How did you find your niche?

[happybhoy]

I'm looking for some inspiration and advice regarding finding a product niche. After a few failing ideas I've identified a set of criteria that my product/niche must fit into for example; enough profit to make paid traffic viable, potential for future selling/marketing and easily to handle logistically.

I know in my head what my ideal product is but just cant find a niche. what ive been doing is looking for a market to sell to by just browsing popular forums. Also just searching random ideas in the google keywords planner but i just cant settle on an idea.

Am i going about finding a niche in the correct manner? i feel like Im being very random in my search.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[The-J]

I know in my head what my ideal product is but just cant find a niche.

That doesn't really make any sense. How do you have a solution to a problem when you haven't identified the people who have the problem and need the solution?

Start with the market and niche FIRST, then figure out what problems exist in said niche. Then see how the people are solving the problems, and if the way they are solving the problems is insufficient, provide a better solution.

 

[happybhoy]

thanks for the reply. I dont mean I actually have product, I have an idea of the attributes im looking for but cant find the market. Rather than developing a product to solve a problem (for the time being) Im looking to find a market that buys a product and sell them it. obviously using a USP.

I am coming up with ideas but i feel im just randomly thinking them up. So would like to hear how others came up with their niche.
did you just have a random idea? or use some kind of process?

 

[People>Cash]

Don't look for the perfect niche or market. Focus on solving problems.

Provide value for people who will gladly pay you for it.

I hate spending an hour each week on laundry. Fix that problem and I will happily pay you $40 a week.

Read TMF again there's a whole section on how to identify pain points.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[happybhoy]

hi People>cash how did you get into the business you are in?

 

[Marc B.]

There was definitely a process for me. I'm a hobbyist, and I have invested a lot of time and money into a few of them. I focused on one because I knew all of the major players (brands, manufacturers, etc.) for years, and I'm a great consumer. I know exactly what I want, what works, and what I wish I had, so why can't I be a great producer?

My hobby is growing again after a rough patch from 2005-2012. During that time, a few brands disappeared along with their products leaving a void that had yet to be filled. For awhile I thought, "Damn, I wish someone would make ____ again," and I wasn't alone. I then thought, "Hey, I'm someone," so I stepped up to the plate and started swinging.

I taught myself advanced CAD techniques using YouTube and designed products--old and new--with unique features and tweaks. I looked for manufacturers, domestic and foreign, and settled with one that can make my parts precisely and inexpensively. I have buyers ready with cash in hand and several who have pre-paid.

This is ongoing, but I wanted to show you that hobbies are a great place to look for "niches" and business opportunities.

 

[happybhoy]

cheers marc, i guess one strategy would be to sell something i would buy myself.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Marc B.]

If you want to see a great example of a niche, check out @biophase and his ghillie suits. Like quite a few members here, I had no idea what a "ghillie suit" was until I read his thread, but that didn't stop him from creating a successful business for those who knew! It worked so well, in fact, that some scum bag tried to rip off his idea to get a small piece of his profit (spoiler: it didn't work). Definitely a must-read.

 

[valuecreator]

It may sound weird, but here is how I find a Market/product/service to start the Proof-of-Concept process
(btw I never use the word "niche". It means "doghouse" in french )

Sometimes when you search too hard things hide from you.

1) Write down the criteria of your new venture ($ figure and all). You need to read this every morning and night.

2) Relax and be grateful.

3)Go out there and interact. LISTEN.

It will come to you from the most unusual places.

I got that from "Think and grow Rich"and it worked for me.

It's "spooky good", like my 8 yo says....

 

[happybhoy]

i just had a look at the gillie suit, what a random niche.
Anyway ive found another niche that im going to investigate For my day job we are tackling a problem for homeowners which damages their property and stops them selling their home. whilst out doing surveys another problem came up twice in a week and is a growing menace. so that seems an obvious opportunity worth checking out.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[lucasmello]

Here is what I've learned in opening a company:

Your industry/niche doesn't really matter.

What matters is how you fill a void within an industry/niche.

You don't even need to know EVERYTHING about that industry, just what is wrong with it and what you can do to fix it.

Most niches that people are in, they got into by accident, it wasn't the perfect niche, it was just the perfect opportunity.

Here are two examples:

Felix Dennis started selling magazines at age 17 by the street, and then he started doing his own. He even says in his book that he is in the publishing business by pure coincidence. If he had started selling dog food, he would probably have a company that produces pet food instead of a publishing.

