Have to Work with Your Strengths & Weaknesses in Your Small Business
If you want to start a small business of your own, there is a proven process that is required to ensure you start off with a bang!
Many creative people have awesome business ideas, but their approach to planning their business model is flawed and they eventually flop.
So first and foremost, remember to find a market or niche that is a good size. Because finding a niche market that is a reasonable size ensures it is big enough to help you make a profit but small enough for the resources of your small business and one that does not compete with large corporations who will always have enough money to run you out of town.
Two mistakes entrepreneurs often make when finding small markets to target, is they go for industires that are too broad and targeting that niche will soon follow that is already heavily exploited. What you decide to sell must connect your products and services to your target audience or you will not survive.
Choose your own unique area of expertise and USP. What are you good at and what do you have experience in?
Think about your education, your skills, your experience and the people you know who could help you transform your idea into reality. If you have many areas of interest and are not sure which one would be the most profitable, then a little more research may be required.
Think about how to make your education, skills and experience into a new money-making opportunity. Research your marketplace to see what is needed in your area so you know there will be a demand for it. If you are trying to find small markets be careful because this can be tedious and time-consuming. First think of a list of possible target audiences, and then take your first idea and research an exhaustive list of keywords and keyword phrases that people in that target audience are using for information on their desired product.
Then you need to research all the keywords and phrases for the relevancy and then study which keywords on your list might lead to other niches that will need future researching. Then, compare all your keywords to websites to evaluate the present competition. You will use all your information to narrow down your list to keywords and phrases that have the most online traffic and those that are the least exploited. If your small market does not appear to be profitable, you must start the entire research process over.
If you do find one that seems to be a money maker, you then must focus on finding ideas to profit from. Good Luck!