Finding Your Business Niche
What’s
a niche? A niche can be described as a part of the overall marketplace. For
example, if you create websites using your preferred content management system
(CMS) you’ll want to find clients interested in website design utilising that particular
CMS. There are a number of benefits associated with defining and establishing
your business niche, and not only as a business entity but also as a person,
five of which are listed below.
1.
Defining
and establishing a business niche can help your business and its products and
services stand out from the crowd
2. By
defining and establishing a niche you can become a trusted authority in a field
of expertise that interests you as a person, plus credibility sells
3.
Establishing
yourself in a niche brings the right kind of clients to you, clients that you
want to work with
4.
By
establishing a niche you can reduce your overheads and operating costs because
you’ll be selling exactly what your clients want from you and nothing
superfluous
5. Establishing
a niche enables you to create effective marketing strategies and tactics that
help you reach your targeted audience and market
Although
defining your business niche and establishing a clear idea of your intended
market is crucial to success in business, many professionals are still unclear
of their niche and market. Many business professionals feel that defining and
subsequently establishing a niche is a negative action, one that narrows their
market considerably, but in fact the opposite has been found to happen. Learning
to say ‘no’ is difficult for many business professionals because they’re
worried that the work will stop coming in. Once they’ve thought about the niche
they want for themselves however, and start saying ‘no’ more frequently, they
find they begin to attract the attention of clients they want to work with, and
just as importantly, clients who want to work with them.
Entrepreneurs: How do they find their niche?
Entrepreneurs
are often better at defining and establishing their business niche than others
because they’re more willing to take chances and risks. Most have found that
establishing a niche works in their favour because they’re able to create a
refined business base, which is something that all business professionals can
achieve.
Questions that you should ask yourself
Because
developing your niche is best based on your feelings rather than your
experience with vocational tasks, you need to ask yourself personal questions
and give ample thought to your answers before acting on them.
1.
What
are you good at?
2.
What
would you like to do?
3.
What
drives you as a person?
4.
What
do you enjoy doing (free time and work)?
5.
Who
do you want to work with?
By
asking yourself these questions, and if necessary many more, you’ll find that
you have a better idea as to what your niche is and how to go about establishing
it as a business entity.
Networking: Refining your business base
Networking
is important in all industries and all sectors. When establishing your niche
and refining your business base with the intention of working with clients that
you want to work with, give some thought as to your networking opportunities
and how they can be enhanced. A very effective method of enhancing your
networking opportunities is to work in close proximity to the businesses that
you want to work with. This is why so many entrepreneurs work in offices in
business centres, like those on www.regus.com, because of the excellent networking
opportunities that working in business centres present them with.
About the Author:
Matthew West writes for www.regus.com, one of the world's
leading provider of convenient office spaces for various clients in over 100
countries.
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