Ways To Help Get Your Niche Business Idea Off The Ground
5/02/2021 - Northern Provident Group
Is a niche business idea truly viable today?
Niche businesses come and go, and very few stick a solid landing. Also, smaller firms are the backbone of wider society, yet they are currently under the most pressure to get things working again considering the pandemic. To get yours off the ground, a few important factors may influence your decision-making processes. But what are the things you should consider here?
Thorough Market Research
At first, a brand-new enterprising idea might well excite you, and with good reason. But is your passion shared by… well, anyone?
If you’re the only budding enthusiast in the room, then that could be a problem. Still, plenty of niche ideas go through endless rejections from investors and flat rejections from disinterested potential customers. This is the fine-tuning process newer firms must go through, and it is to be expected.
However, for a steadier launch, thorough market research will go a long way. The practice has revolutionized advertising, shopping, and almost everything else you can think of that involves spending to some degree. Remember, you’re not inventing a new market, but rather adding a new dimension to an existing broader one. Niche doesn’t mean ‘alien’ or ‘polarising’, but an expansion on what is already successful to some degree. Keep that in mind as you develop things.
Equity FCA Crowdfunding
If your idea is so niche that investors aren’t thrilled, funding can be found elsewhere.
For example, firms like Northern Provident can be of great help here. They help with equity FCA crowdfunding, whereby members of the public can invest in your business and thus own a ‘slice of the pie’, as they say. Transparently, Northern Provident do acknowledge the arrangement is a high risk-reward type scenario, as many investments typically are, but they make certain that you’re informed about what you’re getting into. If you want to learn more, get in touch with them.
The larger point here is that the potential for investments has increased, if you know where to look. You no longer need to appeal to powerful multimillionaires to fund things, which gives you a wider breadth for success and opportunity. It might also be encouraging to be funded by a member of the public that really believes in your idea, rather than some sentient suit who is only using you to make more money.
Look to Role Models
No matter how niche your business idea really is, there are many entrepreneurs who have been in your shoes and somehow made things work.
Role models are crucial in business, and it’s vital not to underestimate the surge of inspiration they can often provide. Knowing that there is a precedent for success when the chips are typically down can be enough to help you recharge batteries and work twice as hard.
In 2016, it was reported that ‘one of the barriers for female entrepreneurs was a lack of female role models’, which could be discouraging for women. Knowing that someone has experienced your hardships and preserved anyway could give you the push you might need. Role models can also change as you evolve your venture through time. Nothing in business is truly 100% original anymore, so source inspiration from a range of figures.
For more information visit the Northern Provident group website
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