With the increased ability to stay at home, it makes perfect sense that you utilize this time to do something you’ve always wanted to do — start a side business!
While side hustles may seem overwhelming, they’re not. In truth, all you need to do is follow some simple guidelines from side hustle experts — and that’s where we come in.
One of the most important aspects of starting a new business is picking an area to focus your business on—a niche. Learn how to find a niche market and how you can find the most profitable niche for your skillset.
1. Pick One Niche
Picking one niche may seem obvious to you. But if you’re an overachiever, you may get to a point where you think ,“Well, I can offer more of my services to my customers. I have the time and I know how to do it.” Before you know it, you’re a generalist who offers everything to everyone.
Don’t do that.
The more you expand your offerings, the more thinly you spread yourself. This is well and good when you have just one customer for five hours a week, but the moment you start to grow, generalizing becomes a huge time suck.
Instead, add value to customers with one specialty. Not only will you become an expert in that niche, but it’s also way easier to scale this way, too.
2. Know & Love Your Niche
Can you imagine starting a marketing business with no marketing experience?
When you choose a side gig, choose a niche market you’re familiar with. You never want to dive into something that’s completely new and foreign.
If you really want to be successful, you’re going to spend a lot of hours focused on your new side hustle.
So, pick an area that you’re familiar with and that you already enjoy. That way, not only will you be more motivated to spend time building your new business, but you’ll actually love the process.
Take ample time to really consider the industry and your skills. That way, if you’re ever feeling unsure about the niche market you’ve chosen, you can go back to those core foundational points that made you originally choose your niche.
Finding a profitable niche in an area you’re familiar with will allow you to be an asset for your customers — which is the whole point, right? Knowing your niche will make your business more profitable more quickly, but it’ll also make you happier as a budding business owner. Everybody wins!
3. Don’t Flip Niche Markets
We won’t sugarcoat it: starting a side hustle is hard. You’re going to have to put in a lot of work, and it’s easy to feel like that hard work isn’t paying off—especially in the beginning.
Success doesn’t happen overnight, and it will take time to build and monetize your business. But don’t let that discourage you in your niche.
If you were careful in choosing your niche, you’ll know that you chose the right industry. Even if you aren’t monetizing as fast as you’d like to, stick to the niche you’ve chosen. Flip-flopping between side gigs — what we call “shiny object syndrome” — will take you down a road to Nowheresville.
It’s simple when you think about it: if every challenge makes you to change your niche market, how will you ever be able to build and scale a successful business?
Instead, commit to your niche and dedicate enough effort to build your business. You’ll need to be equal parts talented at building your business and delivering your product or hire someone who can do it for you. Remember, you’re both building a business on the backend and delivering your product or service to your customer.
The bottom line
Side hustling ain’t easy. But learning how to find a niche market will help you get profitable, do work you love, and find more clients more quickly. It’s a win-win all around, so be sure to invest the time and choose a niche market wisely.