MJ was a limo driver, and by listening to people that rode the limo talk about problem, he filled a void. It was by pure chance(and seizing the opportunity) that he was in the limo business. He could've been a helicopter pilot or a boat driver, but because he was a limo driver, he started a company within the limo industry.

What does this mean?

That as long as you find a void within a niche(or your marketplace), then proceed to solve that void, you are fine.

And how do you find the void? Listen to people.

Everytime they say things like "Ugh, the line at bank is so long", "Ugh, the bus broke again" and things like that, that is an opportunity for you to solve a problem.

 

[People>Cash]

hi People>cash how did you get into the business you are in?

It's a messy and nonperfect process.

Staying curious about everything and asking questions about things outside of what I know. For instance, anyone I talk to I try to get one piece of new information from. Not only does this make you a great listener but you're genuinely interested in that person AND you usually learn something new or fascinating from them.

Also, I've memorized MJ's cues for when someone tells you a pain point. "I wish" "I hate" "I love it when" people express their pain points all day long.

I try and fix any problems that I personally have. For instance there is an iPhone app I want but it does not exist yet. Boom there is an idea.

That's how I get random unique ideas that span all across markets. For the ideas I think are good I will then assess the market and test the idea. Its amazing what a simple landing page and some ads can do.

Lastly, listen to your customers. They have the keys to your kingdom. Talk to them as much as possible to understand their wants, fears, desires.

 

[loop101]

A process I read about in at least two different books, is to go to large websites that categorize content (likes Craigslist or Amazon) and read their message forums. In the forums, look for the "I hate..", "This sucks...", "I would love....", etc. messages for ideas. Any idea that gains traction, like has a lot of replies or upvotes, is probably a good opportunity. The assumption is, if those large boards have a category for a given topic, that topic is probably big enough to support a business. So you look for "pain points" within each category. Before the internet, people did the same thing with magazines. They would say, "If this topic is big enough for its own magazine, it's big enough to support a business." They would then read the "letters to the editor" to find the "pain points".

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Hanalore]

My day job is to help people make good choices about starting a business. I am a business owner myself and I enjoy helping others get started. Here are my thoughts, if you’re up for it… It sounds like you are skipping a few steps.

Step 1: a) DECIDE - It does not sound like you know yet whether you want to try something new, solve a problem, meet a need, want independence, or are trying to increase your income. Be vested in your decision otherwise burnout is sure to come. b) SKILLS - Being in business for yourself requires you to be a jack-of-all-trades, in the beginning for sure. So it is good to start with what you are good at and what you enjoy doing. c) GOALS - Are you looking to be your own boss or just make millions? Evaluate what lifestyle you are looking to attain this and adjust your decision accordingly. b) CHANGE - Do you have what it takes? It is not an easy road if from the beginning you can’t decide, don’t have the skills or set goals, and/or you are not willing to make changes in your life to make it happen.

Then it is Step 2: What business should you choose? Well, test and refine your ideas. Make a list of them and then rule out ones that do not line up with your Step 1 answers, not anyone else's.

Step 3: Is your idea feasible? Then rule out ones that do not line up with Step 1.

Step 4: How will you finance the business? Take your list of ideas, which will now be feasible business opportunities, and look at profitability + timeliness + Step 1 = Step 5.

Step 5: What is your process to get it done? (Read MJ’s book The Millionaire Fastlane to get his insight on this) Now, if you are only asking advice for steps 2 and 5 because you have skipped all other steps, I suggest starting at Step 1, then move forward accordingly.

 

[TonyC30]

Summary of what was said:

1. Listen to people's problems(Not in a bad way), see it as a pain that you need to fill in.
2. Proceed to fill in the that void, via process

Like @lucasmello wrote in his post: MJ started as a limo driver, he overheard/eavesdropped on what the customers' pain was.

He identified that as a niche(from the FLM), and created a company that helped customers fill in that need.

I agree with what @Hanalore wrote "test and refine your ideas", you might not have money in the beginning.

Quote from @Marc B. "...I taught myself techniques using YouTube and designed products--old and new--with unique features and tweaks. I looked for manufacturers, domestic and foreign, and settled with one that can make my parts precisely and inexpensively. I have buyers ready with cash in hand and several who have pre-paid."

 

[Scuur]

It fell into my lap. I was always the Tech Kid.

I hate what I do, but that's why I love it.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.