"A niche can be new or old
But to be successfully sold;
Most important of all,
Whether big or small
The niche must fill a hole!
Question: What's a Niche? Answer: A niche is an unmet,underserved,ignored,overlooked, or neglected need of a target group.
If your product or service can fill one of the above categories it could solve your money problems forever.
But, before we start our journey of how to find a niche, the intelligent thing to do is to find out the kind of niche we need.
Our goal should always be to do something that the competition isn’t doing or something the competition isn’t doing as well as we are. That’s what a niche is all about?
Your job as an entrepreneur is to fill and unmet,overlooked,ignored,or underserved niche - quick and hard.
So, to focus your thinking I’ve developed a group of questions you should constantly be asking yourself.
These questions will help you recognize niche opportunities you may otherwise overlook, neglect or ignore. You should constantly be asking these questions. They’ll help to keep your mind alert to niche opportunities your competition may not see.
The questions will also give you an added benefit of helping you to stay alert, creative and free from rut thinking.
Many businesses get caught in the trap of rut thinking. You’ll soon be like a chiseled, quick jabbing prizefighter - boxing a slow lead footed challenger, when it comes to spotting niche opportunities.
Money making niche opportunities that others can’t see will be as obvious as Mt. Everest to you. Do you think that would give you an advantage over your competitors? You bet it would.
All the above benefits and more will come naturally from asking the following self-questions.
Remember, these questions aren’t meant to be a one-shot deal. As long as you want to recognize niche opportunities, that’s how long and often you should be asking yourself these questions.
As long as you want to stay in business, that’s how long you should be asking yourself these questions.
So if you're ready let's get started.
A. Research Your Competition
1.How many products and services are they offering?
2.Where are they doing business?
3.How much of the market do they have?
4.What’s the size of their customer base?
5.How big is your competition?
6.What are their strengths?
7.What are their weaknesses?
8.What don’t they like to do? Or what do they overlook or neglect to do that you can do better?
9.What market are they not serving that you could serve? Teens,seniors,women,men,etc.
B. Research Your Target Market
1.What are their primary needs?
2.What needs do they have that your competitors aren’t filling?
3.What needs do you anticipate they may have in the future that you can fill?
4.Do you have an ongoing program that gauges their needs and problems?
5.What do they want more of?
6.What do they want less of?
7.What things can you do now to make it more convenient for them to buy your product or service?
8.What things can you do now to create more repeat business?
9.What things can you do now to create more referrals from satisfied customers?
By reviewing the above questions, you’ll be doing more to help yourself recognize more niche opportunities than anything else you could do. Use them as a starting point to spark your imagination.
You’ll soon discover that as you begin to use and answer the suggested questions they will start to motivate you to ask more questions. Questions that are more specific to your individual business, product, or service.
You are now prepared to recognize niche opportunities you've been overlooking. Congratulations!
Roy Primm (The Niche Man), Long Beach, Ca. U.S.A