Guest Blogger – Marilyn Schlake, Extension Educator, University of Nebraska-Lincoln
Niche businesses operate within a sliver of the market. They are built around the unique needs of a narrowly defined customer base. This niche is too small for the big companies to pursue, thus leaving room for the small business to operate and grow. As with a large business, the questions are still the same — is the niche market large enough to make a profit, are the customers accessible, and is the market growing fast enough? How do you know? Like the big companies, you need to do your research and get out there and talk to your customers.
Close your eyes for a minute and visualize of your customer. What does she look like? What does she wear? What does she do for employment? What does she think? What problems does she encounter daily? Who are her friends?…
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