How Do You Choose The Right Kind Of Business Niche?

[Good-Guy]

Selecting the right kind of business is one of the biggest challenges many businessmen face. Actually, I would like to tell you that success of any type of business depends on the selection. If you choose the right kind of business that suits you, then the chances are that you will most make that business successful. If you select the wrong business opportunity, then you will most likely suffer. This is what I call "business compatibility". This "business compatibility: is far much more crucial than many people think.

Any kind of business idea is crucial and the basic step towards the success. I have witnessed many people suffering after they opted for wrong business idea. One more thing I would like to point out is that many people often seek advice of many so-called "experts" and they get many different opinions about the niche of business. If you ask 100 people about what kind of business you should choose, then you will get 100 or even more different kind of business suggestions. There are many people who offer good information and advice. But many people often suggest you wrong business ideas. So, how do you actually select the right kind of business niche?

 

[Jasz]

How Do You Choose The Right Kind Of Business Niche?

Before getting into the nitty-gritty of how to pinpoint a niche, it's important to take some time to consider what makes a good business niche. A good niche is one that can sustain your business while not being too small or too broad.

You don't want to choose a niche that is so niche that you are the only one in it, but you also don't want to choose something so large that there are hundreds of other companies in it competing with you.

Instead, think of your product as an entry point into a category. That way, if you need to change your product later on down the line you can. For example, we started off making snapback caps for our clientele of dog lovers. After a few months, we noticed that most of our cap sales were coming from buyers who had no connection to dogs at all. From here, we branched out into making clothing for people who loved dogs and people who hated dogs alike!

Don't be afraid to try new things and pivot as needed!

 

[Stena]

The issue of choosing a business niche is a delicate one. This is what would determine if your business would be successful or not.
Some people tend to go for a niche with very little population, others tend to like a competitive niche.
Some people tend to go a niche perceived as highly lucrative.
The thing is, everyone has a reason for choosing a certain niche.

I am of the opinion that a business niche should be chosen based on skill and flexibility.

I cannot acquire a skill in graphic designing, but then decide to settle for forex trading because friends say that is where the money is. That will be you ruining chances for yourself. Horn your skills until you are an expert at what you do, and no matter how competitive the niche is, you can still stand out.

I also feel one should go for a flexible niche, in this context, I mean a niche which is broad and allows you a number of options. For example, in a writing niche, there are several options, one can go for editing, proofreading, copy writing, ghost writing, article writing, etc.
Now despite the competition in the writing niche, one can narrow down to one aspect or decide to flex two or more aspects.

 

[Kingsley]

Business as we know is any trading activity that we engage in to earn some profit or benefit. And when we are not meeting the objective of making profit then I will say the business is really not worth the stress. Wheneverwe discover that our average cost is now trying to supersede our average revenue most time it advisable to shutdown such a business venture or re-evaluate our business again to ensure we get back on the right track. Now in making that decision on the type of business that will bring about that satisfaction we are looking forward to and help us to earn good profit, first I must say we need to look inwards and check careful on those activities that truly motivates us and that makes us feel very comfortable. When we have identified that activity thrn we need to look out on ways that we can put that activity to use business wise. This activity could be singing, talking, and the likes. So we need to first identify it. It is always best to do things that comes so easily and naturally to us, rather than copy other. After we can sharpen the skills and translate it to money.

 

[allison001]

Most times , it is always because of lack of proper research that makes people to lose in their various businesses . Lack of proper research in the sense that their location should always be an important factors of consideration when thinking of establishing a business, but a situation in which an entrepreneur establishes a business and believes that the business will be profitable may not likely to be so, because if your location does not agree to the nature of the business you have establishing then the possibility of that business succeeding will be very low..

For me , I will not be rushing into establishing a business just because I just want to have a business. I have to first consider my location to see the type of business that is not available. Not only about availability but also if people will be interested in such business or not.