HOW TO PICK A GOOD BUSINESS NICHE👌
When I decided to start blogging, the first question I asked myself was, what would I blog about that people would actually be interested in? What solution should I offer via my blogging? I thought about this for about 24 hours and then it hit me! I decided to talk about “Entrepreneurship”. The reason why I chose that topic is part of what I would be revealing to you in this article!
First of all, what do you know as a niche?
A niche refers to a unique, specialized solution to a problem which has been overlooked or which is not getting enough attention. I’ll break this down. A niche could be a problem solution from a different dimension or a whole new solution to a problem which has not been considered before. A niche is an area which you as an entrepreneur has decided to concentrate on in order to bring unique solution to a particular problem.
THINGS TO CONSIDER WHEN CHOOSING A BUSINESS NICHE
This includes various ways you as an entrepreneur would know if you’ve picked a good business niche. some of these points include:
PASSION: whatever business niche you intend to choose should be one which you have much interest in. Your passion for a niche should come first before the revenue or any other benefit you intend to get out of it. If you miss this point while choosing a niche, the growth of your business might be at stake. Entrepreneurship comes with its challenges. Part of what would keep you going and not give up in the face of those challenges is your passion for what you do. Therefore, it is very important to consider this while picking a good business niche.
IS YOUR NICHE PROBLEM SOLVING: What is it about your niche that would make someone pause to listen? You need to understand that if your niche isn’t geared towards solving one problem or another, no one would want to listen to you. Customers don’t pay for something they don’t need. Remember that entrepreneurs are problem solvers. Therefore, your niche topic should be something people look forward to.
KNOWLEDGE: How much do you know about the business niche you intend to pick? How authentic is the solution you’re offering? Is it something you can only pull off by copying others or is it something you have basic knowledge about and can defend or prove anytime authoritatively? These and more are the questions you should ask yourself about how much you know about the niche you intend to pick.
NARROW IT DOWN: One thing you don’t want to do in business is to be a “jack of all trade, master of none” because you would only be confusing yourself and your customers.
When I was having my industrial training in a coconut processing company, I asked my boss a question relating to this and she gave a very clear answer which I would share with you.
We were on our way back from a trade fair where I met several other food processing companies, one of which was producing tiger nut milk. Then I asked my boss this; “since we produce coconut milk alongside other healthy coconut food products, wouldn’t it be a plus to also produce tiger nut milk, another healthy drink?”
Here was her reply: “I want my brand to be the first brand that comes to my customers’ mind whenever they hear ‘coconut’, I already make several products from coconut alone so why do I have to confuse my customers?”
Her answer made lots of sense to me. That was something I never thought about before and that is also a part of marketing strategy.
If you want to focus on production or sale of milk, then you can make varieties of milk from different sources. However, you can also decide to process a particular raw material into various food products. No matter the industry you’re in, try to narrow what you sell or produce to be more specific, then you’ll be helping yourself as well as your customers in the long run.
The points above are basically what made me choose to blog about entrepreneurship of all topics. Entrepreneurship is a way of life I’ve been passionate about for as long as I can remember. It is that one topic I can talk about and defend anywhere and anytime. I’ve had challenges over the years while practicing entrepreneurship. I saw others have these challenges as well. And then I felt blogging was the perfect opportunity to finally talk about those challenges with people of like minds.
Yours would be fun too despite the obstacles, if you eventually choose the right business niche for yourself.
Remember, how far you go depends on you starting well and starting right.
RESOURCES: All the resources you need to run your business, you’ll find at www.bizmanin.com
Visit the site above, explore and reach out if you have any more business question.
See you in the next article!