When trying to find a profitable niche, you may receive the standard advice, “do what you love.” While this isn’t wrong, doing what you love isn’t enough. Just because you love something doesn’t mean you’ll be able to make any money from it. Here are five secrets to finding the right niche that will be profitable.
Secret #1 – Brainstorm All Possible Ideas
When it comes to finding a profitable niche, you want to take the time to brainstorm all the possible niche ideas that you can. You can start by asking yourself, “what subject have you read five books about?” If you’ve taken the time to study the subject, you’ve shown an interest in it. The point of brainstorming ideas is not only to find what you enjoy but what you’re good at.
Secret #2 – Find a market That’s Easy to Target
Conduct some research online. Are you able to quickly target the market? For example, if you look at ads on Facebook, are you able to target specific audiences that fit the customers in the niche market? If you aren’t able to cost-effectively reach the target audience, you’re setting yourself up for failure.
Secret #3 – See What People are Already Buying
If you find a market that doesn’t have any competition, it is a huge warning sign. This usually means that there aren’t enough buyers to sustain the market. Instead, you want to investigate the competition and find out what products and services they are already selling.
Secret #4 – Analyze the Core Problem in the Market
During your research, try to determine the number one problem that customers in the market are having or their biggest desire. If you know where to look, this information is easy to find. Finding this information will allow you to understand what people are buying and exactly what motivates them to make a purchase.
Secret #5 – Offer a More Enticing Solution
This could come in the form of a cheaper solution or a more complete solution. There are a lot of ways to provide customers with a more enticing solution. You have to find a hungry group of buyers if you want to be successful.
When you find the right niche market and provide the right offer to customers, you can gain more traffic to your website and convert those visitors into sales. Learning these secrets to finding the right niche will help you become successful in your online business.
You’ve come up with a great new idea for a business, but before you can get started, you need to figure out who your market is. The more narrowly you can define your market, the better. This is known as finding a niche and is the key to your success. Building a good niche involves following a six-step process.
Step 1: Make a Wish List
You need to decide who you want to do business with, being as specific as you can. Identify the geographic range and the kinds of customers you want to target. You have to recognize that you won’t be able to do business with everyone. If you try, you’ll only risk confusing your customers and becoming exhausted.
Step 2: Focus
You need to clarify what products or services you want to sell. You can use these techniques to help you begin the process.
- Make a list of the things that you do best.
- List your achievements.
- Identify the valuable lessons you’ve learned in life.
- Look for patterns that reveal your approach to problems.
The niche you chose should arise naturally from your experiences and interests.
Step 3: Describe Your Customer’s Worldview
When you can look at the world from your prospects views, you can better identify their wants and needs. The best way for you to do this is to talk with your prospective customers and work to identify their primary concerns.
Step 4: Synthesize
By this step, your niche should be starting to take shape as your ideas, combined with what your potential customers’ needs and wants. A good niche will have the following five qualities.
- It coincides with your long-term vision.
- Your customers want it.
- It’s carefully planned.
- It’s one-of-a-kind.
- It can evolve.
Step 5: Evaluate
Now is the time for you to evaluate your proposed product or service against the previous five criteria listed in step four. Perhaps you’ll realize that the niche you’ve chosen requires you to travel more than you’re ready to. If this is the case, then the niche doesn’t fulfill all of the criteria and doesn’t coincide with your long-term vision. At this point, you’ll need to scrap it and move on.
Step 6: Test
When you finally have a niche that meets all the criteria, you’ll want to test it in the market. Give your customers a chance to buy your product or service by offering samples, like a sample of your newsletter, or a free mini-seminar.
Once you’ve successfully tested your ideas, it’s time to get started with your business. If you did your due diligence, entering the market should be a calculated risk that will hopefully pay off.
To be a top business coach requires you to become trusted by your clients. A top business coach will understand all aspects of the business, focus on the most important decisions, and leave the client with clear actionable steps after every meeting.
