How to Find your Niche
You might have already asked yourself if you chose the right niche for your business.
This is a very common question for restaurateurs and food business entrepreneurs.
The good news is there is no right or wrong. It’s a matter of going through a journey of self discovery to find out what makes sense to you.
- Find out what you do best
Start by figuring out the possibilities you enjoy. Comfort food? Regional cuisine? Baked goods? Make a list of them.
It might seem tempting to go for a high-profit niche. But this might not be sustainable in the long run.
Work takes most of your time. With this in mind, pick something you are already good at. If you love baking, go for it. This will make your journey smoother.
Also, it will help you in the process of building your authority on the subject.
2. Find needs
Now that you got your list of interests, it’s time to reflect on which needs you are solving with your product. Maybe they will not necessarily be problems. They can also be needs and expectations to be fulfilled.
It might be eat healthier. Or to feel better. Or to reconnect with the family after a long week. You are in charge of fulfilling those needs.
Now go back to your previous list. Complete it with the needs within each of the possibilities you’ve picked.
3. Evaluate: is your idea profitable?
Now it’s time to pick and to cut off the excess. Based on the needs previously identified, think of solutions you can offer to each public.
After that, ask yourself: Can I help 10, 50, 100 people with what I’m offering?
If you realize your offer is not scalable (meaning it can’t be expanded), mind you might hit a glass ceiling that will keep your business from growing. If that is not your goal, cut off this idea from your list.
4. Check out your competition
Identify other food businesses and restaurants that are already in the market within the listed areas. Now cross the subject that you are good at with the ones with the least amount of competitors.
Or even if it’s a competitive niche, a need gap where you can position yourself and get better results.
In case you are new here: with us you will discover business tips that you can apply for more time, more freedom and peace of mind.
Moonwalk’s niche: Information technology for restaurants and food businesses.
Now I want to know from you: Are you considering choosing another niche? Are you going to use these tips to find yours?
