Find Your Perfect Business Niche
In business how do you find the perfect business opportunity? It might seem complicated when you are starting out but there are some basic rules you can follow to find the right business niche for you. This is a beginner’s course for any young person who is starting out in business or even an older person who is starting out in business for the first time. Let us start with the golden rule. What are you interested in? There is no point in spending the next 5 or 10 years managing a business that you do not enjoy. Are you interested in sports? No? Well what about reading? List half a dozen things that you are interested in. Surely you can find 6 hobbies or interests that interest or stimulate you? Okay, now we have narrowed it down to 6 possible business avenues.
Now go on the search engines and see what the competition is like for each of your niches. This is especially important if you are thinking about creating a web business. See those little adverts on the right? They are called sponsored links. You have to pay to be there. How many pages of adverts are there? Scroll down and go the next page of sponsored links.
Count the number of sponsored links per page and roughly work how many there are altogether. If there are more than 2 pages go to your next niche topic. Why? The numbers of sponsored links tell you the level of competition there is in your chosen niche / opportunity. If you are starting out in business you do not want too much competition. Sometimes you might be luck and find that in your chosen niche there are only 1 or 2 people paying. This is much better. Okay, hopefully you will have found something that both appeals to you and there isn’t too much competition. Now the real fun begins. What do you really seriously know about this niche? If you are not an expert then matey it is now time to become one. Read all you can via internet searches, libraries and talking and meeting people who are also interested.
Find out what is missing. Speak to the manufacturers and retailers. What the heck, you can even start attending the exhibitions! If all else fails why not look at buying a franchise. My advice to you is not to go for the run of the mill franchise opportunity. Choose a business that has only been out for a couple of years. Check the company behind the franchise. How long have they been going? What is their financial situation? Ask your accountants advice. He will be able to bring up the companies accounts in a matter of minutes. If he cannot, then change your accountant. Speak to the existing franchisees.
Do not enter into a new business where all the existing franchisees are struggling or only a small percentage is making money. Once you have done your market research never look back. This is the only business niche that you are going to follow for the next five years. You got it? People always over estimate what they can do in one year and underestimate what they can do in five!.
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