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.
So lets start with what exactly is a niche? A niche is a focused, targeted audience that you serve particularly well.
So how do you determine your niche?
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 ask yourself questions like
- What do you enjoy making?
- What is profitable in both time and supplies to make and sell?
- What can you create in the long run that you will not get bored with over time?
- What product/technique do you want to learn the most about?
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 want to sell custom dog collars, do you know where to target dog owners? 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
I hear over and over that the tshirt business is oversaturated. You know what I say? No it isn't! 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. There is no need to re-invent the wheel, if people are buying shirts then you should be selling shirts.
Secret #4 – Analyze the Core Problem in the Market
The key to a successful business is that you have to solve a problem. During your research, try to determine the number one problem that customers in the market are having or their biggest desire. 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 craft business.