Finding Your Niche
3 important questions on Finding Your Niche
What are the 4 major business categories that you can consider?
- Retailing (also e-commerce)
- Service
- Manufacturing
- Wholesaling
What is the wholesaler's role?
The wholesaler's role is to buy large quantities of products at discounted prices (discounted from retail prices that is) from manufacturers, break them down into smaller quantities, and sell them at a markup to retailers or consumers.
Which questions should be asked to assure yourself that the business you're considering is the right one for you?
- Is it a business that suits your personality?
- Is it a business or product in which you have experience?
- Is it a business you can afford?
- Is it a business with too much risk?
- is it a business in which you have a competitive advantage?
- Is it a business in which you can become a specialist?
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