When starting a business there are basic steps we need to define 5 things
Defining your product and your niche when starting a business
1. Defining what are you offering.
Is it a physical product (handmade products, jewelry, clothes, paintings) or is it a service (you’re a coach and you’re helping people learn a particular skill, like making online courses or learn how to play guitar)?
If you’re offering a service, you won’t be paying any shipment and you can easily concentrate on broader market. But if you’re offering a physical product, think about are you going to be concentrated on domestic market or a broader.
2. Defining what is your niche
There are 4 main categories
3. Psychology and relationships
In case you were wondering where do your handmade products fit in or being a piano teacher, it’s passions.
Helalth: mental and physical, you’re a sports coach, mindfulness coach, meditation coach, yoga teacher…
Money: you’re a marketing teacher, digital marketing teacher, are making all kinds on online courses
Psychology: well, this is easy 😉
Passions: hobbies and all that one likes doing the most and is most passionate about, like painting, drawing, playing guitar, walking in nature, so in a sense of business it would be selling your paintings, drawings, guitar courses, selling guided tours in nature/hiking…
Defining your niche is very important because of the future marketing you’ll be doing.
Online tools that are helping you in starting a business
3. Checking market interests
It’s cool being inspired, but it’s SMARTER and EASIER to be offering products that sell. This being said, check what products are on demand, which courses are already selling, which books are selling.
If there are already courses or products selling, like the ones you want to offer, great!
And no, it’s not a bad thing there are already products like the ones you’ll be offering.. Just go for it!
Use Google Trends for you research.
Let’s say you’re selling digital prints. Type in something like home decor (your using digital prints for decorating a home, right? 😉 ) or printable posters, enter a desired country to search these terms and see who is your competition (e.g. Ikea, Zara Home).
Next, do a little research on how are they marketing their products in order to get an idea ho you’ll be doing it. But, don’t copy them!
If results in your Google Trends tend to me less than 10 times per month, it means the demand is really low.
In this case it’s 50 times per month which is good, but the more the merrier.
Click on the photo to see how it’s done
4. Opening your web page and any social platform
Why is this this the most important step? Because, first you need to be testing the waters and making a web page is quite cheaper than registering you firm. Firstly connect to your potential customers and the open and register your business
5. Registering your firm
You can do it online.
That’s it 😉