How to find your Niche

The Soulful Entrepreneur #009

I love what I do.

A lot.

I love building the community around Herb and Soulful Entrepreneur.

I love writing and travelling.

And I LOVE helping people.

Like you.

But it hasn't always been this way.

I've spent late nights hating what I do. I've had night terrors.

I dreaded waking up for work the next day.

I've been depressed.

I learned 5 strategies to find my calling and select a niche I love.

Here we go.

Strategy #1: Find Your Ikigai

Ikigai is a Japanese concept referring to something that gives a person a sense of purpose. A reason for living.

It takes a moment and turns into something that can change your life.

Find the intersection of:

  • What you love

  • What you are good at

  • What the world needs

  • What you can get paid for

Here is mine:

Now I:

  • Scale cannabis brands to $10M+ revenue through Herb

  • Teach entrepreneurs how to create a marketing engine to scale from $1M to $5M in revenue (DM me on Twitter if interested)

  • Coach entrepreneurs

  • Hike in nature daily

  • Travel the world

  • Write every day

What is your Ikigai?

Strategy #2: Build the Anti-Something

This is a powerful framework.

You can be the anti [insert something]:

Anti-university = 1:1 course for a specific target market

Anti-book = 250-word summaries of popular books

Anti-Uber Eats = Private chefs at your house for gourmet meals

Anti-doctor = Professional wellness professional in the comfort of your home

Strategy #3: Strengths + Interests + Monetization Strategy

Do exactly this:

  1. Journal your 3 biggest strengths (ie. spreadsheets, painting, sales)

  2. Journal your 3 biggest interests (ie. football, community, coaching)

  3. Combine these with a monetization strategy

Example:

Football (interest) + spreadsheets (strength) + coaching (monetization strategy) = 1:1 coaching for high school football teams to moneyball their roster and win 5x more games

Potential Monetization Strategies:

  • Slack Community

  • Group Sessions

  • Digital Product

  • Subscriptions

  • Mastermind

  • Membership

  • Software

  • 1:1 Calls

  • Courses

  • Videos

  • Book

Strategy #4: Find Your People

What sort of people do you love helping?

I love helping entrepreneurs.

Who is your ideal customer?

My ideal customers are hungry entrepreneurs that want to make a dent in the universe.

Brainstorm all the ways you can help them.

Talk to them.

Build a business to serve their needs.

Strategy #5: Turn a Job Description into a Business

This one is simple.

  1. Get inspired by looking at the responsibilities listed in a job description (JD) from a role at a company you think is cool

  2. Create a niche to solve one responsibility

Here is a quick example:

I think Genies is a cool company and I love design.

I looked at a Designer role at Genies and found these responsibilities:

Look at bullet point #3 above.

I could create a course on "How to Get a Job in Human-Centered Design for the Metaverse" and sell this for $5,000 to graduates from USC, UCLA, and CalTech and aim to get them jobs at cool companies like Genies, Facebook, and Snapchat.

30 students per cohort x $5,000 per student x 8 cohorts a year = $1,200,000 per year

That’s a wrap!

If you enjoyed this newsletter please forward it to one person you think would benefit from it

My mission is to help 1 million entrepreneurs live their dreams.

See you again next week.

Much love ❤️

P.S. I'm launching a cohort-based course in June to help entrepreneurs build a scalable marketing engine and grow from $1M to $5M annual revenue.

Only 3 spots left.

If you're interested in joining DM me on Twitter and I'll send the application.