Getting Clear On Your Business Niche

What is a niche? The word niche has two definitions: a specialized segment of the market for a particular product or service; a comfortable or suitable position in life or employment.

I came up with a hybrid definition for my clients – a specialized segment of the market that allows you to live a comfortable life. This definition was a game changer for me in my life because despite being an official business owner on paper, I was really a freelancer/non-profit organization. I wanted to help EVERYONE and ended up stressed, burned out, and broke! This was a direct result of not having a niche.

Here are my 3 Steps to Discover A Purposeful and Profitable Niche

  • Be Honest About Who You Are: Until you get very real and transparent with who you are at your core, you’re not going to be able to coach, mentor, or provide value to anyone. Aren’t you tired of hearing the dreaded question: “So what do you do exactly?” No one knows because you don’t know or you have not decided to commit to a specific mission or group of people.
  • Make A List of What You Are Skilled At: Take an inventory of your talents and skills. Have you helped someone with a problem and the solution seemed to come to you effortlessly? It is instances like this that become “a-ha” moments because they tend to reveal our purpose. Sometimes our purpose is right under our nose but we don’t even consider it because it may be something that we enjoy doing for free and we have been conditioned to think of work as hard or painful — but that is the furthest from the truth!
  • Create A Mission Statement: Don’t get scared – this can literally be 1-2 sentences. It should be concise but powerful. Illustrate who you are – what you do – how and/or why you intend to create an impact. Example: Stacey is a personal fitness trainer who specializes in High Interval Training. Her goal is to help work from home moms stay in shape using virtual classes. Doesn’t that sound better than just personal trainer? Because Stacey is clear on her skills and her client prototype – she has uncovered her niche. Your mission is crucial, so take your time and craft one that is authentic to who you are.

Once you follow these steps, taking action will be easier and exciting. You will know exactly who you are, how you can provide value and who needs your help. Focus on this for now — in the next post of this series, we will dive deep into Turning Your Niche Into A Profitable Business.

To The Top!

Candace Melissa

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