Business Notes: Identifying a product or market niche

A niche is something that is specialise or unique.

For most entrepreneurs, identifying a broad business idea is relatively easy. But it is more difficult to identify the exact product to be made and the market niche to be occupied.

For example, someone setting up a Bed and Breakfast business has to decide whether to go upmarket or downmarket, and whether to aim at holiday or business people.

Business Link, the government organisation set up to help small businesses, suggests that a new business idea should be checked against the following criteria:

  • What can the entrepreneur bring to the business in terms of relevant experience and expertise?
  • Is there a market for the product? Does it serve a need and will customers pay for it?
  • How big is the market and how can it be reached?
  • Who will the main competitors in the market be?
  • Is there something special about the idea? Or will it be a similar product to what is already in the market place?
  • How will the business be funded?
  • What are the risks involved and what can go wrong?

– Esjae x

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