1st Part-This Unfair "Niche Finder" Helped Me Make $1.1 MM Yearly
The Free Framework and Workbook to Find Your Niche
🎄 It was Dec-2021, During Christmas 🎄
I locked myself in a room.
I did not went for Holiday.
I did not celebrated.
Because, my business was dying, and I had no money to survive.
⏩ Fast forward to March-2024
I got 6 clients contributing to the total revenue of $16K/month.
What really changed from my past business? 🤔
I was putting the same efforts.
I was implementing the same approaches.
The difference is:
I discovered a Niche which has high demand and less competition.
Probably you know this. Now answer this:
If finding Niche is so important, do we follow a well-defined way? Or do we just find a Niche because we “think” it is a good Niche?
Chnaces are, you just thpought that it is a good niche, but in reality, it is not.
📬 So over the next few newsletters, I will share:
My strategy and framework that worked for me (I used to sell this for $59).
My E-book that I follow before starting a business to find out the right Niche.
I will share this detailed strategy this week across various newsletters that you will receive.
Here are the Steps that we will go through:
1️⃣ Identify Self and Enviornment
2️⃣ Iterate Using the Data
3️⃣ Improve the Idea by Testing
Let us discuss each one in detail.
We shall discuss the first step today.
🧠 Identify Self & Enviornment
This step involves finding ideas that you want to persue.
Not what the market needs.
Not thinking what people will pay you to do this.
Just finding what is right for you.
💎 Find Your Unfair Advantage
The outcome from this step is to come up with a few ideas that are right for you.
It is often not easy to identify what is our unfair advantage, so I try to evaluate myself based on the criteria below:
1️⃣ Business Access
2️⃣ Past Experiance
3️⃣ Connections
4️⃣ Interest
Business Access
Business access is often one of the strongest unfair advantages that you may have.
Think about the son of a billionaire who runs a massive business.
For him, the unfair advantage is access to business.
Now, I know, chances are you are not the son/daughter of a billionaire, but:
Try to answer if any of your friends or family is in any business that you are interested in.
Do you have access to any business?
The next step is to rate how easy it is for you to get access:
1️⃣ Low access to the business (businesses owned by friends of friends).
2️⃣ Low to medium access (business owned by friends).
3️⃣ Medium access (business owned by your extended family or close friends).
4️⃣ High access (business owned by your family).
Past Experience
Maybe you have done a job and have experiance in something.
Maybe you grew up in an environment which gives you access to knwoedge of something.
Maybe your father has some skill, and from childhood, you learnt about it.
✅ List out at least 3-7 skills that you had past experiance in.
This list could look like:
Painting 🎨
Crafting ✂️
Knowledge of Adobe Photoshop 💻
Now, try to rate it in 4 categories:
1️⃣ Basic Knowledge
2️⃣ Can do Independently
3️⃣ Experienced
4️⃣ Expert
Connections
Having access to people in our circle is often overlooked, but this is a superpower that we all have.
Think of people you know in these 3 categories:
1️⃣ Industry insiders: People with deep knowledge of specific industries who can provide insights into challenges and opportunities.
2️⃣ Technical experts: Professionals with specialized technical skills who can offer guidance.
3️⃣ Advisors or mentors: Experienced individuals who can provide strategic advice and help you navigate challenges.
The next step is to rate yourself by the criteria below:
1️⃣ Know the right people
2️⃣ The right people know me
3️⃣ Good relationship with the connection
4️⃣ Family and close friends with the connection
Interest
This is where you list out things that you want to do and are passionate about.
Now that you listed out all the above points, it will navigate you to list this effectively.
This is where you can list anything that you want to do:
Video Editing 🎥
Travelling ✈️
Singing 🎤
I mean anything that you enjoy 🎶
The next step is to rate each skill by this scale:
1️⃣ Interested to try
2️⃣ Interest and have some experience
3️⃣ Interest and have skills to do it
4️⃣ Interest and expert in that skill
After listing all these, you should have a list of all the things that you can do or want to do.
So this is self-reflection.
Now we have to go and evaluate the market based on data.
I will share the details on how to do this in the next newsletter.
Meanwhile, you can download the E-book to refer to the templates and find your Niche.