Tags |
|
|
Links |
|
|
Casual Articles - How To Avoid Unprofitable Niche Markets
Those who are willing to give of themselves for free find that opportunities and many other advantages come their way. Just think about truly successful people and philanthropists. In this article I share ways to be a giver by speaking, writing and giving of your time.But, what should I speak or write about? What is your area of expertise? What lessons have you learned from becoming a free agent, independent professional a
Ask The Horse
One of the best ways to get a sense of whether or not you’re headed in the wrong direction is to talk with people in that field. Interview the owners of similar businesses about problems they have. Instead of asking directly about the niche you think you've discovered (and giving the competition ideas), stick to more general questions. For example, you might say you're thinking of offering support services to people in a particular industry. In fact, you may even come across another niche by doing this.
Take some time to fully explore any new niches you want to get into and you may save yourself month's of trouble down the road
Managing anyone beside your self can be challenging. First you have to be sure you are going into it for the right reasons. Don't do it to feel important, you're bound to be tripped up and shown how insignificant you really are in the general scheme of things. Don't do it to have control, nobody will let you control them if they have a choice, even if that choice is to quit. Do it because you want to serve. That's a great beginning.
The tech-support business is a good example. It seems there would be a high demand for technical services, yet suspiciously few people are basing their businesses on it. Much of the reason is that the field requires dealing with so many unique situations that it's hard to streamline operations and clients usually don't understand what they're asking for, so they expect everything to be cheap and fast. Needless to say, these are things you'd want to know before entering the market.
Here are some other points to consider before you test the waters in a new niche.
The Products
What will your profit margin be? If you're producing the product, can you really make enough by yourself to earn a decent profit or will you have to hire help? It's vital to check this if you're planning on starting a service business or selling your time in some way. For instance, if you want to teach a class, make sure you know how long will it take you to prepare for that class and, if necessary, travel to the students' location.
The Suppliers
Can you find suppliers easily? Are the suppliers reliable? How much will you be required to buy in one order? If you run an online-only business, will the supplier work with you even though you don't have a phyisical store location? If you're planning on importing products, have you checked that there aren't any regulations that will stop you or taxes that will squash your profit margin?
The Market
Are you sure there's really a demand for the product or are you trying to push through with an idea because it sounds like fun? (Nothing wrong with the latter, but it may turn into a hobby rather than a business). Will people pay for your product or service? People may want what you have to offer, but not want it badly enough to pay a price you can profit from. There may even be another business providing it for free as an incentive for their customers. Also consider if there might be social biases against the business. Not every neighborhood welcomes every type of business ("massage parlours" come to mind).
The Paperwork
Check the legalities. Do you need any licenses that are expensive or hard to qualify for? If you do, the good news is that if you're willing and able to jump through the hoops, the niche may be yours for the taking. Also remember to check if your location is zoned for the type of business you want to start.
Ask The Horse
One of the best ways to get a sense of whether or not you’re headed in the wrong direction is to talk with people in that field. Interview the owners of similar businesses about problems they have. Instead of asking directly about the niche you think you've discovered (and giving the competition ideas), stick to more general questions. For example, you might say you're thinking of offering support services to people in a particular industry. In fact, you may even come across another niche by doing this.
Take some time to fully explore any new niches you want to get into and you may save yourself month's of trouble down the road.
Definition: A shelf company is a company which has been created but has ceased trading. Its memorandum and articles can be bought 'off the shelf'. source: ANZ Bank Financial DictionaryBack in the 'good old days', it took quite a while to create (or incorporate) a company. Yet, people often needed a new company ASAP, so providers of company registration services would pre-create companies and have them 's
Here are some other points to consider before you test the waters in a new niche.
The Products
What will your profit margin be? If you're producing the product, can you really make enough by yourself to earn a decent profit or will you have to hire help? It's vital to check this if you're planning on starting a service business or selling your time in some way. For instance, if you want to teach a class, make sure you know how long will it take you to prepare for that class and, if necessary, travel to the students' location.
The Suppliers
Can you find suppliers easily? Are the suppliers reliable? How much will you be required to buy in one order? If you run an online-only business, will the supplier work with you even though you don't have a phyisical store location? If you're planning on importing products, have you checked that there aren't any regulations that will stop you or taxes that will squash your profit margin?
The Market
Are you sure there's really a demand for the product or are you trying to push through with an idea because it sounds like fun? (Nothing wrong with the latter, but it may turn into a hobby rather than a business). Will people pay for your product or service? People may want what you have to offer, but not want it badly enough to pay a price you can profit from. There may even be another business providing it for free as an incentive for their customers. Also consider if there might be social biases against the business. Not every neighborhood welcomes every type of business ("massage parlours" come to mind).
