How To Find Your Niche In Business and Do Work You Love
The Easy 4-Step Formula To Find Your Niche in Business
The riches are in the niches.
Who do you think makes more money? The primary care doctor or the doctor who specializes in brain surgery?
Instead of offering a broad range of services / products, specialize.
Focus on becoming the go-to expert in a very specific skill in a sub-industry.
Finding your niche is not as difficult as it may seem.
In its most basic form, it's defining your "sweet spot" or "ikigai".
A Japanese term meaning "A Reason For Being".
Your reason for being can be found at the intersection of four elements: what you love, what you are good at, what the world needs, and what you can be paid for.
This will help define your passion, profession, vocation, and mission also known as ikigai - or your niche.
1. Identify Your Passion
Combine What You Love With What You Are Good At
A few simple questions to help identify your passion...
- What would you do if money wasn't an object?
- What specific work gives you energy?
- What feels most like play to you but work to others?
- What industries do you enjoy? Sports? Entertainment? Gaming?
If it entertains you now but will bore you someday, it's a distraction. Keep looking.
Follow your intellectual curiosity more than whatever is "hot" right now.
If your curiosity ever leads you to a place where society eventually wants to go, you'll get paid extremely well.
2. Identify Your Profession
Combine What You Are Good At With What Can Be Paid For
What can you be paid for that aligns with your skills and abilities?
A great mental model to use for answering this question is the “Circle of Competence.”
This refers to the idea that individuals and businesses should focus their decision-making on the the things they know and understand well.
Avoid making decisions in areas you lack expertise, knowledge, and experience.
By focusing on your strengths and areas of competence, you can make more informed and confident decisions while avoiding costly mistakes.
3. Identify Your Vocation
Combine What You Can Be Paid For With What The World Needs
What are some ways to align profitable opportunities with addressing the needs and demands of society?
No one can compete with you on being you.
Most of life is a search for who and what needs you the most.
Society always wants new things.
And if you want to find your niche and do work you love, you want to figure out which one of those things you can provide for society that it does not yet know how to get but it will want.
Then, you have to figure out how to scale it because if you only build one, that's not enough.
You've got to build it thousands, or hundreds of thousands, or millions of them.
4. Identify Your Mission
Combine What You Love With What The World Needs
What are ways to identify opportunities that align with your passion while addressing the needs and demands of society?
The internet enables any niche interest, as long as you're the best person at it.
The great news is because every human is different, everyone is the best at something - being themselves.
When you are competing with people, it's because you're copying them.
It's because you are trying to do the same thing.
But every human is different.
If you are fundamentally building and marketing something that is an extension of who you are, no one can compete with you on it.
Become the best in the world at what you do.
Keep redefining what you do until this is true.
To flip the niche idea on it heads, another way of looking at this is to develop "strategic incompetence."
People won't ask you to do things you if you're bad at them.
By answering the questions in the 4-step process to find your niche, you will be better armed to position against the 4 trapdoors.
- Satisfaction, but feeling uselessness
- Comfortable, but feeling emptiness
- Excitement and complacency, but sense of uncertainty
- Delight and fullness, but no wealth
Now, you will never be able to completely remove feelings of uselessness, emptiness and uncertainty in life and business.
But, being aware of and defining your ikigai or reason for being, will give you the clarity, confidence, peace through all aspects of life.
We hope you’ve found this article on How To Find Your Niche in Business to be useful and practical.
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