You may think you have nothing to say or do not know enough to create a business or an online presence, but surely that is not the case.
We live in a unique era, where retail marketing is breaking into niches, and the old media is losing the attention of its audience.
Consumers and businesses around the world are fundamentally changing their buying habits and the way they consume information.
As a result of this fundamental change, millions of small niche opportunities are blossoming for you – you can build a business system around your lifestyle based on your own experiences and interests.
The idea of starting an online business can be profitable for two reasons:
- An online business is easy to build with digital tools.
- It can have a wider reach and requires no investment in office space, for example.
However, few of us are confident enough to take the first step. It really is not enough to just decide what industry to do business in.
To be more effective, you have to find your niche, otherwise, there is a risk of getting lost in similar projects, offering everything and nothing at the same time.
Finding a niche is the first step in building an online presence, and here is why:
- A niche will help you focus on a few aspects rather than trying to cover everything and therefore make the business difficult to manage.
- It will help identify the right target audience.
- Niche plays a crucial role in marketing and content strategy. From what channels to use to what content to publish.
- This will help develop a more targeted growth strategy.
So, here are some ideas you can start with to find the perfect niche for you.
Explore your hobbies
Business is definitely about money. But do not forget that it should be not only profitable but also enjoyable. When you are passionate, it is reflected in the quality of your work and your attitude toward your clients.
The first step to finding your niche should be to make a complete list of everything you love to do. Grab a pen and a blank piece of paper or a note-taking app and answer the questions – “What am I good at?, What gives me pleasure?”.
Everyone is talented at something. It could be recreation, work, fitness, art, or something else. Then start narrowing down what really excites you and where you can apply your expertise.
Think back to your experience
Of course, in building an online presence, it is important to not only love what you do but to do it well. So use your past experiences and skills as an advantage.
Think back to the various roles you previously held in your career or hobby. This analysis will help you identify topics and specializations that you are good at.
Choose the ones you consider yourself an expert in and the ones you like best. This is also where you can find a niche for your business. Try to combine the ideas from step one and step two.
Research the niche
Now you have a general idea of what niche you could fill by starting your own social media business. The next step is to do more in-depth research into this area and conclude whether you can succeed here.
To do this, you need to research all the user needs within the niche and outline a plan for how those needs can be met.
Let us say you are passionate about travel. So, you need to focus on specific aspects of travel that you can build your business on.
Will your company be targeting family travel or individual travel? Do you want to create media about travel and build a business on useful information for tourists or provide a platform for booking travel? Maybe you just want to be an influencer and share your own experiences – then you have to figure out ways to make your actions profitable.
Analyze your competitors
Choosing a niche for your business is impossible without analyzing your competitors. By studying the market, you will be able to identify areas where similar businesses lack something and highlight features for your social media.
Do several companies or influencers already offer something similar? Look at their weaknesses. Maybe they have poor quality content on social media or don’t have the best relationship with their audience.
In doing so, also note what they are doing well. Gain inspiration and use it to your advantage!
Most importantly, do not be afraid of the competition. It only means that the niche you have identified is profitable.
This process will take some effort, but at the same time, do not wait forever for the “perfect” or “genius” idea. You will find out how good the chosen niche is in practice when you work with your audience. Check out more tips for building an online presence on our blog.