This is the single most important thing that you must do before launching your new business idea.
Yes, before you come up with names, before branding, before website design, before you get professional photographs. There is one painfully simple yet often ignored 10 minute exercise that you can do that will drastically improve your odds of success.
I call this exercise finding your Hot Niche. Be sure to download my Hot Niche Market Map and guide here, so that you can print off and use to rank every single one of your new business ideas on day 0. Before you waste all that time and money on business ideas that just won’t stick.
And, if you’re an entrepreneur looking to launch a new product or service, or you’re looking to start a business from scratch, make sure to subscribe to my YouTube channel for more videos on copy, branding, marketing, and more.
Ok, now, has this ever happened to you? You come up with a new business idea maybe it’s for a physical product, a service, a book, an event, an online course, a consulting company, a coaching program…
You spend all this time brainstorming, coming up with catchy names and titles, planning out the social media, writing the content, and then just before you’re about to launch…
You’re on google or you’re on Instagram and you find someone who’s doing literally the exact same thing that you just came up with totally all on your own.
Now you’re discouraged, you’re bummed, you’re full of self doubt.
Or even worse, maybe you found yourself in this scenario: you’ve already done all of that, and you’ve started investing more than just time but actual money into your business.
Maybe you’ve paid a designer, a dev guy to build your website, maybe you’ve gotten professional photos done, or you’ve hired a copywriter, maybe even you’ve started investing some actual marketing dollars into your new product or service to get eyeballs to your site and nobody is seeing it, and nobody’s buying it.
This has happened to me countless times. If you’ve found yourself in any one of these scenarios, comment below, let me know below how crappy it was and what your biggest learning lesson was. But please know you are not alone! I talk to clients all the time who have done this. Because let’s be honest, a new business idea is like falling in love for the first time. You’re irrational, you’re emotionally attached, you know you spend all this time investing into this new idea. And then, he decides to ask someone else to the high school dance, and you’re like, what the heck. Then you end up being a big ‘ol hot mess.
The good news is you can avoid all of that in your business, and it starts by establishing a market offer fit. The better the fit, the hotter the niche. And trust me once you get that established, everything is so much easier! So with that, here are my 4 steps to finding a hot niche.
Step 1: WHO?
Determine the specific person your new business idea is speaking to. This really answers the “who” question in marketing. Who is your audience? Are you talking to one person? Are you talking to a general audience? A little hint there, the more specific, the better.
Step 2: WHAT?
Identify the core problem your business solves. This answers the “what” question. What pain point or problem does your product or service solve for the specific person you named in step 1? Now, chances are your product or service might solve a whole bunch of problems, but this step is all about boiling it down to the 1 core problem.
Step 3: WHY?
Specify the singular benefit of what you are offering. This answers the “why” question in marketing. Why would your customers buy from you, instead of your competition? Is your benefit something that only you can deliver, or is it found elsewhere?
Deliver a unique solution. This answers the “how” question. How is your product or service delivered? Think of the format, the technology, the mechanism, the medium. Is your product delivered in a unique way? Or can it be found by anyone, everywhere?
Once you answer those 4 questions, you should be able to fill in the blanks of this sentence:
My business helps “specific person” with “core problem” achieve “singular benefit” through “unique solution”.
Okay now that you have your business written out in black and white…
How do you know if it’s a hot niche, a hot product, a hot hook, or just a hot mess? That’s where the Hot Niche Market Map will come in handy. I use it all the time and I created it specifically for entrepreneurs like you to rank their new business ideas on day 0 before you spend a tonne of time and money investing in an idea that just won’t fly.
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With the market map, you’ll also get a guide that will walk you through each business idea category including pros, cons, positioning tips, and where you should be focusing your time and attention to get these business ideas off the ground.
To get your hands on it, just click here. Be sure to check back soon for more posts on copy writing, branding, marketing, and more.
Ciao for now!