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What, Why, and How! 

Interested, read on and answer the following questions 

• Are you a small Business owner
• Do you want your share of the market
• And would you like, WANT more than that?

• Yes! then go find your NICHE!

Finding your niche will differentiate you from your competitors! You will gain an edge and stand out!  

KEEP READING if you want to know more! Let’s begin at the beginning

What is a Business niche: In simple terms, a Business niche is a specialized or particular area of a broader market that your Business specifically serves. 

This may be defined by any of the following:

• Quality level: handmade, premium, economical
• Pricing: luxury, discount
• Psychographics: interests, values, attitudes
• Demographics: age, gender, education or income level

Why does finding and having a niche matter? For small Businesses it is key to creating a more focused approach, providing a steady source of revenue and attracting loyal followers, customers.  And who doesn’t want those?

It's about finding, establishing your identity, your point of difference, your uniqueness, your approach that makes you 'stand-out', to be noticed.

AND there are benefits! Benefits such as: 

A more focused approach. By entering a ‘niche’ area you minimize competition by differentiating yourself from the wider, mass market, allowing you to concentrate on your specialist field to deliver quality goods and services.

Helps establish a loyal customer base.  They identify with your brand and product that suits their needs.  Bonus!  in return it allows you to build a customer service that establishes a closer, long-lasting relationship. 

Be a leader in your field. By developing a Business niche you can become a leader, an expert in your field rather than the ‘same-old’ delivering a standard, generic product.

Financial gain. Taking, filling a niche can result in increased profit.  Being different, unique can create demand that no-one can respond to. Demand that can lead to higher returns for services and products. This can be particularly pertinent in new, pioneering industry markets. How do I find my niche! 

Try these 4 Simple steps 

1. Check out the competition. If you already have a Business or an idea ‘google’ search to find out who and what else is already in that market. For example, if you are a Bakery and want to grab, gain the market in baking ‘organic/ boutique’ breads find out who else if anyone already is in that space, specifically, who, what, where.  How does that affect your idea.

2. Identify your customers' needs and problems.  Example, again the Bakery, seek customer feedback, what is the need and potential demand for boutique products.

3. Research the profitability of your proposed niche product/ service.

4. Based on the above steps, decide if it is No or Go!

Inspired!

Think, research, be bold! Go find your market niche!