Stock Trading and Other Things

How does a person seeking to develop a small business go about selecting a marketing niche? What must they do?

Public Comments

1. One simply and fast way to research is talk to your neighbors. Walk the streets and get their feedback on your ideas. Keep records of what they tell you, you will find out who; age, gender, race, etc, is interested in what you have to offer. How many miles can you walk and how many people can you talk to today? If you can't do that, then maybe you not are cut out for business. You have to have the courage to talk to people. The more you do it, the easier it gets.
Find another business similar to yours and get all the information you can on them.

Good luck, hope everything works out for you.

2. Not knowing your industry, I'll say this: Whatever niche of your particular industry you know best is the niche you're probably best suited to be in. That would be the niche I'd focus on. It's about matching your skills to the right opportunity. Before looking at the market, look at yourself - what do you know best? Then try to apply that to a niche and you'll probably increase your odds of success.

A lot of business ideas pop into my head that I know are good ideas - just not good ideas for me. You still need to be able to execute, so go with what best suits your existing know-how.

Also, as Dale said, know your competitors. If there some existing competition for whatever you're trying to do -- learn as much as you possibly can about them. Try to position yourself away from the areas they're strong in - as best you can, match up your strengths with the areas where your competitors are weak.

It's all about finding demand. Your best opportunity will be where there is unmet demand that you are already well-suited to execute on.

Good luck

3. There is only one answer - Do what you know the most about and what you enjoy the most. To find this I find its best to write down everything you know about and enjoy doing.
Then form this list pick out a few that stand out. things you can turn into a business idea without to much work. T
hen you need to find out if there is a market for your idea. Local press, shops the internet are great ways to find out if people are willing to part with there hard earned cash for.

There is a lot more to it than just that but this is a great way to get ideas and to see where you are strongest. Knowledge is power and passion is money. combine the two and your on to a winner.