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The Proper Research: Niche Market
If you plan on looking at a niche market for your business you need to know what kind of business the niche represents and whether or not you can sustain yourself on it. This requires a lot of research beforehand, which will be based on a few specific questions. Here is a sample of what some of those questions need to be.
The first is the size of the niche. There is no definitive size for niche markets. They vary just about as much as any market can vary. Yes, niche markets are by default smaller than a normal market, but what exactly does that say about the size? A niche market within a massive mainstream one can still be a very large market, whereas a niche market within an already small market might amount to hardly any potential customers in total.
This leads into the next point, which is how much money can be made from this particular niche. Size and financial stability are not always one in the same. There are some very small niche markets, but the products a company sells to the niche have a high enough profit margin that they do not need very many customers. Obviously other markets will be just the opposite. Focus on the size of the market in relation to the amount of money that can be made off of each sale.
Next ask yourself how large of an area does this market cover. I mean this in a very literal sense too. Many companies who focus on niche markets are smaller companies without the resources for a lot of travel. For marketing purposes you will need to know the area you have to cover.
If you are using flyer printing as a more cost effective form of marketing and you intend to hand them out yourself, will your niche market be in a small enough area to make this viable? If the market is spread out over a great distance you would have to use direct mailing with your flyer printing rather than handing them out by hand in person. Gauge how big of an area you will be covering, and what kind of money you have to afford the needed advertising for this.
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Lastly, how much room for growth is there? Some niche markets have a habit of expanding with amazing speed, turning swiftly into a mainstream market if the right company knows how to nurture it. Other niche markets are more stagnant and not meant to grow very much.
You can get by on a market without growth, you can just be certain that you have to turn to other areas if you wanted to eventually expand.
All good businesses are based on heavy research ahead of time to be sure that they can sustain themselves. Do not jump into something as large as opening your own business without first knowing what is going to be involved.
By: Janice Jenkins
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