Less than 80% of businesses survive the first year in business. There are a number of reasons why, but you can always point to the failure to set themselves apart from the competition.
It’s more important than ever to find your niche when you start your business.
A niche taps into an unserved area of a market. For example, you can be a fitness coach for women or you can target busy moms over 40.
A niche helps people identify with your work, making it more likely they’ll sign up for your services. You can also increase your referrals because people can easily identify customers.
How can you find your niche in the marketplace? Read on to learn four tips to find a niche and build a successful business.
1. Brainstorm Ideas
It doesn’t matter what industry you’re in. If you can’t get excited about your business, it isn’t worth doing.
Instead of starting with questions like, “who should I sell to,” and “who are my customers,” start with what you want to do.
Brainstorm areas of your industry that you find interesting. For example, you can have a landscaping business but love working in vegetable gardens.
There are no bad ideas. You’ll validate them later on.
2. Check the Trends
You want to match your passion with what the market is looking for. This is where market research helps. There’s a ton of information available to validate your ideas.
Google Trends tells you what topics are popular over several years. You can check trends in different countries and look for YouTube results, too. Pinterest offers another trend tool.
3. Hire a Market Research Firm
What if you want to gain a deeper understanding of your market? This is where a market research company can be an invaluable partner.
They can survey your market, run focus groups, and make finding your market an easy task.
Market research firms like Stitch Marketing Research Company, Gartner, and Kantar give you insights to help you make better business decisions beyond finding your niche.
4. Don’t Wait for Perfection
Perfection can kill your business before you get off the ground. That’s because you could spend so much time waiting for the perfect answer while your competitors are gaining market share.
Sometimes, you have to find a niche and go with it. It might not be the perfect one, but it needs to be good enough.
If it doesn’t quite work out, you can always adjust and pick a new niche.
Find Your Niche and Become Rich
It’s entirely possible to have a successful business without a niche. When you find your niche, you have a clear path to set your business apart from the competition.
Finding your niche is more than understanding your market. You need to do market research and find that spot that intersects your interests, passions, and what the market needs.
You’ll find your niche and your customers if you follow the tips in this article. For more business and marketing tips, check out the home page of the blog.