Defining a Niche for your Michigan Business and Avoiding the
Pitfalls of Wearing Too Many Hats
A vertical market in its entirety is too broad in scope for any but the largest
Michigan companies to tackle successfully. The best strategy for a smaller business is to
develop and market a niche that allows them to become
successful. This is extremely important if your company is
an "online-only" company.
There are undoubtedly particular products or services you are especially suited to
provide based on your past job experiences and expertise. Take
the time to study related vertical markets carefully and you will find
opportunities to grow or start your business.
4 Core Questions To Ask Yourself when defining your
company and it's niche are:
- What service or product does your business provide and what needs does it fill?
- Who are the potential customers for your product or service and why will they purchase it from you?
- How will you reach your potential customers?
- Where will you get the financial resources to start your business?
Step by Step Process to start defining your niche market:
- List a number of ideas, put them in order of preference
- Put your same keyword into Google search engine http://www.google.com
this will bring up any websites related to the keyword and will represent supply.
- Once you have found your niche market, you must establish
the USP (Unique, Selling, Point). Your USP will make your business uniquely different from your competitors. This is something that is often neglected by new business owners.
- Online business is a highly competitive world, so once
again, defining an USP is especially important if you are
developing an online business.
If you are interested in starting a business, or taking over one, you face a task that carries a level of risk and excitement not possible in the 'employee'
world - but can be very rewarding.
Here are the hottest niche markets available these days: