Skip to main content

Small Business


Subscribe

* indicates required
Email Format

Find a Niche for Your Small Business

Trying to tackle a wide market is usually too broad of a scope for any but the largest companies to handle.
As a smaller business, it's often a better strategy to try to divide potential demand for offerings into manageable market niches. Small operations can then offer specialized goods and services that are attractive to a specific group of prospective buyers.
There are undoubtedly some particular products or services that you will be especially suited to provide. Study the market carefully and you will find opportunities. For example, surgical instruments used to be sold in bulk to both small medical practices and large hospitals. One firm realized that the smaller practices often disposed of instruments because they could not afford to sterilize them after each use like hospitals did. The firm's sales representatives talked to surgeons and hospital workers to learn what would be more suitable for them. Based on this information, the company developed disposable instruments that could be sold in larger quantities at a lower cost. Another company capitalized on the fact that hospital operating rooms must carefully count the instruments used before and after surgery. This company met that particular need by packaging instruments in pre-counted, customized sets for different forms of surgery.

To research your own company's niche, consider conducting a market survey with potential customers to uncover untapped needs. During your research process, also identify the areas in which your competitors are already firmly situated. Put this information into a table or a graph to illustrate where an opening might exist for your product or service. Your goal should be to try to find the right configuration of products, services, quality, and price that will ensure the least direct competition. Unfortunately, there is no universal method for making these comparisons effectively. Not only will the desired attributes vary from industry to industry, but there is also an element of creativity that is needed. For example, only someone who had already thought of developing pre-packaged surgical instruments could use a survey to determine whether or not a market actually existed for them.
If you do find a new niche market, make sure that this niche doesn't conflict with your overall business plan. For example, a small bakery that makes cookies by hand cannot go after a market for inexpensive, mass-produced cookies, regardless of the demand.
Thank you for reading my blog. Please click here to download your free gif.

Comments

Post a Comment

Popular posts from this blog

TOP 10 SIDE HUSTLES for you to earn money from home.

  If you are a student you need cash to meet the escalating costs of textbooks, fees, and daily expenses. Side hustles are a great and creative way to relieve some of those overwhelming stresses while earning extra cash on the side. They also provide a route to skill development, flexibility, and personal growth . Here are  top 10 side hustles for students, each a key to unlocking financial freedom and a gate to valuable experiences. 1. You can Resell your used or vintage goods Turn items you don’t use anymore into cash by diving into the world of resale. Platforms like Facebook Marketplace welcome your unwanted items, while thrift stores like Plato’s Closet pay you for fashionable clothing. It’s a win-win—declutter your space and pocket $20 to $40 per clothing item.  2.You can  Sell your designs Selling designs is a great way to make money right from the comfort of your desk. Platforms like  Printify  allow you to simply upload your des...
Post a Comment
Read more

Best Ways To Make Money From Home

  Best Ways To Make Money From Home in 2023: Learn To Earn Online Methods Of Making Money From Home Online Tutoring: Share Your Knowledge and Earn: If you possess expertise in a particular subject or skill, online tutoring can be a lucrative way to make money from home. Many students and professionals seek personalized instruction and guidance, creating a high demand for online tutors. Platforms like Tutor.com, VIPKid, and Chegg Tutors connect tutors with students worldwide. Whether you excel in academic subjects, music, language, or test preparation, you can offer one-on-one lessons or group sessions through video conferencing tools. Online tutoring allows you to set your own rates, work flexible hours, and make a positive impact by helping others achieve their goals – all in all, it’s a great way to make money from home. Virtual Assistant Services: Support Businesses Remotely: With the rise of remote work, businesses often require virtual assistants to handle administrative tasks...
Post a Comment
Read more

How to Make Money Online With Fiverr

  Top 3 Ways To Make Money  Online With Fiverr  As freelancing becomes the go-to option for professionals who want to progress in  their careers, chase their passions, and make more money online, Fiverr has also  become one of the most trusted platforms for freelancers to find clients and gigs for  side hustles or full-time freelance work. Many highly skilled independent professionals turn to freelance marketplaces like  Fiverr and its contemporaries, UpWork and Freelancer.com, due to how easy these  platforms make it possible to connect with potential business clients, handle  transactions, and build trust while making the entire process transparent. However, you need to remember that it is essential to build your presence as a  freelancer outside of gig platforms, diversify your marketing efforts, and not rely   solely  on freelance marketplaces such as Fiverr as sources of income, as these  websites can sometimes dry up...
Post a Comment
Read more