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Finding Your Six-Figure Niche

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Find Your Six-Figure Niche

We hear a lot today about small businesses that go from zero to hero in a short period of time. You know, from nothing to success seemingly overnight. The medium doesn’t seem to matter, offline or online it’s happening all around us.

A bit of research reveals one of the common traits of these successful businesses is a niche. Whether your goal is a couple of thousand dollars extra a year, a six-figure income, or seven figures, niches seem to be the way to go.

Online some of examples range from Nick Usborne’s www.coffeedetective.com to Steve Chou’s www.bumblebeelinens.com.

Offline, Spanx by Sara Blakly is a great example of a niche made good.

Why Are Niche’s Good for Business?

In a nutshell, niche’s are good for businesses because of expertise. Focusing on one product or service, especially a niche that’s super focused allows the business owner to identify a specific market—sound familiar, and cater to that specific market.

It also allows the business owner to be an expert people interested in that particular niche can turn to for information, support, and products or services.

Let’s take, for example, Nick Usborne’s Coffee Detective. Nick LOVES coffee…REALLY LOVES coffee and everything about it. Nick’s a copywriter and author who turned a hobby into a business that earn him a nice steady additional stream of income. It’s a labor of love for him that makes money.

By establishing himself as an expert, he garnered a loyal following that read his posts, his newsletter, and surveys. His expertise allows him to monetize his site by offering links to Amazon.com and other affiliate sites.

Steve Chou has turned his knowledge of building a six-figure niche site, http://www.bumblebeelinens.com

Into an information-marketing program

http://www.mywifequitherjob.com helps guide aspiring online marketers open online stores; and yes, they’re niche stores!

How to Find Your Niche           

If you’re interested in developing a niche business, the first step to finding your niche is to identify your niche. Here are a couple of ways to help find your niche:

1. Write down your hobbies. If you have a hobby it’s probably a pretty good bet you enjoy it and you know a lot about it.

2. Write down your past jobs. What jobs have you held in the past? Have you owned business? If so, write them down.

3. Write down what interests you. May of us have things that interest us but we haven’t gotten around to doing. This could be your bucket list.

4. Write down things you’d like to see fixed. What aggravates you? What frustrates you?

Once you’ve got these lists, pare them down to what REALLY interests you or “floats your boat.”

Have you got a couple of things in mind? If so, do a search online. Are there others interested in your niche? Do a keyword search on Google. A good number to look for in a keyword search is 30,000 or more hits per month. Are there forums, websites, clubs, etc.? Don’t get frustrated if your great idea already has a business associated with it, that’s not a show-stopper.

With those searches in mind, see if you can narrow the niche down. For example, Nick Usborne has coffee, what about specialize in a PARTICULAR coffee, or a particular coffee maker, etc.

The idea is to find a niche. See if you can specialize in that niche. Do your research and launch your minimum viable product (MVP) website or brick-and-mortar business and run with it.

Niche businesses can be very lucrative. With some research, by making a couple of lists, you can determine if a niche business is your way to six figures or whatever make you happpy.

Here’s to your success!

Found your niche? What process did you use to find it? Share your story below.

Keith is the resident writer and troublemaker at Empowered Pros.
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