Many people go out into the world to chase dreams of being successful small business owners. Some may be achieving a lifelong goal after years of education and learning, pursuing a childhood passion or carrying on a legacy. Sometimes the focus may be on a skill or service one has cultivated and honed for years, or an industry where someone begins to see ways to improve traditional methods while being employed with another company. It could be a family enterprise, following in the footsteps of generations before who had farmed, operated successful retail stores, catered or built homes. Maybe the time finally became right to launch a new similar and yet distinctive product, open a shop for specialized automotive work or unveil a restaurant concept geared towards a particular demographic, culinary style or population. While each is different, all of these things share one particular similarity; they are more refined and sharpened than what previously existed, because someone spotted a need or unfulfilled market and a new company was born.
It is so essential for entrepreneurs to pause and identify these goals; to write a plan focusing on what is unique, and without shying away from the effort of analyzing and dissecting, be willing to state what sets such a business apart from the rest. Plenty of businesses are launched each year and I believe one of the biggest reasons for failure is the inability to define a clear path. When you don't know exactly where you are going it's difficult to steer the ship, isn't it? Let's take a look at some of the attributes of these ultra-specific targets.
Definition of a niche market: A niche market is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to target. It is also a small market segment. Source
A niche market generally includes at least several of these characteristics:
• Is a subset of a previous, larger, more broad category
• Will likely appeal to fewer consumers
• Requires investigation to ensure a competitor has not already filled the need
• Often created by an individual who sees a particular need
• May be difficult to replicate
• Should be carefully monitored for short lifespan
Now, before you begin thinking that these points sound like gloom and doom, they are merely listed to encourage a thoughtful approach to the process. Are you willing to honestly and completely evaluate your business to market it to the best possible group of consumers? I've noticed individuals who struggled with the concept of defining themselves, fearing they might limit sales if they appeared too narrow - and yet at the same time failing to promote the real heart and soul of a business which could have set them apart from the competition!
If you wish to open a seafood place, and fish, shrimp and oysters is what you know, forwards and backwards, then perhaps it's wise to stick to seafood. Not burgers, or ice cream or hoagies, because trying to present yourself as the jack of all trades can lead to excelling at none. Some entrepreneurs too, tend to fall in love with a certain vision of how things should be, and can even become reluctant or unable to move away from such dreams - meanwhile the niche they set out to fill is being missed. If you can't explain what your goal is, how will you market the business?
Thanks for reading! I hope you found something that resonates with your journey or encourages thoughtful consideration. Leaving you with one of my favorite sayings ~ "find your direction".
Sincerely,
A. Baumann
Marketing Delmarva
"Building brands on Delmarva", along with providing my community with valuable tips, tools & resources. Connect @
