How to Create an Entrepreneurial Niche

Many people are fascinated with “entrepreneurship” and starting their own businesses. What these people need to ask themselves before jumping into the roller-coaster ride of entrepreneurdom is: can they create something that is a niche product or service?

Here are 6 tips that are useful in understanding how to create a niche.

1. Research your market.

No matter what product or service you are developing, you need to understand a) what is the market for your product/service, b) is there a need within the market for your product/service, c) who is the competition( if any), and, if there is competition, what can you do to separate yourself from that competition. It is always important in creating a niche to be “where everyone else is not.”

2. Develop a mission statement/stay true to your vision

A mission statement is what later becomes your brand’s identity. What do you want your product or service to be known for? Keep it short, and concise. Whatever you decide your mission statement to be, stay consistent with all of your marketing and advertising. Your mission statement is the driving force behind your brand’s identity in the marketplace.

3. Build a team

It is of vital importance to surround yourself with wonderful people who not only support and encourage your goals, but who also want to be part of your vision. The right people are invaluable in building a successful brand, and finding individuals who complement each other’s strengths is crucial. It is all about the team.

4. Find Mentors

Entrepreneurship is like going to the “school of hard knocks” and by surrounding yourself with others who have enrolled in this “particular school”, we can learn from others experiences/lessons/ mistakes and take some short cuts to success. Most successful people understand the importance of giving back and helping others. Surround yourself with those types of people

5. Big picture thinking and knowing when and how to switch gears.

It is necessary to remember to keep your eye on your vision and goals. You want to always be visualizing where you want your niche/company to go, but it is also important to be flexible along the way to change directions when things do not work out. Our businesses are all “works in progress” and a “journey”….just as we are all “works in progress” as individuals. Always be looking to improve your niche and movw forward — continue and do more of what works, discontinue what does not work, and find new ways, strategies, concepts to keep your niche fresh.

6. Network, network, network

It is really all about people. Building solid relationships, treating others’ with respect, and showing appreciation of others are really the true foundations of any entrepreneurial niche success story.

Entrepreneur, Faith Smith, is Founder/Pres of Eyes Cream Shades, Inc.