How to Find the Right Niche for Your New Business

When establishing a new business, there are a range of elements to think about. To create business success, you need to focus on a variety of areas with financial and operational concerns. The most important element of business, however, is the central idea – what lies at the core. This is essentially the product or service that your business is providing. 

You can have a strong team of employees, all the resources you need, but without a smart central idea it will be difficult to reach success. Who really needs another standard water bottle, or another average pair of sunglasses? How would these compete with those already being sold? 

When starting a business, if you are set on selling another product that’s already out there, what you should be thinking about is what makes this water bottle different from every other water bottle? What is your niche? 

Marino Sussich is an international business consultant that is well-versed in international markets. Marino understands the significance of finding an unturned stone, an unfixed consumer problem that will be easy to sell and easy to find success with.

Find out more about how to determine a core business offering that diverges from the sea of products and services that already exist. 

Why is finding a niche important?

If you are trying to be the best in a saturated market, you are going to have hundreds of competitors that are trying to do the exact same thing better than you are, and be targeting the same audiences. Finding a niche means you have a higher chance of success, because less people are offering exactly what you are offering, and there is less competition. 

On top of this, it is much easier to reach your audience as you know exactly who would want to be buying your product and can target them directly. Niche marketing can therefore lead to less money spent on marketing to a wider audience, and the opportunity to build more personal relationships with the consumer. 

Finding a corner of the market that is untouched ultimately helps to set your business apart and maximise your chances of success. 

How to find a niche

1. Choose your audience 

The first step to discovering your unique product niche is to select an audience. Your audience should be easily identifiable, as well as easy to reach. Your audience should also be large enough to guarantee there will be a lot of people interested in what your business is offering them. 

Often, millennials are a great option as this is a group of people who are known for being chronically online and can therefore be reached easily. 

2. Don’t go too broad

Once your market is chosen, you need to narrow down your area to find your niche. Keeping this too broad means you will struggle to work out who to target, and you may find you are still competing with a lot of other businesses. 

3. Don’t go too specific

There is a danger of going too narrow, and ending up with too small an audience. This will make it difficult to sell or promote what you are offering and hinder success. 

4. Consider seasonality (should be popular year-round)

What you are offering should be filling a demand that is popular year-round to maximise success. If your product is only in demand around Easter, for example, like chocolate eggs, you may struggle to make any sales for the remainder of the year. You can tailor your product for seasonal demands, but at its core it should be popular throughout the year. 

5. Consider consumer long-term relevance 

Choose a niche that won’t just be relevant to your audience for a moment, but one that will be required long-term. Again, you can accommodate for various life stages such as wedding needs or maternity products if it suits your business, but selling purely for these occasions means you are not likely to have long-term customers repurchasing from you.

6. Look within a popular field 

Finding a popular field and then deviating from the norm and what is already sold there is a good way to ensure your niche is still popular. One example of this is Koala mattresses which have become successful by creating a mattress that you can jump on while balancing a wine glass without it falling. 

7. Fix a problem 

Your business should offer something that helps the consumer and fixes a problem for them to make their life easier. A company such as Uber, for example, solved a problem that consumers didn’t even realise they had by creating an accessible ride-share platform. 

8. Use business strengths 

Figure out what you or your business is really good at and play to these strengths and resources that you have available. 

International business consultant Marino Sussich

If you are in need of assistance or guidance when it comes to running a business, Marino Sussich has had experience in international business and has a strong knowledge of what it takes to achieve business success. Contact Marino Robert Sussich for expert advice today.