How to Find a Great Niche Market

Creating a great niche market is paramount for success of any small or large scale business you want to set up, especially in the online world. Macroscopically speaking, there aren’t many niches out there which haven’t been exploited, and if there are some, they are either too advanced (require an appropriate qualification or an expensive hiring) or ones in which there isn’t much scope to earn.

However when it comes to starting a business based venture, it isn’t the large niche market that you should focus on. The key here is to penetrate inside a specific niche of interest and evaluate which segments are still unattended. These are the segments which will form the basis of your business and will eventually make you a trend setter.

In this article, we will go through the basic home work methodologies required to target a powerful niche market.

Instructions

  • 1

    Brainstorming

    This is a concept which has become a part and parcel of every innovative process. In this process, a group of people sit together and start throwing random solutions and ideas concerning a large scale problem. By integrating these ideas together, the stream is narrowed down until a solution is agreed upon.

    In case you intend to start off alone, just take a piece of paper and start jotting down the ideas on which you can capitalize. Select a niche of interest and pen down all those sub niches which you think haven’t been fully explored as yet. Work with five to six niches and narrow down the list to one sub-category per niche.

  • 2

    Research

    This step not only includes the determination of the niche potential in terms of sales and profit rates, but also includes attaining information about various players already catering to the niche. Check out the demand, usefulness and profitability.

  • 3

    Evaluation

    Don’t limit yourself to person-to-person references, get on the web and track down the nature of the services which your potential competitors are providing. Test those services in person and evaluate the shortcomings and strong points of each. This will help you analyse whether there is a room in this niche for you or not. And, if there is some room, how can you become an instant hit.

  • 4

    Passion

    Do not indulge yourself in something about which you feel you don’t have the requisite passion. It is basically the driving force which keeps you moving in the face of odds, and if you don’t have that, your chances of success stand next to nothing.

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