How to choose a business niche

NEW! My early mistake in choosing a business niche

Lesson Details:
April 30, 2020

I: Introduction

1. I will tell the readers about my experience in choosing a business niche when I was starting my own business.

2. I will compare my situation with this case study.

3. I will persuade them to read my article for three reasons:

a. It is useful for people who want to start their small business.

b. It is useful for people who want to expand their small business.

c. It gives them ideas of marketing strategies that they can use in their businesses.

II: Body

A: My early mistake in choosing a business niche when I was starting my own business

1. I was new to the world of entrepreneurship at that time. I knew nothing about running my own company or how to make a profit from it. I didn’t realize that there were several things I needed to consider before choosing a business niche because I thought that any idea would be great if it was lucrative enough.

2. I decided to start a business as a travel agent because I used to travel a lot and people always asked me for information regarding trips and tours. That was how I first came up with the idea of becoming a travel agent, because I thought it would be a lucrative business and an easy task for me since I had been going on vacations every year throughout my childhood and teen years.

3. In order to learn more about the tourism industry, I started reading articles and books on tourism, but I soon realized that being a travel agent was not as easy as it seemed to be. There was a lot of competition out there and there were hundreds of agencies that were doing quite well, so it was going to be a challenge for me to beat them all and become a successful agent.

4. So, since I couldn’t think of any other business ideas, I decided to go ahead with the travel agency idea and start my business, but after a few months I ended up closing it down because I wasn’t making any profits and my business plan didn’t work as planned. However, the experience I gained from it helped me build my later businesses and allowed me to create better plans that worked out for me in the end.

B: How I chose my second business niche and how it eventually became successful

1. After closing down my first business venture, I spent some time thinking about what went wrong and what I could do differently the next time around, and after much consideration, I came up with another business idea: an online store where people could buy computer parts and accessories at affordable rates. This idea worked out really well for me and I opened my online store right after getting it online and running successfully for several years until now. So, this case study is based on the same principle behind my second business idea, which is quality products at best prices, which made my second business venture successful, just like my first one that eventually failed due to wrong planning and poor marketing strategies.

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