It can be really hard when you’re in business either as a soul trader or limited company, particularly when starting as a single-person enterprise or ‘one-person band’ to try and show your point of difference, unique selling point or niche.
You might find the points below helpful in working through the steps to identify how you can stand out from your prospective, potential or current competitors.
Even if you’re looking to set up a hobby business you might find these steps useful also.
Something that you’re interested in
Firstly you need to identify where your passion lies and what you spend most of your time doing. What is it you totally obsess about and don’t stop talking about? What is it that gets you most excited that you talk to others the most about?
Something that addresses a market need
It’s all very well having a passion for something but is what you can offer something that others need and want. Is there a market for it? How many others are doing the same or similar? Where might you or could you be different? Check out what others do to identify where you might be different so you can see similarities and differences.
Something that’s possible
Once you’ve clarified your passion and a possible market for your niche you need to determine how possible it is to sell your product or service. What is the solution to their problem? How possible is it for you to solve their problems? What are the limiting factors? Are you looking in the right place or at the right people? Has anyone else made this possible and how, or if not why?
Something that people will pay money for
Once you’ve done all of the above the final part of the jigsaw is what you want to provide needs to be something that someone will pay money for. Is what you want to provide going to be lucrative enough to run a business and provide you income to live on. Is it a hobby business or a business with a capital B? Determine how you might approach prospects to sell your service or product and how they value what you have to offer? Have you determined if the price fits with your ideal or typical client?
Summary
Setting up a business and determining your niche is hard work. Getting it right from the onset is important. It’s like digging out the foundation before building a house. If the foundation isn’t right the house won’t stand up for long.
Your business needs to fulfil your passion, your niche needs to be something you’re interested in; you need to provide something that solves a need in the market and something that is possible to achieve and something which people are willing to pay money for.
If you work through the above, then you have set a great foundation for having a business which has a unique selling point (USP) or point of difference (PoD) and one which will stand you in good stead and one which will last.
It’s worth the effort to get this bit right.
If you are needing help, support or guidance with the above, then please contact Debs to enquire about having a one-hour complimentary consultation.
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