Question: I want to start a business, but I’m looking for a business idea that addresses a gap in the market place. Where and how do I find that gap and spot that new niche for my startup business?
Think of strategies that will allow you to compete effectively. Competition is fierce, from big businesses to Chinese manufacturers and low-cost service providers abroad.
When you start in business, your goal should be the best provider of that product or service. It is hard to do, however, with limited resources. The key is to focus on a niche.
Unless you have millions of dollars available to launch your new business, your best chance at winning is to focus on a smaller segment that you can excel.
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.