Choosing a niche for your online business can feel overwhelming. I personally have gone back-and-forth so many times because I was afraid I wasn’t good enough to do what I really wanted. So in this post, I’m going to share how I overcame this and finally settled in on what I love to do.
What is a Niche?
First, let’s clear up exactly what a Niche is and why you need one (sort of).
Simply put, a ‘niche’ is your area of focus or expertise in your business. This is who you serve and how you serve them.
The biggest reason you want to clarify your area of expertise is so you market to the right people. There’s nothing worse than creating content or products for people who are never going to buy (trust me, I’ve been there many times).
That being said, choosing the right niche can be stressful because there’s also nothing worse than having to change it all later. Especially if you spend years building up a brand (more on that later).
Now that you know what a niche is and why you need one let’s talk about choosing the right one for you.
Purpose to Profits
There are (4) Things I think you should consider when trying to figure out your niche:
- Passions – What excites you? What gets you out of bed everyday? What could you talk about, teach, or do every day?
- Skills – What skills have you acquired over the years? This can be through formal or informal education. Think of what people tell you you’re really good at doing.
- Lifestyle – So many of us get into online business and just end up creating another J-O-B that we hate. Knowing the type of life that you want to live is so important because some online business ideas just won’t be the right fit.
- Demand – Just like not all ‘traditional’ jobs are profitable, the same goes for online businesses. So many people started selling face masks online in 2020, it’s in demand now, but trust that it may become obsolete in the next 2 years. However, there are some online businesses that will always be in demand (like Freelance Writing or Web Design). Bottom Line – think long-term.
Niching Down Too Much
Entrepreneur burnout is a real thing! As most entrepreneurs have a creative thought process (tend to be more B-Type Personality than A-Type), we need a lot of room for innovation and creativity.
When you niche-down too much in your business you can start to feel stifled and bored of your business.
This is why we become serial entrepreneurs and always chasing that next big thing.
If you build your business to be flexible enough to incorporate all your passions, you’ll thank yourself in the long run because you won’t have to deal with the self-imposed guilt we all feel when we switch directions!
I can admit that even I have preached for a very long time that you need to be very niched down. But some years into my business now, I’m even feeling the pressure of only talking about one topic.
When I started my Podcast, I felt way too niched down because I was only talking about one thing: Female Coaches.
And even though I love working with women who are trying to build their coaching business, I also don’t only work with coaches and my first business was Web Design.
Always Pursue Your Passions First
A typical rookie mistake? Choosing a niche because you think it will bring you a windfall of money.
I’ve seen so many wanna-be influencers crash and burn this way.
You have to have some sort of passion for what you’re choosing to do otherwise you’re wasting your time.
Passion for the business we’re building is what keeps us getting up in the morning and coming back week after week, day after day. Even when we’re broke (and trust me, that’s realistic).
Ask yourself if what you want to do every day when you wake up.
If it turns out that you want to take pictures of yourself in new outfits you get from brand partnerships that’s wonderful!
But, if you hate taking pictures and you hate self-promotion, but you heard your favorite influencer makes six-figures… take a pause and re-evaluate your motives.