• August 30, 2016
  • Jim
  • 0

Finding Your Niche Market

When we look at the world, we see that it is definitely more complex and interconnected today than it has ever been in history. Once upon a time, when you wanted to start a business, coming up with a novel idea and turning it into something profitable was as easy as one, two three. Nowadays, making money is not that easy, where we have markets flooded with much of the same and big organisations controlling most of the customer base, we see small businesses failing to succeed, even when they are providing a good service. Bearing these things in mind, we are often told to come up with a niche market, an untapped string of wealth that nobody before you has thought about.

But how do you come up with niche market?

Finding your niche is all dependent on you. It is a personal thing based on what you can do well. Therefore it varies from person to person, just as skills vary. The very first thing that you should do, is to identify your talents and your skills; what can you do well? Can you make the tastiest fried chicken? Do you have people skills? Can you teach? Whatever it is that you know you can do well, write them down and make a list; one of them will probably be the key to unlocking your niche market and becoming a success.

Now that you have made your list, it is time to decide what you enjoy doing the most. Which one of your skills, give you the most joy, the happier it makes you, the more satisfaction you will feel every day and working hard will feel like pleasure! This is the dream for everyone isn’t it, to work without feeling as though you are.

You have identified your skill or talent that brings you the most pleasure, but will someone pay for it? Is it marketable? These are questions that you must ask yourself before you start. Take for instance, you have a talent of sewing, you have to think about whether or not people will pay you enough for your sewing skills; will it be enough to create adequate income for you. When you think about it, becoming a professional seamstress may not be a viable option as revenue made from it is insufficient to meet your everyday needs. Therefore ensuring that your talent or skill is sellable is very important indeed.

Though creating a niche market is all about you, you have to bear the likes and wants of your potential customers in mind. Though you are the one using your skills and your talents to provide a service or a product, these services and products must be in line with what customers want, otherwise you are simply wasting your time, energy and talents. Carving out your market can be hard at first, but through perseverance and good marketing through the use of the internet and other traditional methods, you will be able to make some money doing what you love!