Find A Niche: Use This 3-Step Niche Finder Formula At Your Own Risk

The days of the one-size-fits-all product and service are deader than a dodo! A niche finder formula is an essential tool for any entrepreneur wanting to find a niche that’s right for their home based business success.

Yet, finding the right niche to hitch is often the first hurdle you face as a newbie entrepreneur. And, not knowing which niche to choose, it’s very easy to fall into the trap of choosing the wrong niche, which leads to wasting a lot of time, energy, and most importantly, money.

However, when you integrate this three-step powerful success formula into your initial search, getting rich in your niche is almost guaranteed.
How to find a niche that’s right for you?

To answer this question, I want to introduce you to my marketing essential GEL Formula, or what I call the glue that holds your niche together. Let’s take a closer look at this powerful three-step niche finder formula.

The G in the Niche Finder GEL Formula stands for growing. If you want to get rich in your niche, you absolutely must find a market that’s growing and underserved.
A recent article in Newsweek, an article called “The Richer Sex,” advises that more companies should better cater to women. In particular, they mention the financial services industry where women say their needs aren’t being met. More than 70% of women have retirement savings, and they make up the biggest group of homebuyers right after married couples.
To me, that sounds like a market crying out for help. Perhaps you can offer them some kind of solution.

If you break this down, women would be the target market. Financial services specifically positioned to serve women could be a niche market. This niche market could be broken down even further by specifying women of a certain socioeconomic background, race, age and so on.

The E in the Niche Finder GEL Formula stands for experience. It really helps if you have experience in an industry. As with the financial services example, if you have expertise in this area, there are definitely guaranteed riches in that niche.

However, if you don’t have experience, then your entry into the industry is going to take just a bit longer. Does it mean you can’t go there? Absolutely not. It just helps if you’ve had some previous knowledge.

The L in the Niche Finder GEL Formula stands for love. You need to find a market that you’re passionate about. If you don’t, you’re not going to last long in it.

Where to begin?

Before you do anything further, make sure you do some market research so that you avoid the seven deadly sins when selecting your niche. In today’s parlance, market research means some serious Google searches. If you’ve ever tried to look for something on the Internet, you’re well aware of how easy it is to go from one site to another, and get catch in a rabbit hole.
To make your search more constructive, here are ten questions to help you research and find a niche that’s right for you:

1. Where is there a gap in your market that is not being filled?
2. Which parts of your market have segments that are underserved?
3. Where could you offer more variety to the products or services currently offered?
4. What other options might you consider offering?
5. What could you offer as a complementary service to better serve your customers?
6. What is your competition not offering that would be of service to potential customers?
7. What information can you glean from online reviews, such as Yelp, that can help you better pinpoint what customers like and dislike about competitors?
8. Where can you hone in on competitor weaknesses to make them your strengths?
9. Where do potential customers get their information, websites, publications, forums, etc?
10. What makes your potential customer tick – their needs and desires?

The results from your research, together with the three-step niche finder GEL Formula are guaranteed to help you identify, and find a powerful niche to target your home based business success.

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