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April, 2008

Finding a Business Niche in a Tight Economy

In this Issue:

    Finding a Business Niche in a Tight Economy

Finding a Business Niche in a Tight Economy


A tight economy does not preclude starting a new business or enhancing a current enterprise. It does require providing a product or service that meets customers’ specific needs and that is strategically marketed.

Whether you plan to expand a business or intend to open a new business, market research is the place to start. Several sites will help assess area competition and best locations to sell consumable products which local customers need on a regular basis. The Department of Commerce and Economic Opportunities Locality Search External link opens in a new window provides detailed business information including business buildings within specific locales. The State of Illinois Business Portal External link opens in a new window provides information about Illinois communities, finding the best location for your business, and other business startup information. epodunk.com External link opens in a new window provides demographics and income levels for most communities.

If the product you intend to offer is generally a one-time purchase or lends itself to wider distribution, you will need to consider opening an online storefront or joining an existing online store. Programs such as Site Build It! help with keyword research, web site traffic statistics and click analysis. This will help you assess what similar products or services are available online and help you determine the number of web users seeking such products or services.

Marketing Coach Kim T. Gordon External link opens in a new window cautions that finding very few or no similar business ideas may raise a concern, especially if few web searchers have looked for this product or service. In that case, it may be worth the money to conduct a market survey and see if the product can generate enough interest to be profitable.

Perhaps a chain or mega-store has enticed your customers with cheaper products. If you cannot afford to lower your prices to be competitive, you will need to reinvent your business to survive. Serving new a demographic or enhancing the personal service you provide may save your business.

Market research can help you determine a potentially profitable direction to take your existing business. One way to do this is to ask current customers for e-mail addresses. In addition to e-mailing information on new products or offering online coupons, you can include a short customer survey. Asking what customers enjoy about your products/store or what they are looking for in such a business will help you hone in on those aspects. For example, if your garden produce center is in jeopardy because a large grocery store located nearby, you may learn that customers would pay a premium to fax or e-mail home delivery orders or will be willing to pay for organically grown items not available at the large chain.

The following sites provide information on finding market niches, market research and starting businesses:

Illinois Department of Commerce and Economic Opportunity’s illinoisentrepreneurshipnetwork External link opens in a new window

Business Development in Illinois External link opens in a new window

Niche Marketing: Searching for a Profitable Niche External link opens in a new window by Dr. Ralph F. Wilson of Wilson Internet

SolveYourProblem.com: Home and Small Business How-To’s External link opens in a new window contains many articles on finding a business niche and how to know if a niche market is too crowded

Finding Your Home Business Niche External link opens in a new window by Stone Evans




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