In order to be able to successful do well in your business you have got to position yourself into a specific industry and market. That’s why finding your niche is very important for you. And it’s really not that hard to find your niche like people think. So maybe let’s define what is a niche? Well, a niche is a specialized market for a particular product or service. But before you can conclude this is your niche you have to go through two-step process.
- Find what the society really so hungry for, or struggling with, and then see if you can fill the need.
As an entrepreneur you are called to solve problems, you are called to invent things, you are called to serve something, because as things continue to evolve, there are going to be needs to be filled, therefore your ideas can help and change something for the betterment of the world. So if you want to do well as an entrepreneur you need to identify those needs so that you can fill them.
The world needs what you can offer; therefore don’t be afraid to put your idea out there because you never know. But first, you have got to define what you are going to be solving and serving. So before you can really find your niche, you have to identify what is it you are going to be solving and serving. If you haven’t already started your business, think about what value you can give and offer that can turn out to business. All you have is to look around your environment, your society, and you will see what people are really hungry for, or struggling with, and see if you can solve or provide the solution for it. And don’t even over think it, because it can be something very simple.
I read on Biography.com about Sara Blakely, a billionaire businesswoman who invented the hugely popular line of shapewear famously known as Spanx. It is said Blakely idea came about when she decided to cut the feet off a pair of pantyhose so that she could be able to wear a pair of her strappy sandals. She had some of her clothes that she wanted to wear that she couldn’t find any undergarment to wear under them. So in a process to finding the solution, she realized her footless take on pantyhose could be a brilliant product. Therefore she went to put to work this business idea. It took her two years to work on her new business venture, to work out the final design and register her patent for her product, and convince a manufacturing firm to produce the product that she named Spanx. But it didn’t end up there. She had a product but she needed to test it in the market. But there was one problem, she had no money to advertise in the beginning, so she had to go out on the road and stood in departments for nine hours a day to advertise her product. Eventually Spanx soon proved to be a hit. Blakely landed her first major department store order with Neiman Marcus and appeared on Oprah Winfrey’s “favorite things” list in her first year. And after that her product took off, and today is a different story for her and Spanx. Continue reading Finding Your Niche