How to Be Successful When Choosing a Niche

If you want to be successful in choosing a Niche, then there are some concrete rules that one may need to follow.  Before we get into the steps, let us define exactly what a niche is.  According to entrepreneur.com, a niche is a portion of a market that you’ve identified as having some special characteristic that you feel is worth marketing to.  A smaller segment that is within a larger market can also be defined as a niche.  I was looking online yesterday because I was looking at purchasing a razor scooter for my niece.  When I first thought about an electric scooter, I could think of no other company but Razor.  They have effectively cornered the market and carved out a very successful niche. Let us talk about how you can do the same:

Go where the Money Is
Your best chance at success is identifying a market within a market that already has boatloads of people spending large amounts of cash.  Here are some industries that come to mind:  weight loss, beauty, hair care, and the pet industry.  Now, we will try to give an example of a good niche that could make a profitable business.

Pet Industry:

A service that caters to individuals with disabilities who would need a specific kind of pet such as a help dog comes to mind.

Weight Loss:

An outdoor exercise boot camp that lasts a designated time frame (90 days).  Who would your audience be?  People that do not feel comfortable going to a gym.

Beauty:

I remember watching an entrepreneurship television show and one lady became very rich simply by creating a makeup line that was specifically for the military.  Instead of going up against big brands such as L’Oreal, Maybelline, and Revlon, she carved out a niche that has proven to be very successful.
The key is to make sure that the niche you choose already has people spending money.  Write down a few of your niche ideas and begin to do some research of similar companies.  Follow through with a thorough business plan.

Got Creative Block? Clean Out Your Mental Space

So, it can be difficult to get a business idea or to expand your business in creative ways if you already have one.  Many times people get caught up in everyday tasks of their business that leaves little room to the imagination.  Utilize these tips below to try and free yourself of any mental blocks.

Retrain Your Brain

There have been a lot of good books and articles written about how to come up with a business idea.  The problem is that sometimes a great idea for a product or service may be staring you right in the face but you fail to recognize the potential.  You need to retrain your brain to identify problems as potential opportunities.  When you are going about your daily lives, make a list of things that you encounter that are problems.  It could be small problems or large ones.  Find out if there is any way that you can make the problem or inconvenience easier.  There are many great inventions and businesses that have been started by people who have recognized a simple problem that could be improved upon.  If you can make something cheaper, better, or more convenient for others, they will pay for it.

Relax and Use Tools to Stimulate Your Creativity

Create a designated space that is not for work.  Use relaxing and modern furniture in a room or space that is not clogged up.  Get rid of any unnecessary clutter and only have things you need.  Anything else, you can toss out in the trash.  Use mind maps to help you strategize and do brain teaser exercises. Open up the windows and use bright colors to relax you.

Carving Out A Slice of the Weight Loss Industry Pie

It is no secret that the weight loss industry is a billion dollar industry.  But how can you be successful in this billion dollar industry?  You probably won’t have much success creating the next big weight loss pill, such as Hydroxycut or Slimquick. The diet pill industry would be a hard one to crack.  The answer is simply to drill down and find a group/consumer that has a specific need that is not being met.  Successful businesses usually have a narrow focus at first.  Once they are successful at catering to that specific group, then they can venture out into other products and services.

Wendy Darling, Life Coach, Counselor, and speaker created a unique program that helps people of all ages overcome emotional barriers that may be preventing them from losing weight loss.  She has a unique background in counseling psychology that has enabled her to help clients tackle both physical and mental barriers that can prevent them from losing weight.  How many people suffer from emotional eating?  While people can diet and exercise to lose weight alone, if there emotional issues are not properly addresses the weight can creep back up.  Helping people to tackle their emotional issues has sure paid off.  Her clients range from parents, entrepreneurs, executives, and even children.

Here are some numbers just to get your appetite wet:

$20 Billion: The annual revenue of the U.S. weight loss industry as of 2012 including books, programs, drugs and weight loss surgeries.

108 Million: The number of people on diets in the United States. Dieters typically make four to five attempts per year.

85%: The percentage of customers who consume weight-loss products and services who are female.

1 Hour: The amount of time spent on daily exercise by people who lost and kept off at least 30 pounds of excess weight for five years.

Source:  abcnews.go.com

If you have been thinking about getting into the weight loss industry but do not know where to begin, start drilling down into markets and segments that are virtually untouched.