8.26.2013

Defining Your Niche

By Rebecca Cho



As an entrepreneur, one of the most important determinants of your success, is figuring out where exactly you belong within your industry. One of the best examples of a business that has carved out and maintained a distinct niche is McDonald’s. Though there are others that have been successful in the fast food market, there is just nothing like those golden arches.

McDonald's serves over 68 million customers per day worldwide and has been in business for over 60 years. Though the chain has expanded the scope of its product offering by adding items such as breakfast, dessert and even salads to their menu, they have not deviated from their core products- burgers and fries.

How can you learn to re-invent your business and remain relevant, the way businesses like McDonald's have? Start asking yourself the right questions.
  
     Who do you want your customers to be?
·         Why will your goods/services be important to them?
·         Is there competition and do they have a monopoly in the market?
·         What makes you different?

Taking the time to assess what your niche is will help you to establish who you are and what you really want out of your business.   

Here are some other resources to help you find your business niche:


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