Business

Carving a Niche for Your Business in a Saturated Market

 

Starting a business can be quite daunting especially if you find yourself in an industry where everyone seems to be doing the same thing.

 

It can be a really tough task finding your voice, standing out from the crowd, and getting people to recognize and appreciate the value you offer.

 

Carving a niche means creating an area of specialty for yourself in your business or industry.

 

It is a reflection of what you are skilled at and how you can use that to your advantage in differentiating yourself from other entrepreneurs in the same space or industry as yours.

 

Simply put, it is your own style.

 

It’s by no mean feat that I achieved this as a Baker in the Nigerian cake industry.

 

I was quite unclear on what it meant to carve a niche, would it be my style of decorating, the way I combined colours with such finesse and effortlessly at that or my buttercream skill level? What exactly?

 

It took me a while to understand that carving a niche even though it was more of a cliché was not cast in stone.

 

If you desire to be outstanding, which I want to believe you are passionate about, then there are some important things you need to know and questions you need to answer.

 

Purpose

What is your purpose as a entrepreneur in life and business?

Potential

What skill or ability comes naturally to you, one or which you execute with such grace and ease that you want to be known for?

Do not restrict yourself, list as many as you can.

 

Professionalism

How much are you willing to invest in yourself and these potentials to refine, make them better and add a professional touch?

 

This is very necessary to enable you have a good mastery of your craft.

 

Pathway

What plans or course of action do you intend to take in achieving this? What skills do you want to top the list?

You don’t be a jack of all trades and a master of none. So, decide on the pathway and follow through.

 

Progress

When you have done all these, you need to keep progressing. Do not get overly excited and too comfortable in your discovery and the niche you have carved for yourself.

Keep making progress and advancing, moving from one level to the next, getting better and honing your craft.

 

Remember that you have what it takes to be outstanding – God made it so.

 

So, study the market closely. Spot the missing piece. Then present it to the waiting customers/client by doing it better.

 

You will have a niche in that saturated market.

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