Melissa Houston, CPA covers business and personal finance impacting women entrepreneurs. With her CPA designation and over 20 years of practical experience, Houston is widely regarded by her expertise in financial management. Houston shares her knowledge and experience with Forbes.com readers and has done so since August 2020.
is choosing your niche. Your niche determines not only what type of customers you will serve but also how successful you will be in building a profitable, sustainable business. Many new entrepreneurs overlook the importance of this step but choosing the right niche can be the difference between struggling to make ends meet and building a thriving company.
For example, niches like health, personal finance, and digital marketing are consistently in demand because people are always looking for ways to improve their well-being, manage their money, or grow their businesses. An in-demand niche also gives you the opportunity to create tailored products or services that meet specific needs, increasing your chances of success.
To avoid an overcrowded niche, look for opportunities within a larger market where there are gaps. These gaps often exist in sub-niches, where fewer businesses operate. For example, instead of entering the general “fitness” market, you could focus on a sub-niche like fitness coaching for women over 50 or fitness programs for busy professionals. By narrowing your focus, you can carve out a space where your business becomes the go-to expert.
For example, if you enter a niche that is specific, like eco-friendly home organizing, you can build a brand that stands out as the expert in that area. Over time, as your reputation grows, you can charge more for your services and attract a loyal customer base.The most successful businesses are those that solve specific problems for their customers. When choosing a niche, it’s essential to identify the problems that exist in that market and create solutions that customers will pay for.
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