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How to Choose a Niche Market

Transcript:

Hello! My name is Elijah Elkins, and I'm one of the Co-Founders here at ThirdPath.

 

Choosing a market to go after is very important! This will determine what people you are focusing most specifically on loving with your business. Let's look at your experience, education, and gifts and skills. The best thing to do would be to bring up your Linkedin profile, so you can pull this information from it. Verify what you write down with your spouse and/or a close friend.

 

Let's look at Experience. Are there any certain job roles you have held for a significant amount of time or had at multiple organizations? What industries or types of organization do you have the most experience in? Write down the top 3-5 roles, industries, or type of organization that you have the most experience with.

 

Now let’s look at your education. Think about education holistically. Include both formal and informal. What did you study in school? What blogs do you typically read? What type of books do you read? What online courses have you taken? What type of videos do you watch? Look for topics and themes. Write down the top 3-5 themes or topics.

 

Next let’s think about your skills. What are you really good at, so good that people have told you? These can be either personal or professional. Write down your top 3-5 skills.

 

By now, we should have a pretty good list going. Finally, add in any other interests you have, locations God may have placed on your heart, or other things that you think would be valuable to help inform you in choosing a market.

 

Now is the really fun part. Let’s start crossing off things that you don’t at all like doing. Next let’s cross off things that you’re not genuinely interested in starting a business that has to do with. Cross off anything else that you just want to because you don’t think it will be helpful in choosing a market.

 

Alright. We now have a list of words that should help you in choosing a market to focus on. Does anything jump out at you from the words that are left? Possibly a specific role, industry, or skill? Do any of the words or combination of words really excite you? If nothing has grabbed you yet, try showing your leftover words to your spouse and/or a friend. If you still have nothing that’s interesting or exciting, start using your list to do an internet search with ‘[your word] business idea’. Just see what you get.
It’s usually better to focus on a niche market first. Think small and then go big. The niche needs to be small enough that you can reach the people you need to within it, but big enough to support whatever profit goals you have. Your niche also needs to be one that your ideal business models can be applied to. We will cover the previous steps discussed in more detail and the next steps you need to take in our 12-month process.

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