Finding your niche and business model is a crucial step for any entrepreneur who wants to succeed in the market. Here are five easy steps to help you find your niche and business model, with examples for each step:
1. Identify your passions and skills. What are you good at? What do you enjoy doing? What problems can you solve? Make a list of your passions and skills, and rank them according to your interest and expertise. For example, if you are passionate about fitness and health, and you have skills in personal training, nutrition, and online marketing, you can rank them as follows:
- Fitness and health (passion)
- Personal training (skill)
- Nutrition (skill)
- Online marketing (skill)
2. Research the market demand. Is there a need for your passions and skills in the market? Who are your potential customers? How big is the market size? How competitive is the market? Use tools like Google Trends, Keyword Planner, and Google Search to find out the demand and trends for your passions and skills.
For example, if you use Google Trends to compare the search interest for "personal training" and "online fitness coaching" over the past 12 months, you can see that the latter has a higher and more stable demand. You can also use Keyword Planner to find out the average monthly searches and competition level for keywords related to your passions and skills. For example, if you use Keyword Planner to search for "online fitness coaching", you can see that it has 10K-100K average monthly searches and low competition. You can also use Google Search to find out the number of results and related queries for your passions and skills. For example, if you use Google Search to search for "online fitness coaching", you can see that it has about 1.5 billion results and some related queries like "best online fitness coach" and "online fitness coaching certification".
3. Validate your idea. Once you have a general idea of what you want to offer, you need to test it with real customers. You can create a landing page, a survey, a prototype, or a minimum viable product (MVP) to get feedback from your target audience. You can also use social media, forums, blogs, and online communities to reach out to potential customers and ask for their opinions. For example, if you want to offer online fitness coaching services, you can create a landing page with a catchy headline, a clear value proposition, a call-to-action button, and some testimonials from previous clients. You can use tools like Unbounce or Leadpages to create your landing page. You can then drive traffic to your landing page using paid ads or organic methods like social media posts or blog articles. You can use tools like Google Analytics or Hotjar to track the performance of your landing page. You can also create a survey using tools like SurveyMonkey or Typeform to ask your visitors about their fitness goals, challenges, preferences, and willingness to pay for your services. You can also create a prototype or an MVP of your online fitness coaching service using tools like Teachable or Kajabi to create an online course or membership site. You can then offer a free trial or a discounted price to your first batch of customers and get their feedback on your service.
4. Define your value proposition. What makes your product or service unique and valuable? How do you solve your customers' problems or satisfy their needs? How do you stand out from your competitors? Your value proposition is the core message that communicates why customers should choose you over others. You can use tools like the Value Proposition Canvas to help you craft your value proposition. For example, if your value proposition is "I help busy professionals achieve their fitness goals with personalized online coaching programs", you can use the Value Proposition Canvas to map out the following elements:
- Customer segment: Busy professionals who want to improve their fitness but don't have time or access to a gym
- Customer jobs: Achieve fitness goals, improve health and wellness, boost confidence and self-esteem
- Customer pains: Lack of time, motivation, guidance, accountability, results
- Customer gains: Convenience, flexibility, affordability, customization, support
- Value proposition: Personalized online coaching programs
- Pain relievers: Flexible schedule, tailored workouts, nutrition advice, progress tracking
- Gain creators: Faster results, better performance, increased energy
5. Choose your business model. How will you make money from your product or service? What are your revenue streams, cost structure, key resources, key activities, key partners, and customer segments? Your business model is the blueprint that shows how you create, deliver, and capture value for your customers. You can use tools like the Business Model Canvas to help you design your business model. For example, if your business model is based on selling online fitness coaching programs, you can use the Business Model Canvas to map out the following elements:
- Revenue streams: Subscription fees, upsells, cross-sells, referrals
- Cost structure: Platform fees, marketing costs, payment processing fees, taxes
- Key resources: Online platform, content, coach, testimonials
- Key activities: Creating and delivering programs, marketing and sales, customer service
- Key partners: Online platform providers, payment processors, affiliates
- Customer segments: Busy professionals who want to improve their fitness
- Value proposition: Personalized online coaching programs
- Channels: Landing page, email, social media, blog
- Customer relationships: Self-service, automated, personal
These are the five easy steps to find your niche and business model 😊
Let me know how this has been able to help you kick start your new business.
I am here to help be the best version of yourself on the coming years, let's cheers to that!
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