Are you struggling to figure out your niche? Well, I just want to reassure you that is a very common state for newer stage entrepreneurs to be struggling with, and it does take some time.
Tricks to Help You Find Your Niche
After years and years of coaching people to find their niche, I do have a couple of little tricks and they might help you find your niche. We are working through a 5-part series on clues that will help you find your niche.
5 Niche Clues
Here are the five niche clues. These are little tools you can use to help you figure out exactly what your niche for your new business should be.
- Capitalize on your Plus Factors.
- Combine two separate areas on the Wheel of Life.
- Shift the focus of what you’re already doing fifteen degrees to the right.
- Look at what’s already working in the marketplace—this is crazy powerful.
- Identify and use your genius zone.
Today we will do a deep dive on how to use the Wheel of Life.
This is the second of our niche clues on how to figure out your niche when you’re stuck. The Wheel of Life is a really old-fashioned tool that’s been used in many circles for a very long time, but I don’t know anybody else who uses it quite this way.
I have actually found this helpful with a number of clients struggling to choose their niche. I’m going to share my Wheel of Life tool with you. (You’re welcome to go ahead and download this tool if you like, and I do give you my permission to use it with your own clients if you find that helpful.)
The Wheel of Life shows the different areas in our life that need focus. There are many uses for this tool that are out of scope for what we’re talking about today.
Some people divide it into sixteen sector, and some people divide it into seven—I’ve got it divided into eight spheres… it’s a little bit arbitrary as to where you slice and dice it.
But when you’re trying to figure out your niche you’ll notice that each sector could be a broad niche on its own. With the sectors of your life, you might be career focused, money focused, health focused, friends and family focused, significant other, romance, fun and recreation, personal growth, physical environment…
Here is the trick!
Try combining and overlaying two sectors to niche down. Very often when you’re trying to find a unique niche it’s very powerful to take two sectors that you are skilled in, or the area that you’re already working in and add one of these other sectors to it.
Let me give you a couple of examples:
For this example, let’s say that you are serving entrepreneurs in some way. Well, let’s be more specific and say that you are very good at money and finance. Perhaps you’re a financial advisor to entrepreneurs or perhaps you’re a CPA—some sort of financial advisor to entrepreneurs. Now, let’s imagine you want to combine that with your personal skill in being incredibly organized. That’s physical environment, right? Perhaps you’re very good with getting organized. So you might teach entrepreneurs how to organize their money, organize their bank accounts, organize their text flow or payments, etc. It might be a very powerful way—money organization for entrepreneurs is a pretty specific niche, but we’re taking two different areas in the Wheel of Life and combining them.
Another example might be taking an entrepreneurial service and combining it with personal growth. Let’s say you’re very into emotional intelligence. So how do you fit emotional intelligence into your client relations? Now you have a little hook that keeps your business growing. Or you might be taking the health niche and laying that onto the money niche, for example. You might be helping people in how to have a healthy mindset towards money, or how to stay relaxed or something.
Hopefully you can see how taking multiple areas in the Wheel of Life and putting them together can help you specialize, sharpen, and focus your niche, and have something that’s special and different about you.
I hope that helps break the niche angst for you and get you closer to clarity. Next time I will show you how to use Niche Clue #3, Shift the Focus to help you birth an extraordinary and powerful niche.