Understanding what, how, and when to start a business of choice is key to key every kind of business you intend to kick start.
Marketing niching is of interest not only to small enterprises but also small divisions of larger enterprises. Enterprises identify opportunities and occupy market niches that are safe and profitable.
An ideal market niche would have the following characteristics:
- The niche is of sufficient size and purchasing power is profitable
- The niche has growth potential
- The niche has been neglected by major enterprises
- The enterprise has superior competencies to serve the niche effectively
- The enterprise can defend its position against an attacking major because of the goodwill it has built.
A key idea in starting a business is specialization. Identify a viable form of specialization along with the market, customer size, customer type, production distribution cycle, production type or feature, quality/price, and service specialization.