As the saying goes, “The person who chases two rabbits catches none.”
Imagine calling out to everyone in a crowd. Very few will bother, but no one will give you attention. Now imagine calling out to specific people in a crowd. They will respond! Selecting a profitable niche is just like that. It is about calling out to your particular target audience and asking for their attention. Specificity is, therefore, crucial!
What if one company provides all the services and products to all the people in the world? We would have no innovation, no competition, and no creativity. This is why I recommended focusing on one niche. Instead of distributing your energies over multiple projects, put in all that energy to making one project the best! Specialisation means productivity, and this increases overall time efficiency and wealth for everyone.
Why choosing your Profitable Niche can be Scary.
Many of us are afraid to take risks. We all want a safe and secure job with a stable income. Many a time, we are pushed towards a profitable niche that we may not love because of societal norms. Our parents might push us to be something we don’t want to be. Our relatives might give us advice, with good intentions, to do something ‘responsible’ with our life.
Many times your profitable niche may not align with this vision of society, parents and relatives, but that doesn’t mean it won’t be good. No one wants to go through life feeling like you’re wearing shoes someone else’s shoes of the wrong size.
Discovering Your Profitable Niche
Nobody can tell you what your profitable niche is. It is your calling and has to connect with you at a deeper level. New niches are born every day as new needs are generated every day. As you spend years specialising in one niche, it will become harder and harder for someone else to catch up with you.
Finding a niche that suits you perfectly is a lifelong process all that matters is you love what you do. If you can identify with your niche, then it will be profitable for you. Childhood inclinations can be a good indicator of what your profitable niche can be. What you were involved in as a child was out of pure interest. For example, if you wanted to become a teacher, today you might start an online course where you teach people your skill, just like how I teach architectural software.
You cannot leave everything and start something new. You might have bills to pay and a family to support for which you might stay in your job, but at the same time, you must start exploring your niche and get a side income. So work towards making your side income your primary income, and that is when you will experience true freedom.
Your niche must be a combination of your talent, your passion and market opportunity. If you have the talent and the passion, but there is no market opportunity, there will be no source of income to support you. Similarly, talent and market opportunity without passion may lead to pressure, anxiety and unhappiness. In the same way, passion and market opportunity with any talent will get you nowhere because there will be people who will outrank you.
Having said that, it is also important to remember that people’s purchasing power also evolves with time, making for a more profitable niche. For example, before Ford launched a car, people only wanted faster horses, and today we have all kinds of automobiles. Likewise, before Apple launched its iPhone, no one would’ve bought a $1000 phone and look at us today. “The world wants you to ‘fit in’, but it celebrates the misfits”. Therefore, to make for a profitable niche, you have to be the person who will bring the objective truth to the market, i.e. the right balance of products and services at the right price.
Specialising In One Niche
We have all heard, “The grass is always greener on the other side”, but that is not true. The grass is greener where you water it. What is essential, though, is that you pick one niche and move forward with it. If you sit back and wait for things to happen, you may end up wasting a lot of time that you could have saved. Furthermore, you will never know if your selected profitable niche works for you until you dip your feet in the water and test it out.
You have to enjoy what you do, and you have to generate revenue from it. If you feel you can get the satisfaction you need from specialising in one niche, that is great, but if your profitable niche is not so promising, you can always change your niche at a later stage.
For example, my first niche was teaching architectural software. When I started teaching, I found that I got more satisfaction with digital marketing and directing people to do the course. This is what steered me towards digital marketing and where I am today! While I still teach because I love it, I do not do it full time; it is more like an extracurricular hobby.
Skill Stacking Within Your Profitable Niche
You can also mix and match skills to come up with a more enhanced skill set within your profitable niche. In today’s world, focusing on just one skill may set you up with too much competition. Instead of becoming the most skilled in one aspect, it will benefit you greatly if you work on being proficient with two or more skills. For example, let’s say your niche is sales. If you are good at selling over the phone, but your written language is not good, a person who may not be as great at selling as you but better at writing will outrank you.
Your niche is evolving, and hence your skills must too. It would help if you were continuously adding to your skillset by learning something new. Finding the right mix of skills is a lifetime process. For example, a digital marketer with coding knowledge can develop a SaaS app. Similarly, an architect who knows digital marketing can create a marketing agency for architects and interior designers. Skill stacking can, therefore, make you unique and unbeatable.
Become a T-Shaped expert in your Niche
Once you know everything in general about a particular niche, you can then become an expert in a micro-niche. So, for example, doctors need to become general physicians before specialising and becoming surgeons or cardiologists. Similarly, for digital marketing, you can learn everything there is to know and specialise in one micro-niche depending on where your inclination lies, be it Facebook Ads, Lead Generation, Personal Branding, Content Marketing, SEO, Email Marketing, Social Media, Paid Ads or Analytics.
Once you have become a T shaped expert, you can move on to becoming a V-shaped expert. By this, I mean that once you have excelled in a micro-niche, you can expand to secondary and tertiary micro-niches, thereby increasing your authority and leadership in your profitable niche.
In the end, I would like to say that your ideal profitable niche is a perfect amalgamation of your talent, your passion and the market opportunity. No matter what your profitable niche is, it must align with you and your interests.
Let me know your thoughts! Have you found your profitable niche?
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