7 Steps To Find Your Business "Niche"

As store owners, "having a niche" can be risky business!

When your products or brand fall into a "niche" category, the net you cast becomes much smaller - and finding your audience can be a challenge!

In my case, knowing there were fellow homewares and lifestyles stores on the south coast, confirmed to me there was a market for it, and demand.

But in order to set myself apart and stand out from competitors required me to create a "niche". And that was the fun part!!!

When we came up with our brand slogo, "bringing the world home", we instantly had clarity and purpose for what our store was going to be, what we were going to sell and who our target market was.

It also helped that Danny and I were avid travellers (with kids in tow!), so it was mostly sharing our passion and the "world" of treasures we were totally in love with.

In my experience having a "niche" in business is a good thing. Especially in a world which has become far smaller and accessible!!

Below I share 7 essential considerations and steps when "niching" down on your business - whatever stage you're at!

1. Conduct Market research; what are your offers? Who is your ideal client? Where are they online? What are their pain points? How can they find you? Also, take a look at the numbers side to give you insight into the succession of your business timeline! How scalable is your business?
2. Look at your competition; Find others currently successful in your avenue; what makes you different? Bring confidence to your business vision so you are clear in your marketing 
3. Identify your unique value proposition; How can you solve a problem better than anyone else in the market? When you find it, your value will be so clear!!
4. Define your ideal customer; If you have already served your ideal customer, define that person; create a profile of them. Map out their needs, wants and preferences that will help you write specific copy to reach your target audience in a way that assures them, your business is the perfect fit for them!
5. Evaluate your current offering; What is working? What is bringing you joy? Take time to assess these two parts to find that sweet spot with your target audience. What are your most popular products? What is driving results and what lights you up? Aligning these two things will establish what your niche is!!
6. Refine! Modify your offers; Discontinue products that no longer reflect what you love or your target audience. Sometimes that means letting go of things from the past that may have worked and no longer do. New ideas and products will allow your business to GROW.
7. Re-branding and re-positioning your business; Have fun with the graphics, copy, branding, messaging and marketing of your business to reflect the new niche you have created to target your ideal audience. You want products that light you up and drive results in your business the most. The more clarity you have with this, the more confident you will be - and the better you will serve your audience!