Entrepreneurs often believe that, in order to “strike gold,” they must be out ahead of the pack with the latest fads and flavors. However, while some industries are popular for a short time, investing in the latest trend may not be the best way to make a sustainable income.
Instead, why not take a broader view and find a niche that needs to be filled? This will allow you to serve a real need in your community or your world as well as lay the foundation for a lasting business opportunity.
How do you find a niche? Ask yourself the following questions:
- How can I make life easier for a particular target group? The elderly, working moms and others who need specific services are always looking for businesses to make life easier. Think about those with a high disposable income in order to target people who will easily part with money to gain convenience.
- How can I stand out with my company’s offerings? Think about a market that is growing and ask yourself how you can do it better. Many companies offer only the bare bones for their goods and services, so if you can do it better or differently, you are more likely to get noticed.
- How can I teach people how to do something better? Sometimes it is not about re-inventing the wheel but about teaching users how to drive. When you can target a group of people who are doing something rather unsuccessfully and show them a better way to do it, you have the basis for a lasting business.
- How can I do something I already enjoy? If you like to do something, the chances are that others do, too. Giving people the means to do things they enjoy is always guaranteed to be popular, and if you can find a way to recruit new participants you create a never-ending stream of customers.
- How can I be better than the competition? There are numerous stories of companies that became a household name simply because they saw a way to be better than everyone else doing the same thing. People are willing to pay for quality goods and services, so if you do it better than others you are likely to see continuing business.
Remember that being an entrepreneur is not just about seizing business opportunities. It is also about doing what you love and being proud of the goods and services you sell!