In business, the phrase go niche or go home is something that is talked about over time. But when it comes down to starting your business and getting it off the ground, it can be really tricky to decide on your niche. You could go through all that you need to do to decide your niche, like listing your interests and passions, and still not come up with any ideas. So if this sounds like you and you are struggling to decide what to do, or need some more data before deciding your niche, then here are some steps to be thinking about. Ultimately, if you can get things up and running, you can make changes along the way. You just need to have an idea of where you are heading to.
Interests and Passions
This may be something that you have done in your process to decide on your niche. But it is a really good idea to think about the areas in life that you are passionate about or do have an interest in. not only because it will be more enjoyable if you are doing things you enjoy, but you are much more likely to stick at it when you are going into an industry that you care about. So don’t worry about finding something that isn’t the perfect fit, but rather, focus on finding something that you will want to stick with.
Look For Problems To Solve
If you look at many successful businesses that are out there, they solve a problem. Take spillkitsdirect.com.au as an example. It is a site for all things spill kit, whether oil or chemical, all in one place. It is niche as it is quite specific, but solves a problem for the people looking for those things. So have a think about what problem you could help solve with your business idea. Look for a genuine solution to a genuine problem, though, rather than a solution for something that isn’t really a problem.
Look Into Competitors
They may already be some businesses that are doing what you plan to do. You may be looking to do something completely different. Either way, there will be some competitors out there that can help you along the way. Look at what they are doing and the prices that they charge, for example. That can help you to know what to do or what not to do. How well are they fitting the niche? What can be done better? There is an article on business.gov.au/research-your-competitors that talks about the importance of your competition and researching, them. So it is a good idea to have it as part of your strategy.
Test Idea
If you have an idea, it can be a good idea to put it to the test. It could be a small test by going into market research to see what potential customers say. But it could easily be a larger test, such as getting the business started and seeing what needs to change as you go along.