The Paperwork
Check the legalities. Do you need any licenses that are expensive or hard to qualify for? If you do, the good news is that if you're willing and able to jump through the hoops, the niche may be yours for the taking. Also remember to check if your location is zoned for the type of business you want to start.
Ask The Horse
One of the best ways to get a sense of whether or not you’re headed in the wrong direction is to talk with people in that field. Interview the owners of similar businesses about problems they have. Instead of asking directly about the niche you think you've discovered (and giving the competition ideas), stick to more general questions. For example, you might say you're thinking of offering support services to people in a particular industry. In fact, you may even come across another niche by doing this.
Take some time to fully explore any new niches you want to get into and you may save yourself month's of trouble down the road
At first glance, you wouldn’t think the park would have anything to do with a small business. I’d like you to take a deeper look, however.I recently became quite perturbed regarding the lack of sidewalks on Henderson Road. I live directly across the street from the Henderson soccer fields, which backs up – via some lovely wooded trails – to Henderson park. On the west side, which crosses over 285, there are sidewalks. On the east side,
The Suppliers
Can you find suppliers easily? Are the suppliers reliable? How much will you be required to buy in one order? If you run an online-only business, will the supplier work with you even though you don't have a phyisical store location? If you're planning on importing products, have you checked that there aren't any regulations that will stop you or taxes that will squash your profit margin?
The Market
Are you sure there's really a demand for the product or are you trying to push through with an idea because it sounds like fun? (Nothing wrong with the latter, but it may turn into a hobby rather than a business). Will people pay for your product or service? People may want what you have to offer, but not want it badly enough to pay a price you can profit from. There may even be another business providing it for free as an incentive for their customers. Also consider if there might be social biases against the business. Not every neighborhood welcomes every type of business ("massage parlours" come to mind).
The Paperwork
Check the legalities. Do you need any licenses that are expensive or hard to qualify for? If you do, the good news is that if you're willing and able to jump through the hoops, the niche may be yours for the taking. Also remember to check if your location is zoned for the type of business you want to start.
Ask The Horse
One of the best ways to get a sense of whether or not you’re headed in the wrong direction is to talk with people in that field. Interview the owners of similar businesses about problems they have. Instead of asking directly about the niche you think you've discovered (and giving the competition ideas), stick to more general questions. For example, you might say you're thinking of offering support services to people in a particular industry. In fact, you may even come across another niche by doing this.
Take some time to fully explore any new niches you want to get into and you may save yourself month's of trouble down the road
Candidates’ experience and credentials, as detailed in the resume, are most often the frequently used criteria for determining which job applicants are deserving of a personal interview. Ultimately, though, the hiring decision is going to be heavily based upon the candidates’ performance in the interview and their value to the organization. To impress an interviewer, you have to be able to distinguish yourself from other candidates and be p
The Paperwork
Check the legalities. Do you need any licenses that are expensive or hard to qualify for? If you do, the good news is that if you're willing and able to jump through the hoops, the niche may be yours for the taking. Also remember to check if your location is zoned for the type of business you want to start.
Ask The Horse
One of the best ways to get a sense of whether or not you’re headed in the wrong direction is to talk with people in that field. Interview the owners of similar businesses about problems they have. Instead of asking directly about the niche you think you've discovered (and giving the competition ideas), stick to more general questions. For example, you might say you're thinking of offering support services to people in a particular industry. In fact, you may even come across another niche by doing this.
Take some time to fully explore any new niches you want to get into and you may save yourself month's of trouble down the road
As an entrepreneur it is entirely possible that you have never had to make public presentations and improbable that the receptivity to your previous presentations would decide if you were going to get paid or not. Certainly, the pressure of having to present to people who will decide your fate is a bit daunting at first blush. The thought of having to do that is enough to quicken many a heartbeat and increase the flow of perspiration in even
Ask The Horse
One of the best ways to get a sense of whether or not you’re headed in the wrong direction is to talk with people in that field. Interview the owners of similar businesses about problems they have. Instead of asking directly about the niche you think you've discovered (and giving the competition ideas), stick to more general questions. For example, you might say you're thinking of offering support services to people in a particular industry. In fact, you may even come across another niche by doing this.
Take some time to fully explore any new niches you want to get into and you may save yourself month's of trouble down the road.
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.casualarticles.com/article/44631/casualarticles-How-To-Avoid-Unprofitable-Niche-Markets.html">How To Avoid Unprofitable Niche Markets</a>
BB link (for phorums):
[url=http://www.casualarticles.com/article/44631/casualarticles-How-To-Avoid-Unprofitable-Niche-Markets.html]How To Avoid Unprofitable Niche Markets[/url]
Related Articles:
Bookmark it:
|