A market niche is an ideal opportunity to enter the market because it guarantees income in a short period. But in a longer period, we will very likely get competition. For this reason, it is necessary to react in time and gain the trust within the market niche to have the best possible starting position in the future concerning the entering competition.
Every new entrepreneur should look for a niche. Why? It is complicated to break into a part of the market where some companies are already known. To find a market niche, you must think creatively and come up with things that will not be so obvious to everyone at first glance.
For example, after the advent of smartphones, some users wanted to completely replace their laptops. But the screen on their smartphones was too small for them. That market niche was successfully filled by Apple with its iPad. Following Apple, other electronics manufacturers also started producing tablet computers.
Explore your own interests, passions, and values
You decided to start your own business to pursue your own interests. Bring through your work what inspires and motivates you. Think about your desires and ambitions. How do you like to spend your free time? What publications do you love to read? When you feel enthusiasm through what you create, you won’t feel like it’s your job. In addition, you will turn your imagination into products, services, and marketing strategies.
Research your customer base
Researching your target audience is essential to understand their needs, goals, motivations, frustrations, and expectations. It is necessary to involve your audience already in the development of the minimum viable product. While this is something you should do at the start of your business – you should also perform regular maintenance reviews to reassess your customer base and your competition.
Create your business plan
Make a plan in which you define what you will provide and the needs it will satisfy, describe your ideal customer and decide on the price model. Fine-tune your business idea to reflect what you’ve learned about your target audience.
Once you have your product or service and target market in place, you should conduct thorough market research to determine the viability of your niche market. You may be passionate about your product or service, but the real question you need to answer is whether anyone else shares your enthusiasm!
Any research you undertake should be coupled with the comprehensive sales projection you need to make your business viable. How many people will be interested in your product? Will they buy from you just once or more than once? Establish demand and potential revenues to determine if your niche market is sustainable in the long term.
Finding a suitable niche is ideal for small entrepreneurs who do not focus on numbers, for whom quality is more important than quantity, and who choose to direct their money, time, and energy to the right, selected people, without losing them to the wrong ones. You must tell your story. Not templated, not modeled after the competition, not modeled after what passes in business or what you think will pass – but authentically your own, a story that is a collection of everything you are, what you have been through, what you have overcome, a collection of ups and downs in your life.