Finding The Right Niche

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Permalink Reply by Shaunic Stinson on April 8, 2009 at 12:15pm

Well, since no one has commented, I'll give you my 2 cents. I'll tell you how I went about doing it because there is no one- way to do anything. You stated you have 2 ideas in mind. First, research both ideas to see which will be providing somthing different that is lacking in the industry (Not only should it be different, but it has to be something that people want or need). Survey the audience that you are targeting. Then you have to decide what's going to be cost effective for you as a starting point. The more products you have, the more it's going to cost you. Starting out as an Indie, you want to keep your cost down and as you make profit expand from that. I suggest starting with one or two products, mastering those, then expanding. Give out free samples to relatives and friends and ask them for feedback. Once you get your product perfected, then you have to do the foot work to get it to the people (customers). Test your products on etsy.com and at craft shows etc. I hope that helped a little bit!!

Shaunic

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Permalink Reply by Benita Russell on April 8, 2009 at 2:58pm

Hello Shaunic,

Thank you for your reply and that did help. I think the problem I have been running into is that I am not sure how to find out what is truly lacking in the industry and what is a demand. One idea has a different theme that I haven't seen before and they both have a different target audience. I think I will try a survey of the target audiences and see how it comes out. Very good advice about starting out with just two products. I was initially making scrubs and body butters and was taking it from there. That was time consuming when you have lots of orders. I think I may stay there since those two products are farely simple to make. I just have to cater them to the niche I decide on.

Thanks again,

Benita

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Permalink Reply by Shaunic Stinson on April 9, 2009 at 2:22pm

Hi Benita,

Really look into the one that you haven't seen before. Find out why you haven't seen it. Is there no demand for it? Is there a demand, but no one has caught on to it yet? Are people not educated about it? Dig into that idea because that may be your niche. There are tons of scrubs and body butters, so what's going to make yours different and desired?

Shaunic

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Permalink Reply by Benita Russell on April 9, 2009 at 7:55pm

I have seen a few others focus on one aspect of it but not the way I plan to do it. I will do some more digging into it though. I think I have found a way to make my scrubs and butters different as well as the other products I plan to add later. Spring is here and flea markets and farmers markets will begin to open soon up here. That will be my first stop along with my surveys. Thanks for the good ideas and thought provoking questions. They have gotten me thinking even more.

Thanks again,

Benita

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Permalink Reply by Valana Minerals® - Valerie R. on April 27, 2009 at 1:21pm

Great question Benita (wish I'd seen it earlier). In addition to the other comments, I'd like to suggest that you also focus on what you like to do, make, create as a focus of your business. That helps with motivation and it'll help when you are presenting your products to those that don't know they need them yet.

Also, be careful about how you interpret the feedback you get. Sometimes people will say there isn't a need for what you are doing only because they really don't understand what you offer (they don't get "IT"). My specialty is MMU for women of color and I have lost count of how many people over the past two years have told me there was no demand and no need for my products. I've had store buyers, retail buying committees, spa owners, salon owners, import/export specialists and ordinary folks say the most bizarre, ridiculous and shocking things about the lack of demand for my products. Honestly, if I'd listened to them, I wouldn't have a thriving business today and my sales say otherwise. So, please selective about who you decide to listen to.

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Permalink Reply by Benita Russell on April 29, 2009 at 1:19pm

Hi Valerie,

You brought up some very good points when you talked about me being careful who I listen to. It is easy to just take what you hear from others as truth and act on it sometimes. The gray area for me has been trying to identify a legitimate need in the marketplace and trusting that need and catering to it. It is a very good thing you didn't listen to the naysayers or you wouldn't have such a thriving business. I have to decide who my target audience will be and focus on them and their needs. Your advise was very, very helpful.

Thanks so much,

Embellished love, peace, and joy

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Permalink Reply by Marla Bosworth on May 18, 2009 at 10:54am

Hi Benita,
I just spoke on this very topic at the Handcrafted Soap Guild's 2009 conference. Wish you had been there. In a nutshell, do your SWOT analysis (strengths, weaknesses, opportunites and threats) on your niche.
Know your competitors. What makes you different from your competitors?
Do your market research. A great source is your local city librarian. She will give you access to market reserach databases that would otherwise cost hundreds of dollars. Tell her you are looking your niche's market size, trends and forecast (if your niche forecast to tank in the next two years, then obviously not a place you want to be).
Will you be selling online? Then take advantage of Google Trends (www.google.com/trends). Type in your niche and see if it among growing searches on the internet.
There are big shifts coming in the next six years for Baby Boomers and spending habits of all consumers. The middle class will continue to get squeezed financially. Pay attention to these indicators as well.
Hope you find this helpful.
Best,
Marla Bosworth
Back Porch Soap Company

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Permalink Reply by Benita Russell on May 18, 2009 at 1:21pm

Hi Marla,

I wish I could have been there also. I was making plans earlier for a babysitter but they fell through at the last minute. I plan to be in Denver, I am working on the babysitter now. Choosing the right niche is one area that I am struggling with and I think that the information you just gave me is pointing me in the right direction. I have not done any of the things you suggested and frankly, didn't even know where to begin. I will be selling online so I will check out Google Trends. You have been very helpful. I will jump on this right away.

Thank you so much for your help,

Benita
Embellished Bath and Body, LLC

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Permalink Reply by Mary Pauly on May 21, 2009 at 11:26am

Hi Benita,

Your niche is the part closet to your heart--which may be also voices in your head (the ones that make you giggle)--youre niche is the one you would do, just because. . .
Mary
Pure One
in Connecticut

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Permalink Reply by Benita Russell on May 31, 2009 at 4:46pm

Thanks Mary. That was very simple and to the point.

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