Basic concepts are key to niche market success:
Do you have any specialty?
List down the things that you know you’re good at. You can also include the skills you learn through courses, workshops and seminars. As well as the things you’re passionate about. Try asking yourself am I seeing myself doing this for 5 more years? Is this something that you can only do during your free time, or can you do this every day?
What does your target market look like?
Try to look at the demographics. What is your market ideal age, gender, occupation, interest, and where are they located?
What do you think the reason why they will need your product/service?
Identify the problem and figure out if there is a need for it. If there is no reason for them to buy your product/service.
How can you be a unique solution to their problem?
Time to highlight your product/service benefits and how it differs from what is currently available in the market. To determine demand, conduct market research and choose an available niche market.
It’s okay to re-evaluate your niche from time to time and adjust to it to a larger market. No large retailer can be all things to all people. Therefore, there will always be segments of the population whose needs for a particular product or services are unmet.