Finding the niche market that is right for you!…Part 4

How To Find the Perfect Product Niche For Your Home Based Business

Niche - got an idea

In Part 4 we will consider the following:-

  • Seeking solutions to find your niche market

  • Will it sell?

  • Identifying a niche market – consider in Part 5

Seeking solutions to find your niche market

How do you come up with a product or service that solves the problem?

  1. need for a comprehensive list of ideas for potential solutions. Don’t edit your ideas at this stage and don’t worry about how to develop your idea, just get creative and brainstorm. Don’t hold back!
  2. As you brainstorm ideas, think of services and products
  3. look at the products or services of your competitors
  4. think of ways of improving them
  5. are they too expensive or too difficult for beginners to use or comprehend?
  6. are they too specialised or not specialised enough?
  7. or is there simply not the level of expertise available to address the problem properly?

Ask yourself what could you offer that is unique in the market – a solution that is different from anything else?

Niche - ideas

One customer wanted to sell her artwork via the Internet – to produce greeting cards

  • when she researched into the market she realized there was a lot of competition for mass produced greetings cards
  • she knew she would have a hard time trying to sell her work in such a competitive market
  • but by spending time finding a small niche market, she realized there was a considerable demand for high-quality handmade cards
  • now she produces handmade individual cards, not only with her artwork but also with dried flowers and other materials
  • she sells them at a premium on her website and already has sales of over $45,000.

Keep all possibilities in mind.  Your hot product idea may come from the most unlikely source and something completely different to what you could have ever imagined! Think outside the box!

 Niche - selling like hotcakes

Will it sell?

Getting excited about your product! Well, you need to check if  it is actually suitable for selling over the Internet.

  • Many people fail on just this one aspect
  • Is your product large or heavy and likely to cause delivery problems?
  • Customers may not be willing to pay high delivery charges and your profit margins may not allow you to subsidize this
  • Some customers simply won’t wait several days for their goods once they’ve bought something online.  Consider these issues when deciding what product or service to offer
  • If your product or service is something already available in offline locations such as shops you need to have a very special advantage to make your customers choose you instead of your offline competition

1)For example, if you are selling garden plants that people can buy in the local garden centre you’ll need something a bit different to tempt them into buying online

2) Perhaps cater to the disabled who can’t get out to the shops or offer exotic plants which are not available in garden centres

3)Electronic products are usually a good bet to offer over the Internet and are virtually pure profit.  Electronic products include things like e-books or a paid subscription newsletter.  There is software available on the Internet to enable you to create e-books very easily and they will produce very professional looking results. Do you have specialized knowledge that you could use to create an e-book?

At the end of the day you have to make sure that you produce something people are willing to buy over the Internet and something that doesn’t cost a fortune to get delivered to your customer’s front door.

Source of reference David Anderson for which many thanks.

In Part 5 we will consider:-

  • Identifying a niche market

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2 Responses to Finding the niche market that is right for you!…Part 4

  1. Hi John,
    I wanted to let you know that I came to visit. I would like to return and look at the full series before I comment on the content.
    Princess Shimari recently posted…ADD A GREEN SMOOTHIE TO YOUR ROUTINEMy Profile

    • John says:

      Hello Yvonne Warner

      Thanks for visiting me – you are welcome to look at my blogs and comment under http://www.john-barton.com

      I would welcome your views as, like you, I am trying very hard to find my pathway in life. I am reminded of
      “If you can dream it, then you can achieve it. You will get all you want in life if you help enough other people get what they want.” Zig Ziglar.

      I look forward to hearing from you.

      Regards John

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