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The importance of niche-ing

Question:  How should new products/services be created?

A)  Make a novel untested product/service then find customers for the product/service?

Or

B)  Find a group of customers, find one of that group’s unmet need, then create a product/service to address than unmet need?

Answer:  B

Reason:  The development process of the product/service will take time irregardless of choice A or B.  However, with choice B, the likelihood or having to rework the product/service to make it more closely meet the needs of the target market is lower.  Also, with choice B, you have a better idea of the size of the target market.  Having a market large enough to grow your business is very important.  More on that below.

A great example of choice B is Girls Auto Clinic.  Girls Auto Clinic is a brilliant combination of female-focused auto repair shop and salon.

Founder Patrice Banks felt what many of us feel when car issues come up:

“I felt like an auto-airhead. I hated all my experiences going in for an oil change, being upsold all the time for an air filter,’ she said. “Any time a dashboard light came on, I panicked.” – Patrice Banks, Girls Auto Clinic Founder

Of course many people come up with business ideas like how Patrice did:  through personal experience.  However, where most people fail is that their own experience might be too niche.  In other words, the market might be too small.  How do you know if your market is too niche?  Market research.  Market research is a process of analyzing factors such as demographics, purchasing habits, direct and indirect competitors, macro and microeconomics, and other elements.  As much art as science, thorough market research is a critical step before moving forward with any concept.

Market research is one of the many services I offer at the most competitive prices in the industry.  Contact me and let’s find your niche for your new business.

“We never give up.” – Jack Ma, founder of Alibaba.com

Amazing resilience and determination.

The Comfort Zone

I always say that entrepreneurship isn’t for everyone. However, if you feel that it’s your calling, you owe it to yourself to check out your options.

From thoughts of suicide at 65 to billionaire at 88

An amazing story of Harland Sanders, founder of KFC

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