One of the most difficult questions in starting a business is, “What business should I start?” Often, that will entail finding a niche that will allow you to generate profits to sustain and grow the business. Here are some tips from successful entrepreneurs on how to find a niche for your business.
From Maxine Clark, Founder of Build-a-Bear Workshop as interviewed in Tamara Monosoff’s book “Secrets of Millionaire Moms” (p. 56)
“Howard Schultz (of Starbucks) didn’t invent coffee and Ray Croc (of McDonalds) didn’t invent hamburgers. It doesn’t mean you have to invest the idea; it’s just – how can you make it better?”
Seth Godin in his book “If You’re Clueless About Starting Your Own Business and Want to Know More” (p. 34) gave this advice:
“Your position should be defensible. Don’t be so broad that you’ll invite competition you can’t compete with. At the same time, don’t be so narrow that even with 100% of the market, you still can’t make a living.”