Apr 20, 2013

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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