Many businesses offer a wide range of products or services but struggle to become the market leader for each of their offerings. Instead of targeting a broad population, your idea could focus on a small portion of potential customers. Narrowing your scope provides the opportunity to be the best at what you do. This is called, finding a niche that will be your ideal client.
How to Find a Niche Market
- Reflect on your passions and interests.
- Identify customers' problems and needs.
- Research the competition.
- Define your niche and its profitability.
- Test your product or service.
A great example is one of our clients who set out start two businesses. First, a lactation consulting business and secondly, a Child Passenger Safety Technician (CPST). Upon examination you can define the ideal client is shared between the two companies so why not...
Genius happens when you think of everything in your business from the perspective of your ideal client. You are not selling anything, you are solving problems for your ideal customer. Change your mindset to this and see what happens in your business.
Because knowing where to start can be challenging, Idiya has tools to help make writing a business plan less intimidating and time consuming. Our small business resource academy offers a free module for a business plan that helps simplify the process.
If you want a more hands-on approach, you can get assistance from a coach to help complete your business plan. Working with a coach can help with all aspects of starting, growing or expanding your business.