Starting a business that services a distinct niche can be a successful tactic when entering a competitive market.

For this activity, list ten potential applications of your business idea (potential customer groups, specialisations, geographic locations, etc). For each of these, work through the following questions to see if you can identify a niche.

Customers

• Who are the customers?
• What are their demographic characteristics?
• Why do they use this product or service?
• What else might they be interested in?
• What other potential markets might exist?

Competitors

• Who are your competitors?
• What are their delivery strengths?
• What don't they deliver?
• What will be their reaction to you entering the market? How will you cope with that?

Coverage

• How extensive is the current market for your product or service?
• How is the market likely to change in the future?
• What areas around your location have the most coverage?
• Do any specific locations have low coverage?