How to Find Your Business Niche

So you've determined that you have what it takes to start your own business. The next critical step to making your dream a reality is to find your niche and determine the feasibility of your idea. For instance, will you be taking over an existing business or do you have a marketable skill/new product idea that satisfies a need?  Don't be fooled - many people have mistakingly launched a business because it sounded like a good idea. But getting into the right business at the right time is easier said than done.  So before you blindly plunge into a business venture, fully evaluate its potential before investing your time and money.

Take the time to identify and briefly describe the business you plan to start. Then ask yourself the following questions to help determine its feasibility and/or potential for failure:

• What products or services do you intend to offer?
• Does your product or service satisfy a need?
• Will your offering serve an existing market in which demand exceeds supply?
• Will it be competitively based on quality, price or location?

If you answered 'yes', you're probably on to something. If not, keep digging until you come up with a solid, viable idea.  Remember - your ultimate goal is the long-term, sustainable success in your business.