Not everybody is attracted by prospect of jobs with fat pay packages, especially if they have a desire to live life on own terms. There are numerous examples of people starting small sized ventures at home which blossomed into large companies in long run. PC giant HP’s founders started operating from a garage in Palo Alto and it grew into one of the world’s leading IT giants. If you have an entrepreneur’s spirit and teamwork and customer service skills, starting up your own business may be the best option.
However, you may want to try venturing into lesser known niche areas to make a mark for yourself and the company. Rather than joining an industry laden with cutthroat competition, changing taste of consumers and other hiccups, you may tread into uncharted territories and tap the potential.
This may sound risky in the beginning but there are plenty of companies that become a success in unexplored markets with new products and services. Look at the way Asian domestic mobile and tablet makers captured a large chunk of the market there, pushing global rivals away. Asian brands like Xolo and Micromax are giving MNC rivals like Samsung and LG a run for their money in such markets. They could figure out the demand for reasonably priced and decently powerful smartphones and tablets in a market that was dominated by big players like Apple and Samsung. The result is there for everyone to see. Along with smartphones, they have also come with tablets catering to this niche segment of budget conscious users migrating from feature phones to bigger devices.
You need to chalk out a clear cut plan for starting a venture for manufacturing products that cater to a niche market.
- Think of initial investment required for the venture. If monetary restraints are there, you can start in a region initially.
- You have to analyze market demographics and understand the need for services and products well. If you find there is demand for a specific product or some products but supply is limited, it can be ideal for your venture.
- Even for a start-up dealing with niche products like specialized weaponry or bio cleaning solutions, promotion and word of mouth matters. Use Google Analytics and social media sites to help further promote out your brand and business.
- Apart from these measures, you can resort to services offered by professional networking companies online to promote your venture and get in touch with people who can mentor and aid you.
While planning campaigns online or preparing traditional advertising merchandise, it is important that you focus on the USP of the products. This is important because you may have to educate the target buyers about salient features of your products and how using such products can be advantageous for them. Just focusing on the marketing is not going to help if the target buyers are not sensitized about the need to sue such niche products that are going to be launched.
Needless to say, you should not leave out other means than the internet to help promote products out and make the target buyers aware. This can include product demonstration camps at regional fairs and events, TV and radio commercials and printed merchandise etc. This may take time but when the customers are satisfied, your business will benefit from word of mouth advertising.
Daniel Moore writes on topics like niche business products such as Airsoft weapons and accessories. Find tips and resources on business ideas and methods for achieving success.