When it comes to choosing a niche, should you follow the money or follow your heart?
When I have a call with a potential client, I often ask them, ‘ What would you LIKE to do?’
And more often than not, they look a bit surprised. Because surely, we should be talking about what will make money, what there’s a market for, what will succeed?
I would absolutely go along with all of that. There’s no point in creating a fabulous offer that actually no-one but you has any real interest in.
As is often said, if that’s the case, then get a hobby instead.
However, if you actually feel a bit ‘meh’ about the idea, or even actively dislike it, but think it might be lucrative..think again.
Running your own business can be hard. I don’t subscribe to this ‘you have to work 24/7 for years when you’re starting up’ stuff, but, nevertheless, it does require some sacrifice, and a lot of motivation, and a certain amount of holding your nerve.
And that’s going to be pretty much impossible if it’s not something that you believe in, or care about, in the first place.
Here are some questions to ask yourself:
– What skills and experience do I have, and of that, what do I actively enjoy doing? Maybe you have tons of IELTS experience, but would be perfectly happy never to read another IELTS essay again?
– What have people told me that I’m really good at? And would I agree? (we’re not talking here about what your Inner Troll may have to say about it, but what you know to be true at a deeper level)
– What kind of people do I really enjoy working with, and believe I could get good results for? Think about past clients or work, where you’ve felt in flow, even excited about what you’re doing.
– What could I do and who could I work with that fits these criteria, and which provides a result (or the potential for a result) that people would be willing and happy to pay for?
THis is how you start to develop a niche that will work for both you and for your potential clients.
Coming up with a business model that contains all those criteria is where you might need some help and guidance, but you don’t need to decide whether to follow the money OR follow your heart. You can do both. .
How does your business score on those grounds, and what might need tweaking or changing?