Choosing a Niche Market For Expertise-Based Entrepreneurs – Part II

Choosing a Niche Market For Expertise-Based Entrepreneurs – Part II
By Milana P. Leshinsky

The unfortunate thing about finding a niche is that many small business owners are not trained in marketing or how to market their products or services. They just aren’t educated enough to know how or where to look for their niche. But when they are shown how, they finally discover it – everything falls into right places.

The biggest thing when doing marketing is you have to learn. Perhaps taking a course on marketing could help. Or talk to those who are experienced at it for help.

If you, as a small business owner, work with other entrepreneurs, and you know how to market, you can teach them how to market their business. Once they know how they will find their business will take off.

Now of course, if they don’t even have a product or service to sell to anyone, or they don’t know what to provide for people, how are they going to find a niche and fill it? If you know a small business owner in this situation, you just simply have them brainstorm. You can ask them certain questions to determine what they know and/or what they are doing to find their niche. Actually, if they have trouble coming up with ideas to fill a niche, have them perform the following exercises:

- List all your past professions
- List all professions of 7 of your close family members
- List professions of your close friends
- List 3 most difficult circumstances you had to overcome in your life
- List 3 most difficult circumstances any of your family members had to overcome

Of course, you can also do these exercises if you want to find other niches besides what you already have.

By the time you’re done, you should have a list of 20-30 ideas for specializing.

The key question you then should ask yourself is which of these specialties and niche markets have the highest potential for your business.

The success of your niche depends on several factors:

- Are there other small business owners who already work in this field?
- Are there places to easily reach your target audience?
- Can members of your target audience afford what you offer?
- Can you see yourself developing multiple products and programs in this niche?

Finding a niche market is not all that hard to do. You just have to know where to look and how to find the market. Get educated is one way to do so. Learn from those who did it before and pick up a tip or two. If you really work at it, you can also find your niche and make lots of money to boot.

Milana Leshinsky shows coaches and consultants how to turn their knowledge into a multiple income stream business empire. To get a FREE copy of her “New Coaching Manifesto: Why 9% of Coaches Succeed, While Others Fail, and What To Do To Prosper In Coaching”, visit her web site at Coaching Millions.

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