Niche Hunting

When it comes to starting your own business or working for yourself, a word that’s thrown around more than any other is a “niche.” A niche really is a specific, often specialized business that caters to a group or interest with pinpoint accuracy. Choosing the right niche for you is a process that’s often outlined, but I don’t think anyone can tell you what your niche business should revolve around. After all it should be something you’re interested and/or passionate about, and that’s what makes you good at the business.

It’s important to realize that a small business can target a pretty wide variety of consumers. IT planet, for example, focuses it’s business on hardware that has a need in a number of industries. This can include barcode scanners for retailers or video surveillance cameras for high-crime areas so police can respond more quickly and efficiently. Business hardware happens to be their niche and they excel at it.

Hobbies are all-too-often referenced as a starting point for your niche business, but they can certainly serve as inspiration. My brother is a web developer who volunteers his time at a local garden as a beekeeper. As he’s learned what goes into maintaining a hive and harvesting honey, he may start a business up for himself on the side.

Ultimately, only you can be the deciding factor in choosing and targeting a niche for your potential business.