5 Characteristics of a Good Niche Market

If you are getting ready to launch a new business you are probably defining your niche market and the product(s) you are going to sell or services to offer. Your niche market will begin to take shape as your ideas and those of your potential clients come closer together. A good niche market will generally have five characteristics:

Conforms: a niche market should take you where you want to go with your business. It should conform to your long-term vision for growth and success.

Demand: you will know when you've identified the right product(s) or services simply by the market demand. Your potential customers should want or, even better, need, what you have to offer.

Planning: niche markets may fall into your lap or become a "brain child," however, they are also something to be carefully planned in order to meet the long-term goals and vision you have for your business.

Uniqueness: it is important that your product(s) or services are unique or uniquely different from what others businesses have to offer. Most of us would not plan to put a hamburger stand across the corner from a McDonald's or Burger King, and you should take care to make sure your product(s) and services have unique qualities as well.

Evolving: your business should be constantly evolving. You will want to develop different product(s), services, profit centers or maybe even different streams of income in order to keep your business fresh and economically strong. You can retain the core business to help you ensure your long-term success but do not be afraid to try new things as your business grows.

Take the time to plan your business carefully and to completely identify the niche market you want to target. Understand their unique needs and wants and then, using the five characteristics above, evaluate how your business and its short- and long-term plans "stack up." By using these simple principles you will be able to ensure that your business gets off to a great start.

Copyright 2005, M. A. Webb. All Rights Reserved

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ABOUT THE AUTHOR:
Michele has 20+ years experience in oncology healthcare. She is also the webmaster of more than five different e-business websites. You can learn more about cutting-edge learning tools and opportunities by visiting her personal, online training, or free classified advertising sites.