How To Find A Niche | 97
Sep 01, 2023“How do I find my niche?” is one of the most common questions I get in my Instagram DMs.
The truth is, this doesn’t have to be complicated.
But there is a difference between just finding a niche and finding a profitable niche.
Luckily there’s an easy formula to follow that will open up the doors to building a profitable creative business.
Why Have A Niche?
The short answer: your business will be way more profitable.
Let’s dive into the why.
- Trustworthiness: Niching down makes you an authority in a specific area. Clients tend to trust specialists over generalists.
- Higher Rates: Specializing allows you to charge more. Just like a specialized cocktail bar can charge premium prices compared to a sports bar.
- Stand Out: Everyone has a camera these days, having a niche sets you apart. The more you niche down, the more you own your little corner of the market.
I’m a food and beverage product photographer. When I was starting out, I actually specialized in Action food and bev product photos. This led me to creating my own little market where my portfolio did the talking. Potential clients know exactly what they are getting, which increases their trust and reduces the sales friction.
How To Find Your Niche?
We’re talking about how to find a profitable niche. Key word there is profitable. You know me. I don’t teach art, I teach business. So let’s make some money.
Alex Hormozi, in his book "100 Million Dollar Offers," has highlighted a few key characteristics of a great niche:
- Pain Point: Addressing a significant problem will always be lucrative.
- Purchasing Power: It's crucial to target an audience that has the means to spend.
- Easy To Target: Your target group should be easy to identify and reach.
- Growth Potential: A growing industry or trend can exponentially boost your business.
In fact, there are three evergreen markets that encapsulate these traits: Health, Wealth, and Relationships. These pain points are universal meaning there will always be room for experts to provide solutions.
Case Study: Headshot and Lifestyle Photos
On the surface, it's a broad niche. Everyone can do it and nothing makes you unique. But diving deep and applying the above principles:
- Pain Point: Let’s target relationships. Specifically, online dating.
- Purchasing Power: Don’t target young college kids. They’re broke. Target people who are a little older and have higher incomes (think 40+).
- Easy To Target: You can easily filter by relationship status when running ads online.
- Growth Potential: Online dating is a growing trend.
From a general headshot photographer, you've just transformed into a headshot expert specializing in online dating profiles for individuals aged 40 and older. And with that specialization, you can now charge a premium.
Spend some time this weekend brainstorming what your niche should be. This small exercise can make or break your entire business. Don’t sleep on this.