Starting a niche business

Carving out a successful niche business can be an extremely difficult task. Find out how to set your product/service apart from the competition.

A successful niche business has its own ‘micro-specialisation’, this is when you become an expert on a specialised subject in an established niche field within an industry.

Here are five ways to find your own micro-specialisation:

1. Define your market

Before determining your niche, you will have to find a suitable market to enter. Example markets include banking, marketing, fitness or the medical field.

2. Specify your niche

You have chosen your market, so now is the time to move on to specific areas within the market.

For example, if you chose marketing as an industry you could specialise in IT content development as your niche. This could include whiteboard video creation and content writing.

3. Question your niche

Ask yourself:

  • Does the subject warrant an expert? – Use Google related search and amazon books to find out more about your niche.
  • Would your product/service solve peoples problems? – Find out if there’s a problem to solve – if there isn’t, it might not be a worthwhile venture.
  • Is your venture attainable? – Be honest with yourself when answering this question. If you don’t think you can solve people’s problems, it might be worth looking into other micro-specialisations.
  • Is the market worth entering? – You can gauge a market’s popularity by researching it on LinkedIn, Facebook and by checking how many Google ads there are. This will indicate if anyone is spending money to attract audiences within your niche.

4. Become the educator

Be the first port of call for all prospects that desire information about your chosen field. You can demonstrate your wealth of knowledge by utilising great content that includes podcasts, blogs, whiteboard videos and SlideShare presentations.

5. Get your content out there

Try to get your content in front of your audience on a regular basis. You can guest post on well-established sites, and join podcasts or radio shows that also deal with your niche.

It will take a lot of work to become number one within your niche, but it can be done!

Read and comment on the original Entrepreneur article.