You want to start a business, but you’re not sure what it should be. One approach is to try to find a niche market – a small sector of an existing market in which you can specialize. This may take some very creative thinking.
A couple of examples:
- You like the idea of a clothing store, but you just can’t compete with the huge chain stores and department stores. Examples of niche market for clothing include used clothing, bridal stores, plus sizes, rentals, or sportswear.
- You love to bake, but there are several existing bakeries, donut shops, and the bakeries inside the large chain stores. Examples of niche markets for baked goods include specialty cakes such as exemplified by the Food Channel’s Ace of Cakes, or high-end ethnic baked goods.
Making your focus too narrow can be just as challenging. If you target only soccer clothing or wedding cakes, you reduce the number of possible customers and therefore your opportunities to make a sale.
Before you spend time, effort and money starting a business, do your homework! Do a market survey to see what the consumers in your community like and will purchase and at what price they would be willing to purchase. The customers in your community might not like fried grasshoppers or fried goat udders (I’m not kidding – these are delicacies in some parts of the world!). And there may not be enough people to pay the high price of flown in fresh caught seafood in Oklahoma. Market surveys don’t have to be complicated, but they do need to be done.
If you would like to explore business ideas with one of the EDC nationally recognized business experts, call 250-5550 for an appointment for a free consultation.
Bonus Tip: Fort Sill P-X Opportunities