Tuesday, September 29, 2015

Evaluating Your Business for Niche-Market Potential

Well, summer is now officially over, and as we travel into the colder months ahead, we reach a time to consider how the countertop industry has been treating us so far this year and where we expect it to take us by the end. When you finally have time to sit down and think about it, try analyzing some of the actual statistics you have on hand and ask yourself if you are satisfied with them. If not, it may be time for some careful planning and risk assessment.
One of the chief ways to drum up new business is to differentiate your business from the competition. Many business owners operate without clearly defined principles, mission or vision, and this is a good place to start.
Your mission statement not only lets your clients know what you are all about but also reaffirms your position to yourself. Your vision is just as important for the same reasons: It keeps you on the track to reaching your goals. Finally, a set of principles or business practices provides a framework for operating your company, and it serves as a guide for employees.
Some fabricators find that the above steps are all that is required to give their businesses they boost they need, but others take it to the next level and start to carve out a niche. One way to find the right niche is to study the market and discover where demand is strong and supply is short. However, others take a different approach by focusing on their personal skills and desires until they are naturally guided into a niche.
It may seem counterintuitive or, at the very least, bad business sense to let your personal desires drive your business without any regard to market data, but it can be done and used to an advantage. However, you will want to evaluate your plans before putting them into action in order to reduce the risk present in all such endeavors.
After you decide to enter a niche market, it then becomes necessary to identify the competition, and once this is done, you will still have to differentiate your business from theirs. This can be done in a number of ways. It can be as simple as being upfront about the time required for a job or as complex as creating an entirely new brand image.
The last step in starting a successful niche countertop business is marketing and advertising. Let your demographic and psychographic know who you are and what you do. If you have any experience in entering a niche countertop market, we want to know. Email us your story, and help others find success too.
Brian Jones, Editor/Content Manager

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