Working without planning and mind mapping is not worthy enough to spend all your money and dump hard earn assets with your own hands. Investing all your savings or capital at wrong place is the darkest dream of any entrepreneur. This happens because of lack of knowledge. not having a supportive and experienced mentor to guide you. so, now you can get excited about your successful future because you are at a right place to learn things before starting up your booming business.
How to recognize which niche suits you?
To get to know what business niche is best for you I would recommend you stay here with us and read out the whole thing. I assure you wont regret spending your few minutes of online read for this lifelong needed skill. So, lets get started. Either your startup is big or small, First of all you need to get license from High Authority for your legal Business in any international Country and state like Dubai, For your business setup in Dubai the first need to do is to get DED license in Dubai, then you must do loads of research work to get to know if my planning brings me fruitful results or not. Selecting great niche required brainstorming, market research and relevant product search and creativity.
- Do proper research
- Consult with mentor or experienced people
- Knowing your interest and passion
- Do not try to become the jack of all trades
- Focus upon problem solving product or service
- Foresee your product’s USP unique selling point
Keep in mind that every niche-based business strategy is difficult to think, but once you get your desire and unique niche it will allow you to target audience and marketplace to work upon and soon make you billionaire.
Things that need to be focused before choosing niche:
First and foremost, important point for every entrepreneur is to be focused, ask yourself questions like: what do you want from yourself as an entrepreneur? In what time duration you foresee your business profitable? Alongside all the above, am sharing few main odd points that is critically important before setting up your business:
- Business = Passion: To start a business, basic requirement passion. Because passion is directly proportional to successful business. If you are passionate about your business, your mind and body trained to work hard and work smart. Your passion won’t let you stop. It keeps on searching for new ideas. Hence, it becomes your fuel power to engine your efforts and brain to be creative and unique at every step of your venture’s journey.
- List down your dreams and wishes You need to know what the market scope of your selected niche is. And with whom you want to do your business. Know you value, and search for your business dealers you just cannot do random selection for your venture because it might cause you loss, your money and assets can go in vain. Select your location wisely because choosing the right place for particular product play an active role in business growth and nourishment.
- Think out of the box – be in the shoe of customer of your product: Be a critical analyst of your product. It is a practical approach to get to know the audience response about pricing, quality, size, quantity. You need to think as a customer, if you are the buyer of this product will you be satisfied with the quality within this or that price. And what is the unique problem people facing in some product and how your product is solving that issue and stands out from the rest of the market.
- Keep your vision clear: Diversifying and jumping in from one product to another is not a right thing for startup. You must start with a clear vision and perspective. Features you want in your product. And who are your targeted audience. I would suggest, any entrepreneur should start form a one product which is premium and exclusive.
- Moneymaker or not: after working on above points, now you are at stage where you can idealize your niche. And figure out what profitability it will bring you. what is present market and future of your niche. Take an expert advice and consultancy if you are not getting a clue.
- Learn from your rivalry ventures: Where competitions stress out, it also gives motivation and enthusiasm for new ideas and creativity to bring into your product. Your success is all dependent upon your hard work and right decision making at right time.
- Test the prototype: Before getting into the market with wholesome product you must start with prototypes. Create few designs, make usable products, and give it free of cost to target audience and get their reviews and opinion. Is they liking the product or what changes can be done to make your product more feasible and comfortable?
Crust Of All Discussion:
To cut a long story short, plenty of research and homework for selecting a right niche is the key. All the above discussion and ideas are practically accessible and easy to do before selecting your business niche and DED license in Dubai. So, don’t waste your hard earn money without planning and research and thank me later.