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6 Jan 2020
5 steps to find your niche
You want to start a business, but the thing that's holding you back is the market niche you know you need to choose. And, honestly, this can be tricky: You could list all of your interests and passions and still come away feeling as if you haven't hit upon the singular thing you were meant to do. Yet putting that kind of pressure on yourself to choose the exact right niche may cause paralysis.
Certainly, you want to do your due diligence in selecting a viable niche business but it's better to get up and running than to wait around. That way, you can test out ideas, enter the market sooner and learn from your successes and failures. That way, too, if your first business doesn't take off, you can always take what you've learned from previous attempts and move forward with new ideas
5 Jan 2020
Why niche is more important for your business
What is a niche? A niche is a specialism that caters to a certain market or group of people. If we relate this to business the oxford dictionary definition is as follows
“A specialized segment of the market for a particular kind of product or service.”
For example, if we take Kate Hudson’s clothing business Fabletics as an example. This clothing business is created for women and mums who are looking for active, yet stylish sportswear at affordable high street prices. This is clearly stated on the marketing copy and overall mission. See below.
“JustFab Inc. Co-CEOs Don Ressler and Adam Goldenberg launched Fabletics with Kate Hudson after they saw a gap in the activewear marketplace: there were plenty of luxury brands, but none that offered stylish and high-quality gear at an accessible price point.
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