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Finding your small business niche – Small Business Corner

Finding a market where your small business can thrive will only increase your success potential. But, before you start a new business or try to grow your current business, you may want to consider finding a niche where you can specialize and grow. Hopefully these steps will help you to find a niche with growth potential.

What exactly is a niche?

In business, a niche is a subgroup of a larger market that targets a specific audience. Each niche will have a characteristic that makes it ideal for a specific customer or client.

If you are not sure where to even start, we put together a few tips to help you get started!

Customer focus

Consider what your ideal customer looks like. You can create multiple customer personas (“a summary of the characteristics, needs, motivations, environment and behavior of typical distinct audience types”) that represent the kinds of people who would be interested in buying your product or your service. Research is key here, so if it is not within your budget to hire a consultant for outside market research, it is possible to do the homework on your own. Get on social media sites and start by looking into your own friends and acquaintances.

Focus on YOUR interests

You can start by making a list of your interests, passions and life experiences. The idea here is to build a loyal following for the long-term. Choosing a service or product that YOU are interested in will help you to stay motivated and give you better insight into the ideal customer for your small business.

Look for needs

This is where you find problems you know how to solve. This would also be a good time to research your competitors to discover the services that they do not offer. It is important to remember that it is possible to succeed in a niche market even if there are similar businesses within that niche.

Finding your small business niche may seem like a difficult task, but is a necessary part of doing business. To find the perfect niche for your small business, you will need to understand your own abilities and interests, as well as the needs of your target audience. Once you have this part done, you will be on your way to making sales!