How To Find Your Million Dollar Niche

Raise your hand if you get tripped up defining your niche with full confidence. Well, my friend, you’re not alone. 

I hear it all the time from entrepreneurs … “I feel stuck because I’m just not certain what my niche is!”

I’m here to tell you that this is about to become a thing of the past, and after you’re done with this episode, you’ll be feeling hyper clear about the niche you are serving.  

Today, I’m going to walk you through a highly-effective four-step process for identifying your niche. (I even made you a guide to make it easy to follow! Link in the comments.)

Before I take you through this actionable, tangible step-by-step process, I have to address the elephant in the room.

Fear of actually selecting a niche! 

Whoa, talk about diving right in… am I right?!

I know that this fear is alive and well because I hear about it and see it all the time in my Online Marketing Made Easy podcast Facebook community. The bummer is that for many entrepreneurs -- especially those just starting out -- that fear of choosing just one niche is enough to keep them stuck in decision paralysis. 

“Choosing the wrong niche is better than choosing no niche at all.” - James Wedmore

What’s most important for you to know is that you might select the wrong niche right away, and that’s okay because it will at least get you moving forward -- and forward action means progress and clarity. 

This four-step process is going to take a little elbow grease, so get ready to put pen to paper. But I promise you the work is going to be worth it, and the clarity you’ll gain will catapult you to the next level in your business. 

Step 1: Identify Your Overall Market

Your “overall market” is like your umbrella market. These markets include finance, health (wellness and beauty), lifestyle, education, love (connection and relationships), entrepreneurship, and spiritual development.

Do you see how broad those are? Don’t worry, we’re going to get more specific within those areas, but I want you to start out by thinking that big.

To clarify even further, here are a few examples:

• Do you deal with investments? Your main market is finance. 
• Do you do something around pet grooming or closet organization? Your main market is lifestyle.
• Do you help people food prep or do their makeup? Those would all fall into health.
• Do you help teachers with their curriculum? That’s education.

If you are not sure where your niche falls -- just take an educated guess! This is going to come in handy down the road when you’re collaborating, writing copy, and understanding your audience’s pain points.

Step 2: Niche Down & Get Specific

The clearer you are about your expertise, offer, and niche, the less your audience will have to think, and the easier it will be for them to make a decision to work with or buy from you. 

You can’t become the “go-to” person in a niche if you don’t get specific. So, let’s niche down!

What areas of your main market (that you identified in Step 1) would you consider yourself an expert in? 

For example, if you’re in the health industry, you might list things like bodybuilding, cancer recovery, green juices, and veganism. 

Think about what people ask you about a lot. Do your friends and family come to you often for expert advice or guidance on something specific? Make a list. 

Once you’ve made your list, circle the one or the ones that light you up the most.

Let’s say you circled “green juices,” take it a step further. What about green juices lights you up? Do you have a unique approach to how you make green juice? Aim to niche down one more time -- get specific!

Step 3: Do Your Market Research

Market research is a crucial part of learning about your industry, audience, and what things are popular when it comes to your niche. It can confirm that there is or is not a demand for your niche.

Use the words and patterns you find to help guide you as you determine what your niche is going to be.

Let’s dive in! Starting with Google, type your niche specification in the search bar and see what comes up. These are some of the most popular searches. Take note of what you’re seeing. 

As an example, if you were to search “easy green juices minimal ingredients,” you see a few repeat words, such as “3-ingredients,” “simple,” and “beginner.” 

When you scroll down, you’ll see a section that says, “Searches related to easy green juices minimal ingredients” -- this can also be helpful for showing you other popular topics that people are searching within your niche.

Take that same search to YouTube and see what videos come up. 

You should start to see a pattern of words that are popular -- that tells you a lot about what’s trending in your niche, so pay attention. 

When you take this search to YouTube, you’ll be able to see how many views each video has. This will give you insight into if there is an audience for this. Notice any patterns between your Google search and your YouTube search? Take note!

Step 4: Create Your Value Articulator Statement

Your Value Articulator Statement, created by Mel Abraham, best selling business author and founder of Business Breakthrough Academy and Thoughtpreneur Academy, is extremely helpful in identifying your niche because it helps you state what problem you’re solving, who you’re serving, and how you’re helping them achieve the results they desire. 

I help ___(who)____ do ____(what)_____ so that _____(results)_____ unlike _____(insert any alternative result, if necessary)____ because ___(distinction or why)_______ .

To help you get your creative juices flowing, here’s mine: 

I help entrepreneurs create digital course businesses so that they can build a sustainable business online because a digital course business is the single most powerful and strategic way to make an impact in the world while growing your income and freedom to life-changing levels.

Now it’s your turn! Go ahead and craft your Value Articulator Statement. 

There you have it, my friend! You can officially say goodbye to niche confusion or feeling stuck. I want you to declare right here, right now, that you are going to pick a niche, even if it feels scary. 

And because I know there are a lot of action steps in this episode, I’ve put together a little free resource that will take you through each step in detail. You’ll find a link to it in the show notes.