May 25, 2007, Newsletter Issue #109: Finding Your Niche

Tip of the Week

Entrepreneur.com Tip: The world is filled with niche markets just waiting for you to provide a specialty product to fill a need. To find the specialty products business opportunity that’s right for you, think about your areas of expertise, then ask yourself the following questions:

What niche markets exist in my area of expertise? What needs do these people have? How can a specialty product fill those needs? Does a specialty product like that already exist? If not, can I design one? Say for instance you have experience in landscaping. You know a niche market exists in commercial landscaping needs for seasonal plants and displays. Businesses don’t want to invest in buying these items, as they can be costly.

You have the idea to rent seasonal plants and displays to businesses, saving them money and the hassle of storing the plants once the season is over. At Christmas, a company could rent an angel topiary and bell décor, and after the holiday season, you would take it back and maintain it at your facility.

By considering a market you are familiar with, you are better able to determine realistic needs that can be met by a specialty product. If you can provide that product to your niche, you will capture the market and have a lucrative business!

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