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Blend Your Strengths with Small Business Needs |
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Submitted by Chet Storm
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If you are looking to start a small business of your own, there is a proven process that is necessary to start off with. Many creative people have great business ideas, but their approach to planning is ineffective and eventually flops. First and foremost, you have to find a market that is a good size. Now what does this mean exactly? Finding a niche market that is a reasonable size entails pinpointing one that is big enough to make a profit but small enough for the resources of a small business and one that does not compete with large corporations.
Two main mistakes that entrepreneurs make in finding small markets are targeting a market that is too broad and targeting a niche that is already heavily exploited. What you decide to sell must connect product to target audience or you will not be successful.
To start off with, choose your own unique area of expertise. What are you good at? What do you have experience in? Use your education, your skills and the people you know who could help you transform your idea into reality. If you have many areas of interest and are not sure which one would be the most profitable, a little more research will be needed. Consider how it will be possible to convert your education and skills into money-making opportunities. Research your surrounding marketplace to see what is needed in your area.
Now if you are trying to find small markets online, be forewarned that this can be tedious and time-consuming. You will first have to think of a list of possible target audiences, then take your first idea and research an exhaustive list of keywords and keyword phrases that people in that target audience are using for information on their desired product. Next, one must research all keywords and phrases for relevancy and then study which keywords on your list might lead to other niches that will need future researching. Then, you need to compare all your keywords to web pages to evaluate the present competition. You will use all your information to narrow down your list to keywords and phrases that have the most online traffic and those that are the least exploited. If your small market does not appear to be profitable, you must start the entire research process over. If you do find one that seems to be a money maker, you then must focus on finding ideas to profit from.
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LinkedIn Recommendation:
 Kay Nikookary - Marketing and Brand Specialist - Information Architect! What a perfect title for the man that knows so much about technology, execution, business strategy and how to put it all together to make huge strides for your organization. I have seen Teo at work and would recommend him to anyone seeking a dynamic speaker on the diverse and complex topic of technology, I would recommend Teo to anyone starting or restructuring their company to take advantage of technology and tap into the global marketplace. He is the ideal consultant, speaker, project leader! Teo is one of those rare gems that knows IT and can truly be the architect of your system; and yet explain it you, and others like me, that don't always understand or want to know the technology side of the picture. He is a very personable gentleman who knows his stuff and if you are considering a technology question, then you need to at least have a conversation with him - because he WILL add value for you! - August 17, 2008, Kay was Teo's client |
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