Identifying your Niche

Apr 29
21:00

2004

Vishal P. Rao

Vishal P. Rao

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By Vishal P. RaoThe Internet has become a valuable source of ... ... tool for today's ... With the click of amouse you can find almost anything from products to ... the

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By Vishal P. Rao

The Internet has become a valuable source of information and
purchasing tool for today's consumer. With the click of a
mouse you can find almost anything from products to services
on the web,Identifying your Niche Articles and you can shop for the best prices and values
all hours of the day from the convenience of your own home.
For some of these same reasons, mail order businesses are
also on the rise with consumers finding better values from
companies that don't have the overhead associated with a
storefront.

With everything at the consumers' fingertips, the home
business owner can also benefit from today's market culture.
Just as consumers can shop from their living rooms and
kitchens, business owners can conduct business in the
convenience of their own homes. If you are looking to set
your own hours, have less commuting time, and enjoy the
general freedoms of working for yourself, starting a home
business may be right for you.

One important business plan to attend to when you first
start developing a home business is to invest time in
finding your niche.

So what does this mean, finding your niche? Identifying a
niche is about finding a distinct segment of consumer
interest, then capitalizing on it. It means finding that
particular spot in the business world where you can stand
out amongst others. For example there may be hundreds of
booksellers out there, but how many specialize in books on a
particular interest of yours? If your home business focuses
on selling books, you may be competing with the hundreds of
other sellers. But if your home business focuses on selling
books about outdoor sports, you may find yourself in direct
competition with fewer businesses.

Now that you know what a niche is, how do you go about
identifying yours? You can start by asking your self a few
important questions:

What am I good at?

Take an inventory of your skills. Are you a good mechanic?
Are you a wiz with home decorating? Do your friends all come
to you when they have computer problems to fix? Do you know
almost everything there is to know about a particular topic?
Find the things you already have some skill in, and start a
list. You may be surprised where your talents lie.

What do I enjoy doing?

What things do you love to do so much that you would
probably do them whether there was a profit involved or not?
The best place to start with this question is to look at
your hobbies. These are often the things you pay a fairly
significant amount of money to be involved in. Why not check
it out to see if you can make a profit at these very same
things? Starting a home business can take a lot of time and
effort, and having a passion for the focus of your business
can be a great source of the stamina necessary to make it
through the difficulties in the beginning.

What is there a need for?

After you jot down what you are good at and what you love to
do, it's time to assess the market for these things. Are you
always looking for supplies for your hobby, but can't ever
seem to find what you need? It's very likely others are
having the same difficulty, and a home business that
supplies this need would be very well received by this
segment of the market. Or maybe you love to decorate your
kids' birthday cakes, and your neighbors would rather pick
theirs up at the local grocery store but can't stand the
small selection. This is a market for which you already have
the skills and interest to meet the needs.

-----Side Bar-----
If you are planning to do your business entirely on the
Internet, one great tool you can use to check whether there
is market for your idea is the Overture Search Term
Suggestion Tool:
http://inventory.overture.com/d/searchinventory/suggestion/

You simply enter the keyword that people might use to search
for your product and it'll return the number of times that
term was searched on last month. Amazing isn't it?
-----Side Bar-----

But don't be afraid of markets where you may have some
skill, but have a lot to learn. As long as you have the
willingness to put time and effort into becoming an expert
in your niche, you will be able to develop the
specialization you need to be a leader in the market.

Once you answer these questions and find the distinct area
that will set your business apart from others, you have
identified your niche and are ready to develop your home
business.