BOBB | Day 3: The 4 simple Steps to identifying a profitable niche


You're always told that you need to pick a niche to be successful in your business, but how do you actually do it? And how can you pick one that makes you money in the first place?

Find out in this video!

Heeyy Party People! What’s up?

It’s day threeee of the Booked Out Brand Blitz!

If you’re new around here, I’m doing a 100-day vlog series where I show you how to get booked out through online marketing.

In the last video, we talked about how to get your audience to engage even more with you and the first thing I mentioned was picking a niche, which we’re diving even deeper into now.

Depending on where you’re at in your business, there are different steps to zoning in on your niche. Some of you don’t know which industry you want to go in, at all. And most of you are already in business, but you aren’t even sure what you want to focus on yet because you’re multi-passionate

YOU ARE NOT ALONE!

My first few months of business, I was doing all the things in design. I was doing graphics for business owners, wedding invitations, birthday cards, and marketing strategy – all with a new business 😂😂

Now, there’s nothing wrong with doing all of these things. The danger is trying to do it all at once – especially when you’re trying to build an audience that trusts you enough to be fans. You risk confusing them and confusion does not a customer make.

Let’s get into the steps you need to take!

Step 1 – What do you love to do and what are you good at?

You’ve probably already done this if you have a business. Hopefully, you’re doing something you love.

I say that because you’ll need to be passionate about what you do to get through the crazy roller coaster ride your first couple years. If you haven’t done it yet, make a list of up to 5 things you love to do AND that you’re good at.

Think about what lights you up when you’re doing it. What do you love learning more about? What kind of challenges do you enjoy?

Step 2 – Focus by being of service

Figure out how you can help people in each industry. What problems can you help solve?

There are several ways for you to understand your audience’s problems and how you can solve them. You can…

  • One-to-One market research interviews – find your ideal clients and have them answer question that help you uncover their pain points. We’ll dive deeper into that with tomorrow’s video.

  • Find industry forums – this is a great way to see what questions are being asked and what answers are being provided, if any. You can also take advantage and build relationships with people by answering their questions, which will position you as an expert. Forums like Quora and Alignable for Business Owners are great places to start!

Step 3 – Check out the Competition

Competition gives you a great opportunity to see what is and isn’t working in your industry. It’s also a great indication that you’ve found a profitable niche.

When looking at competition, it’s important to note ways you can stand out and be different from them. Maybe some of your other skill sets could even come into play here!

A couple of things to watch out for include:

  • Marketing strategy – Depending on the way your competitors are trying to reach your market, it could be easy to build your own base of customers.

  • Low-quality content – If your competitors aren’t creating high-quality content that helps your audience, you’ve just found your competitive edge!

  • No authenticity – If everything feels sleazy, gross, and fake, it’s easy for you to be that breath of fresh air people need.

Step 4 – Is your niche profitable?

The top profitable (and the most saturated) niches are: business, relationships, health, and hobbies. If you’re in this industry and you know how to stand out, you’re guaranteed to make money.

If you’re not in these niches, do your research. How are your competitors doing? How much are they pricing their offers? Is it profitable, or are they treading water?

Aaaand that’s all for today! Thank you for joining me today. I’m super curious: which niche did you end up narrowing it down to? Drop a comment below and let me know!

As always, keep it bold, keep it fun, keep it YOUnique. I’ll see you guys later, Love you! 😘

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