After so much suffering, finally you got the great business idea, but do not know yet if you are ready to put it into practice. Before you continue you need to understand the market in which you want to work with consumers or businesses. Obviously if you have a store and sell glasses, your target market will be the end consumer, while if you sell office supplies, your target market will be companies or other businesses. In some cases, you can offer your services or products to both businesses and individual consumers.
The next step is to understand who sell or provide your services, of course, as you can well understand, we cannot sell everything to everyone, so you must create and define your target market. Many entrepreneurs make the mistake of offering a wide range of services claiming to be good at everything. Sometimes, these entrepreneurs learn at their own expense, a real big lesson, it is best to focus on a specific activity and optimally meet the needs of that niche rather than turn to the mass.
How can we find the niche of reference
1) Relevant Exchange: The first step is to define your niche think about who can affect your product. Be as specific as possible, identified the distribution, your geographical area of reference, the types of business or customer you want to reach, the type of product / service you want to offer. Try to focus as much as possible.
2) What to Sell: Make it clear what you want to sell remembering that you cannot sell to everyone, the more you focus on the niche the better, as you can well understand, to open a clothing store is not operating in a niche, make a niche for example, is to open a clothing store dedicated to very tall people. Usually the niche in which it operates is of course from your own experiences and interests. For example, if you have worked for twenty years in a consulting firm and thanks if you have your interests you’re busy of villas, probably your future business could be starting a consulting firm specializing in houses.
3) Communicate with customers: Treat customers as you would like to be treated. Operating in a single niche probably know well the problems, the needs and desires of your customers. The best way to communicate and sell to potential customers is to identify their main concerns.
4) Competition: Of course, before you start a business in a particular niche you must ensure that the needs of this niche not already been met by other companies operating in the same niche. If there are other competitors, verify how big the niche and if there is room for everyone.
5) Market tests: Once you have made all the above steps and are proceeding directly towards the realization of your business idea, before starting, you need to do a market test. This test can be done, simply, by providing your service or product for free to some people who are part of the niche in which they will operate.
6) Start the business: For many entrepreneurs this is the most difficult stage, this is the stage where you have to put into practice everything that was planned. Fear can get the upper hand, the fear of not making it, the fear of making the wrong step, the fear of losing everything, etc. etc. You have to overcome fear!!
If you have done your homework, the risk is calculated, it will not be a gamble, you work hard and you will succeed.