Knowing who your competitors are and what they offer is another important step in finding a profitable niche. If the market is overcrowded with businesses providing similar products or services, it could be difficult for you to stand out. On the other hand, if there are very few competitors, that could indicate a lack of demand. Look for a sweet spot where there are enough players to show the niche is viable, but not so many that it becomes cutthroat.
For instance, entering the haircare industry could seem overwhelming because you might notice that there are already a few well-established brands. Don’t let that deter you - figure out what gaps exist in their offerings. By narrowing your niche to “natural haircare for coily hair,” for example, you could carve out a space that serves a specific group. Study your competitors’ strengths and weaknesses and find ways to differentiate your business, whether through better customer service, a unique product line, or targeting an underserved segment of the market.
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