First step starting a small business
Look for a Niche
Dictionary.com defines the word niche as “a place or position suitable for a person or thing” or “a distinct segment of a market”. In other words, you are looking for a business that feels good to you and that you will be happy starting and developing and you are also looking for a specific need in the population that you can meet. To determine if your particular idea is workable, write down the answers to the following questions:
• Provide a detailed description of the business you want to start.
• Name the product or service that you will be selling.
• Describe the unfulfilled need in the marketplace that you are addressing.
• Describe the existing market for your product or service – particularly, analyzing whether or not demand exceeds supply.
• Determine whether or not your product or service can be competitive in the current marketplace based on its unique characteristics.