Here are the qualities of a top business coach:
- View The Business In Totality – It is difficult to know the root cause of a client’s problems or which key decisions will take them to the next level by looking at it in a two dimensional manner. The best business coaches will view a business from all dimensions before giving advice.
- Focus On Key Strategies – Every business has numerous strategies they can apply and this in turn requires decisions to be made on the right strategy. The best business coaches work with you to define the scope of work and focus on a few key strategies at a time.
- Customized Roadmap – While all businesses have the same basic challenges, each requires a customized roadmap. The best business coaches work with business owners to provide a customized roadmap which will ensure sustainable growth over a long period of time.
- Process Driven Productivity – The best business coaches interact with numerous clients at the same time while ensuring each client receives the attention they deserve. The best business coaches constantly seek ways to increase their productivity thereby ensuring each client receives the support they require.
- Provide Actionable Steps – Business owners don’t have time to waste and prefer discussions that lead to actionable steps to move their business forward. The best business coaches stay focused on providing roadmaps with actionable strategies that have a timeframe attached to ensure accountability.
- Monitor Progress – Business owners have a lot to deal with daily and can be distracted from the key strategies they should be focusing on. The best business coaches constantly track the progress of their clients to ensure accountability for agreed on actions.
- Remain Constant And Reliable – Clients prefer consistency and reliability and this creates trust in the business coach. The best business coaches ensure consistency, quality, and reliability across their business and brand to ensure the trust relationship is maintained.
Successful entrepreneurs and business owners are surrounded by coaches and advisers. The world of business is continuously changing and evolving which makes it challenging to keep up with while still carrying out your day to day responsibilities as a business owner.
A reliable business coach will present you with a perspective that may challenge the way you see your business but, at the same time, he will provide you with the necessary tools to achieve the goals you both identified for your business growth.
A good business coach will keep you focused on your goals and more importantly, hold you accountable on the things you agree to do to get your business to where you want it to be.
A great roadmap will include business building strategies that leverage what you already have in your business without breaking the bank on your marketing and advertising budget.
At Business Coaching hub and have identified numerous areas of any small business that are overlooked and when the right strategies are used in the right area, the growth you will experience can range from 10% at a minimum to as much as 50% plus.
The Business Coaching Hub offers many coaching programs, all of which are designed to help you grow your business consistently and in a sustainable manner. Each program is customized for you and your business during a 45-minute business evaluation which, we offer free of charge.
Business Coaching Hub believes in showing you value long before any investment on your part is even discussed.
At the end of the evaluation call, you will know exactly how to grow your business and the strategies shared during the call can be implemented right away showing growth within 30 days.
To Your Success,
Business Turnaround Specialist
P.S. Please remember that at any time you feel ready and qualified to move forward and acquire the professional help that can enable you to build the business of your dreams, just click here and check out our E-Learning Marketing System™. It’s helping small business owners just like you get the answers and the help they need to build the business they have always wanted.
We created the E-Learning Marketing System™ with the perfect combination of online resources, tools and support to get you out of any financial distress you’re presently experiencing… help you get laser-focused on your highest income-producing activities… and help you develop and then apply the fundamentals that build multi-million pound businesses. Click here to see for yourself.
If you’re like most business owners, you’ve sacrificed a lot for your company by working long hours, juggling payroll and vendors, and missing family events. The business did okay and provided you a nice income…but the business landscape has changed.
The past few years have been tumultuous for the business and financial markets. Improving economy possess its own challenges as efforts to shed excess capacity and deliver have left many business owners unable to meet rising demand. You never planned for this to happen, but your business is struggling… and the pressure is mounting.
You have a choice – let it pass you or take advantage of the digital world and the opportunities it represents for the success of your business…when used correctly.
A turnaround roadmap works well for business owners who realize that trying something different is better than continuing the present course and risking their business and ultimately their lifestyle.
Are you tired of going it alone when it comes to building your business?
