Top 7 Things You Must Ask Yourself When Developing A Niche
By Leslie Speidel
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Consumers have gained control of the marketplace and it's time for you to gain control of a niche!
- Do people want what you are trying to sell or will you have to work at selling your product to them? It's way too expensive to create a need...so be sure the need exists before you begin your business.
- Is your potential market Unserved or Underserved? In other words, do you have competition for the same market? How many other businesses do exactly what you do and is there room for one more?
- Is your proposed market large enough to be considered a market segment? Consider how many people or businesses are in the market on any given day for what you have to offer them. If it is a small group, you may want to reconsider your game plan.
- Is your niche geographically workable? Do you have to spend alot of money on travel, sales reps, delivery time and other things that would deplete your business resources? Do you need to market to your zip code or are you going global through the Internet? Either way, can you make it work for you?
- Is your market easy to reach through marketing and advertising? If you have to "buy" your niche through expensive advertising or spend a large proportion of your time trying to reach your target market, it's time to re-think your market.
- Is there something special that you do that is unique and different from your competitors? Having that Unique Selling Proposition work for you is crucial. There's no point in doing the same thing that others are doing in the same way, with the same prices and services. Find something that allows you to stand out from the crowd.
- Will you be in a position to re-tool and re-focus your niche when the time comes? Your niche must be flexible so that you can adapt to change with the marketplace. It is inevitable so be sure that your niche has room to grow.
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Article Submitted On: October 07, 1998