As a subject matter expert, the best way to stand out and dominate in any industry is to pick and master a niche.
So how do you decide what niche to focus on? The keyword is focus because it is easy to get distracted when you try to be and do all things.
As an entrepreneur one of your biggest skills should be the ability to recognise business opportunities, unmet needs and market trends in any industry. An acute, observant eye is key to choosing and building a niche within your industry and becoming profitable.
The first step to choosing a niche is to go through a discovery and stock taking session.
There are 5 key elements we have developed to help you determine your niche. They are;
Passion: To be passionate about anything means you are willing to sacrifice something. With passion comes pain, the pain of going through the process it requires to go from idea to profit. What are you passionate about? It is not the flimsy idea of “loving what you do” and yet lacking the proclivity to daily work it out.
Potential: The sum total of what your capacity is. What are your natural talents? What are your acquired and transferable skills?
People: Who is your audience? Who is your target market?
Pain: What are their pains and frustrations? Which pain or frustration do you think you are qualified, based on 1 and 2, to solve?
Product: How do you plan to solve it? What is your solution?