Do you spend countless hours attempting to generate leads, attract new clients and increase your revenue and profits… but see very little in the way of results?
Have you finally made the decision it’s time to get help from true professionals who do this every day… do it successfully… and have a proven track record for making millions of pounds for businesses just like yours?
Coaching is NEVER an expense and with the right turnaround specialist, your return on investment far exceeds expectations. It’s one of the smartest investments any small business owner will ever make when it comes to building a successful business.
However, let’s put investing in coaching aside for now and consider how a turnaround specialist can provide an immediate impact in your revenues. With the correct use of our Profit Growth Calculator and Profit Accelerator Software™ we can find you hidden profits in your business by showing you how you can generate:
- More Leads
- More Conversions
- More Transactions
- Higher Prices
- More Profits
We understand how to…
- Generate immediate sales
- Create competition-crushing marketing
- Develop compelling offers
- Map out your entire sales process so you know exactly what to do and when to do it
We’re passionate about helping you maximize and solve your financial opportunities and challenges. Our business is your business and your success is our focus. In just 45 minutes we can show you where there is hidden revenue in your business and work with you to develop a specific turnaround plan to get you back on the right track.
In this short time frame we will provide you with a detailed customized roadmap of what you need to implement in your business. There is no sales pitch and all you’ll find are “proven and tested” marketing secrets that work.
The Turnaround Process
The Turnaround Roadmap that is customized to your business, will guide you through the process of generating additional revenue in your business.
The Turnaround Roadmap is effective for business owners who have the following characteristics:
A strong work ethic and the will to succeed;
Maturity to know their company needs a completely different approach to what has been implemented to date;
Commitment to implementing the strategies provided in the Turnaround Roadmap.
Book your 45-minute Free Consultation to generate your detailed customized roadmap which includes an assessment of your business outlining the exact steps you need to take to generate the additional revenue we will find in the allocated time.
There is no cost for the services mentioned above and the strategies you will be presented require no investment in marketing or advertising.
Turnaround Experience Matters
If you were looking to treat a life-threatening condition, you’d naturally want to find a medical specialist who knows what he’s doing. We’ve been doing small business turnarounds for a long time and have the expertise and industry credentials to prove it. Our long list of clients, have successfully turned their companies around and regained their profitability. It’s a reasonable bet you can, too.
When you think of social media, you probably think of written content. You’re probably thinking of things like Twitter posts or Facebook statuses. Maybe at a push, you’re thinking of Instagram images.
But the reality is that video is also a big aspect of social media and it absolutely should be a part of your own strategy.
Why Video is Critical
In case you’re not sold on this idea, consider that video is much more engaging than other forms of social media. That’s at least partly because video assaults all the senses. It contains movement, imagery, music and gesticulations and all this makes it far more captivating, far more persuasive and potentially much more emotionally stimulating. This is everything you need to sell to someone and it makes social media a considerably more powerful tool for selling and persuading – or just getting someone to care about and be interested in your brand.
At the same time, video helps to elevate your status. Video is something that not anyone can create and that often requires specialist equipment, editing tools and more. Video with high production values looks like something that a bigger company with more resources must have made and that in turn makes it very effective at elevating your brand, your authority and your trust.
How to Get Started
The best way to get started with video marketing is with YouTube, which in some ways is similar to a form of social media. At the same time though, you can also be successful by using live video on platforms like Facebook, by uploading very short videos to Instagram etc., or by using videos through other social media channels. Even paid Facebook Ads let you incorporate video!
To get started creating video, then conventional wisdom is that you will need a good quality camera, some basic lighting equipment, a sound recording device etc.
All this is true to an extent, but it isn’t strictly necessary if you’re shy to go on camera or don’t know how to create that kind of content. In fact, a ‘video’ can be much more of a podcast with a static image and you talking over the top. Or it can be a slideshow with no talking at all! There are lots of ways to create video and the only thing you absolutely need is some basic editing software.