Entrepreneurship: How Entrepreneurs Can Define Their Business Niche By Samanah Duran
When any of us think about launching a new idea, we should define the niche from the on-set because understanding our USP is what is going to set us aside from others. Nowadays, you will see competition in every field across all markets, so it is important to question yourself on what makes you more qualified to deliver than anyone else and is what you are offering of any better value/substance.
Having researched and spoken to many fellow entrepreneurs, one thing I have noticed is that the reason why some struggle more than others is that they simply cannot describe their business niche. It goes hand in hand to say that entrepreneurs who can clearly identify their business niche have more clients and can easily handle them. Here are 3 great ways you can build a business you feel passionate about and define your niche within.
How will you identify your niche?
To identify your own niche, you have to research the market and your specialisation within it. Maybe you have a certain passion or hobby that you enjoy doing, which is a perfect starting point as you intend to build a business around something you have an interest in. Your natural skill set isn’t always required to be the best, because this is something that you can improve on as you build, but knowing the fundamental basics would be ideal.
What is the market demand?
When launching you will have a pretty broad market to begin with, but as you progress you should filter down within that one specific area that has the highest marker size to capitalise on. If you truly want to dominate the market, you must know your competitors, look up reviews, see if there is a similar business model like yours on the market and if so, then think about how you will operate differently to them, and finally, you must test your product/service to get feedback.
Who is my audience?
Define and research who your target audience is and find out who your potential customer base is. These are the people who will most likely buy your product/service, so the better you clearly define your target audience, the better chance you have at reaching and converting them into customers.
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