But,  once we are super clear on our niche, we need to become like Amazon

we need to be so customer focused, all we think of is how to serve them better

I hope I have been able to help you effectively in this area

To help even further, I challenge you to send me an email here with all your answers to the questions above

I will help you proof read them and send it right back to you

I want to walk you through this process

Send me an email here

I would love to hear from you

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