The first step is to make a list of all the things you love to do, what you do best and what you have done in the past. Try to write down everything that you can think of, whether it is dog walking or babysitting. The more you include, the better able you'll be to take the ideas and merge them together into a niche business which represents a need in your community.
Now you need to figure out what people need from you. Do they need a babysitter? Are people looking for flower arrangers? Think about all of the businesses as well, as often they need supplies, decorations, or even a partner to help them sell their product alongside yours. Consider every person who lives near you, no matter what their occupation or lifestyle, and how your business could benefit their lives.
Now that you've figured out what need you must meet, how will you meet it? Think about how you could provide a solution to this with your own products or services. What add on services could you offer? Will fulfilling this need cause any other needs to arise over time, like maintenance or repair? Brainstorm every idea you can come up with to flush out lots of ideas.
Next you should take a look and find out who is offering similar products or services in your area. Do they currently fulfill everyone's needs? If this is the case, try to think of a different product or a service that you could provide that improves on theirs? Or is their a certain area that is currently overlooked? Try to find a local niche that nobody is fully covering with their business at the moment, then make this your own.
Now that you know who needs your business, what exactly you need to offer and who your competition is, you need to figure out what to charge. You may want to get some quotes from your competition and this will give you an idea of the current market price. Don't just undercut these quotes as you don't want to base your business solely around undercutting the competitor's prices. You also need to consider your costs carefully. Think about the overheads or product costs that you will incur and try to create a breakdown of this in your plan.
If you can figure all of this out, then your local niche business will be more likely to be successful. Continue to source good quality products and you may also want to build your own website and market your business online!
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Suzanne Morrison has been working online from home for over 8 years. Visit her website http://www.HomeIncomeExpert.com to discover how you can get started with your own home business. You can also find all the latest tips and articles on her blog - http://www.homeincomeexpert.com/blog/
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