Why choosing a niche is vital......
A niche is a focused, targetable segment of the market.
There are various reasons why choosing a niche is vital, especially when launching an online business.
If you try to cater to everybody, you risk spreading yourself too thin. Focus on what you do best and aim relentlessly at your target market. This way, you can clearly identify potential clients and partners to work with.
When you narrow down your targeted pool of people, it is easier to position yourself as an expert in your field.
Your visibility, credibility, and overall profile get a major boost with every client you take on.
But to increase your odds of thriving in your trade, first, you need to choose the right niche—one that is lucrative and sustainable. One that is less likely to involve risks from which your business cannot recover.
It is difficult and frankly, near impossible to predict bizarre twists in your market.
But what you can do is analyze the available data before you begin, and have a clear picture of what you’re getting into.