How to Find Your Micro Niche/Profitable Business Idea
The very First step to start a startup is to find a profitable NICHE.
Most people struggle and are not able to find the Perfect Niche. To find a business idea is the first Basic requirement to start a Startup.
So, what is NICHE?
Understand this, Any Startup that is successful today is solving some problem.
For Example– To find an On-Demand Taxi was a big issue, So Ola and Uber are solving this problem, Just imagine, you are in a market and you need a taxi for your home, You take out your phone and within 30 seconds, you book the taxi. Within 5-10 mins, a taxi is at your place to pick you.
Take Another Example- you are at your home and want to order food online, finding a good restaurant near you and order the food is a big problem. Again, you open Swiggy or Zomato app on your phone and order from your favourite restaurant and within 45 minutes, you get hot piping Food at your place.
There are a lot of examples like this, but the point is that all the successful full Startups are solving some or other problems of their customers.
See, this doesn’t matter how good your products or services are. Customer does not care about who you are, they just care about themselves.
So, find a Problem that is big enough and build a product around that. Find out the pain points your Potential customer has and solve that with your awesome products and services.
Now the biggest problem is that how to find out the NICHE that is profitable. Most aspiring entrepreneurs have more than one Business idea and they are not sure which one they should pick and work upon. And even some of them want to start a Startup but are not able to find any business Idea at all.
For This, there is 4P Validation Formula- Once you find out an idea then validate it for the below criteria and make sure the Niche/idea fulfils all 4Ps.
There might be something that you are passionate about. Find out something you are good at, whether it’s Graphic Designing, Dancing, Cooking or something else. . Just find out your passion and work upon that.
See, You don’t need to be an expert in a field, If you are passionate about something and know how to do that is more than enough.
As I mentioned earlier, every Startup solves a problem or other. So, Find out the customer problem and the pain points which you can solve with your passion.
Once you find out a problem then do Market and Customer Research. Make Sure the problem is big enough and has future potential.
Once, the above 3 Points are validated then the most important thing which you should make sure that the customers are ready to pay you for the problems you are solving.
For Example- Not knowing how to cook, is a big problem, but if you teach them the cooking and your students are not ready to pay for that then it’s not a business, This may be called a hobby.
Until the customer is ready to pay for your products/services, it’s not called a Business.
I believe now you have learnt that how to find a niche.
Most people ask me – “Tell Me a Business Idea”
See, I can’t tell you this for you. Niche is something you need to find out and validate.
So, Find out a NICHE and Build a Startup.
All The Best…!!!