Identify-your-niche

identify-your-niche means zeroing in on the market you’ll serve and the specific customer needs you’ll target. It also means making sure your desires and assets match with your target market. Doing this work will not only ensure you end up starting a business that truly reflects your desires and assets, but that you’ll be able to differentiate yourself from any potential competitors.

Your task in this worksheet is to further define your distinctive niche.

  1. Choose one of your ideas and develop your business concept by completing the following profile:

    Business Idea Profile

    What I’ll call this business idea

     

    Customers

     

    Top 3-5 unmet needs my product/ service will address

     

    Top 2-3 benefits of my products/ services

     

    How I’ll deliver my products/ services

     

    Competitors

     

    How my products/ services differ from competitive offerings

     
  2. Review the profile of your business idea and ask yourself, „Have I zeroed in on a truly unique niche?“ Is your offering extremely desirable, saleable, and different from the competition?
    • If the answer is „Yes,“ you have a good start on your distinctive niche.
    • If the answer is „No“ or „Not quite,“ ask yourself how you might broaden or narrow your customer set, products and/or services, geographical area, media/delivery, and so on to create a more distinctive niche.
  3. Rate each of the following statements from 1 (not at all) to 10 (absolutely!). A high rating indicates that you’ve got a solid business idea.
    ____

    This business idea, and the distinctive niche I’ve profiled, represent an excellent match for what I really want to do.

    ____

    This business idea, and the distinctive niche I’ve profiled, will make excellent use of my unique assets.


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