6 Steps to Build Your Ideal Niche Business in an Unfamiliar Market

So you have worked on developing your subject matter expertise and choosing your niche but what if you are in an unfamiliar market?

An unfamiliar market could be an industry or a geographical area. Supposing you stumble on a need where you have no expertise and no one in the market is addressing that need with quite the solution that customers need, what do you do?

  1. First establish your why: Why do you want to address this need? Is this an idea that is borne out of passion, an experience, or the need to simply solve a problem?

  2. Study: Be willing to study the market and understand the dynamics and risks involved in setting up the business. Also research your target market and find if it is a business that is worth doing.

  3. Define the Problem Clearly: When entering an unfamiliar market or any market at all, it is important to have a clear understanding and definition of the problem before creating a solution.

  4. Test, test, test: Do not waste time building a business no one is interested in. Test your idea. Put it out and see who might be interested in your offer. How large is that market? At what rate is it growing? Try pre-selling your offer and see if people are willing to pay for what you are selling.

  5. Co-create: Tests will reveal areas that need improvement, use the data gathered during tests to refine your product. Co-create with your target market. Use surveys, presales and beta testing as means of co-creating.

  6. Start small and scale with structure: Find your niche and serve a portion of that niche. Start small and build a proper business structure as you expand. You can gain a larger market share within that niche as you grow and expand your offering.

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