It’s 2019 and it seems like every business, product, and idea imaginable already exists. But 50 years ago people thought the same and look how far we’ve come.
We’ll start by saying you don’t have to be 100% different from everything around you in order to succeed. There are thousands of brands around the world offering the same products to the same audience in the same market, all doing so with enormous success.
However, if you do still want to base your business on just what makes you unique, then follow these 5 simple steps!
1 Identify your passions
This may seem like a step backward if you’ve already got a business or idea in mind and have done this, but if your idea was born from a crazy dream or overhearing a passing comment, then take the time to really evaluate the areas of interest that are driving you the most in life. You may find that your original idea aligns perfectly with these, but you may be surprised at how your life passions can lead your business in the opposite direction.
It’s important to remember that business isn’t easy and it’s bound to test you. But if the passion and interest is there, then these tests can quickly become a welcome challenge and you will always have the drive within you to persevere through the rough patches!
2 Find the problems you CAN solve
We all want to run faster, live longer and look younger, but we’re only human. Just like with a business, you can have the most imaginative idea, but if the technology isn’t there yet, then you’re learning to run before you can walk.
At this point, you already know your passions and interests so you can use these as a starting point to condense the problems within these areas that are currently not being solved.
If your passions relate to a particular target market then identify the problems this audience as a whole may be facing. Determine if these are realistically solveable and then move on to step number 3.
3 Identify the competition
Competition is normally thought of as a negative factor, however, this isn’t always the case. The presence of competition, in most cases, is a good thing.
With increased competition comes an increase in profitability. You’ve found a niche that clearly works financially, all you need to do now is dig deeper, analyse your competitors and identify if and where you can stand out from the crowd.
If there isn’t an obvious way you can differentiate your business from those already existing, then identify how you can do what they already do, but do it better.
For example, if your competition is seemingly doing well, but in your opinion is producing low-quality content, then it should be easily achievable to outrank your competition in this area. Aim to provide their audience with more detailed content that they seek and see their spending habits switch from them to you.
4 Put a number to your niche
You may be able to get one-up the competition, but just how financially profitable will this lead actually be? You may be providing a solution, but if the answer to the problem is only relevant to a small section of the market, then expect a small income from it.
Whether you’re planning to sell a product or a service, you always need to know it’s current market value. If a service is the route you’re going down then the ball is in your court. Make your prices competitive, yet attractive, and most importantly make them profitable to you.
If you’re going down the product route then your pricing strategy is relatively predetermined by the market. Product searching websites are a great place to start. Thanks to the continuous growth in technology and the abundance of items available on the world wide web, you can now browse top products in pretty much any category imaginable! When doing this you can check the number of similar products available for purchasing. If there’s a lot you might be on to a winner, if there’s nothing then you may find you’re unable to monetise the niche.
5 Put your money where your mouth is
If you’ve got this far then the final step should come as no surprise, it’s time to test your idea. You’re armed with everything you need to test your niche and the next steps really could be make or break for your business idea.
Start off small. Set up a landing page for pre-sales of the product or service you intend to sell. Drive traffic to this page through paid ads, general Social Media promotions and any other marketing routes you feel are relevant. Once all of this is underway you should be able to roughly gauge the initial demand for your offering, in some cases this could be low, but you may hit the jackpot, showing you just how viable your niche really is!
With so many routes to market, it is important to make sure you target the ones that will be the most fruitful for your business. Our team are experts, so get in touch to find out how we can help you.