Day 02: Identifying your niche market
With this burning passion, you just need to think if you could be of service to others. These people will be your niche market. A niche market is a small market that you can sell to and satisfy fully. It has to be an accessible market. For instance if you love cakes, you might consider selling only the wedding cakes. The wed-to-be becomes your niche.
If you have a passion for a product, you need to look for people like you. There are people who love the product just like you or those you feel that once they consume the product, they will love it. These people are your niche market.
If you have a passion for a group of people, then you will need to study them and see what they might require. The group becomes your niche market.
If you are passionate about a hobby, then you will seek those others who are also interested in the hobby and provide them with what they need. The enthusiasts will become your niche market.
If your passion is a talent or skill, you will need to identify the talent or skill buyers and target them. These buyers will become your niche.
Identifying a niche market is not difficult for a passionate person. Through the network, one will tend to easily identify others that have a similar passion. Usually, the best business will be based on niches within your passion. For instance a fashion enthusiast who is passionate about dirty jeans will tend to identify youths who are also passionate on jeans fashion as her market. This makes it easier to sell because the entrepreneur will tend to be interacting mostly with the market both formally and informally.
It is also good to note that niche markets are small markets within bigger markets. It is always worthwhile to deal with a niche market and exhaustively satisfy its needs than deal with large markets that you will sparingly satisfy.
Once you identify the niche market, then you will need to research and understand where and how you could get them online. This is called market position. Markets that are rarely online will make it difficult for you to access them. For instance if you target poor farmers, who might be having a challenge with internet and computer skills, then establishing an online business that target them might be challenge.
Now that you have identified your niche market, its the time to identify and select your product or service. The next session will explain it all.