5 Steps You Can Use to Find Your Niche

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https://www.mjfgroup.biz/5 Steps You Can Use to Find Your Niche with the thanks to , which is taken as an extract from Entrepreneur.

You want to start a business, but the thing that’s holding you back is the market niche you know you need to choose. And, honestly, this can be tricky: You could list all of your interests and passions and still come away feeling as if you haven’t hit upon the singular thing you were meant to do.

Yet putting that kind of pressure on yourself to choose the exact right niche may cause paralysis.

 Certainly, you want to do your due diligence in selecting a viable niche business, but it’s better to get up and running than to wait around. That way, you can test out ideas, enter the market sooner and learn from your successes and failures. That way, too, if your first business doesn’t take off, you can always take what you’ve learned from previous attempts and move forward with new ideas.

If you’re struggling to decide, or you need more data to work with, use the following five steps to find your niche.

  5 Steps You Can Use to Find Your Niche

https://www.mjfgroup.biz/identifypassions1. Identify your interests and passions.

This may be something you’ve already done. But, if you haven’t, make a list of 10 topical interests and passion areas, immediately.

Business isn’t easy, and at some point, it will test you. If you are working in an area that you don’t care about, your odds of quitting will greatly increase — especially as a first-time business owner.

This doesn’t mean that you need to find a perfect fit. If you are passionate about some aspect of running the business, you will stick with it. If you don’t care about the topic, you may not be able to find the drive within to persevere.

Here are a few prompts to help you determine what your interests and passions are:

  • How do you like to spend your free time? What do you look forward to doing when you aren’t doing it?
  • What magazines do you subscribe to? What topics do you like to learn about most?
  • What clubs or organizations do you belong to?

https://www.mjfgroup.biz/problemsolving2. Identify problems you can solve.

With your list of 10 topics in hand, you’re ready to start narrowing down your options. To create a profitable business, you first need to find problems your target customers are experiencing, then determine whether you can actually solve them. Here are several things you can do to identify problems in specific niches:

  • Have one-on-one conversations or idea-extraction sessions with your target market. Make sure to find or create a framework for asking questions that helps you uncover pain points.
  • Peruse forums. Search Quora, or find forums related to your niche, then take a look at the discussions that are taking place. What questions are people asking? What problems do they have?
  • Research keywords. Explore different keyword combinations on Google Trends and Google AdWords’ keyword planner. This can help you uncover popular search terms related to pain points.

5 Steps You Can Use to Find Your Niche

Related: 7 Steps to Defining Your Niche Market

3. Research your competition.

The presence of competition isn’t necessarily a bad thing. It may actually be showing you that you’ve found a profitable niche. But you do need to do a thorough analysis of competing sites. Create a new spreadsheet and start logging all of the competing sites you can find.

Then figure out whether there’s still an opportunity to stand out in the crowd. Can you still rank for your keywords? Is there a way to differentiate yourself and create a unique offer? Here are several signs that you can enter a niche and be successful, even if there are already other sites serving it:

  • Low-quality content. It’s easy to outrank your competition in a niche where other business owners are not creating high-quality, detailed content that serves the audience.
  • Lack of transparency. Many online entrepreneurs have disrupted entire industries by creating an authentic and transparent presence in a niche where other sites are faceless and overly corporate.
  • Lack of paid competition. If you’ve found a keyword that has relatively high search volume, but little competition and paid advertising, an opportunity definitely exists for you to upset the market.

https://www.mjfgroup.biz/findingyourniche4. Determine the profitability of your niche.

You should now have a pretty good idea of what niche you’re going to get into. Maybe you haven’t narrowed your list down to a single topic area, but you’ve likely found a few ideas you feel pretty good about. At this point, it’s important to get an idea of how much money you have the potential to make in your niche. ClickBank is a great place to go to start your search.

So, browse top products in your category. If you can’t find any offers, that’s not a good sign. It might mean that nobody has been able to monetize the niche.

If your search does turn up a decent number of products — but not an overabundance of products — you’re in luck. Make note of price points so that you can price your own products in a competitive manner.

Also keep in mind that you don’t have to start your business with a product offering of your own. You can partner with products creators, advertisers and site owners in your niche to begin generating commissions while you’re working on your unique solution.

5. Test your idea.

You are now armed with all of the information you need to choose a niche, and the only thing left to do is test your idea. One simple way to do this is to set up a landing page for pre-sales of a product you’re developing. You can then drive traffic to this page with paid advertising.

Even if you don’t get pre-sales, that doesn’t necessarily mean that you aren’t in a viable niche. It could be that your messaging isn’t quite right, or you haven’t found the right offer yet. By leveraging A/B split testing, you can optimize conversions and find out whether or not there is anything stopping your target market from taking action.

5 Steps You Can Use to Find Your Niche

5 Steps You Can Use to Find Your Niche

Final thoughts

Once you’ve confirmed the viability of a niche, start developing a full-fledged website. You’ll want to learn how to create a blog, and generate more traffic to your site to boost your revenue and scale up.

But, do keep in mind that there isn’t necessarily a perfect process for finding a niche. You’ll want to do your homework, but if you get stuck in the planning phase, you’ll never actually get around to starting. As an entrepreneur, you need to become a good starter.

Related: 5 Steps to Determine Your Ideal Niche Business Even in an Unfamiliar Market

If you believe you’ve found a business idea you can invest yourself into, take the plunge. The learning and growth that comes from doing will be far greater than the rewards of just planning.

Send me an enquiry and let us see how we can provide you with a consultancy service at very low rates.

Best wishes

https://www.mjfgroup.biz/5 Steps You Can Use to Find Your NicheDr Michael John Freestone.

 

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Creating a Compelling Customer Focused Value Proposition

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https://www.mjfgroup.biz/compelling value propositionCreating a Compelling, Customer-Focused Value proposition has a guiding principles: the value proposition should focus on customer needs, not on product or service features.

Does Your Value Proposition Communicate Effectively?

As a business owner, you are passionate about what you do. You love each of your products and services, know them to be much better than those of your competitors, and understandably want to tell as many people as possible about them – how your bread is fresher, how your clothes are more fashionable, how your software has more functions, or how your doohickie has more whatyamacallits!

Creating a Compelling Customer Focused Value Proposition

The problem is that when you use this style of language to talk about your products, the core message you are communicating is centered on your view of your products, which may not reflect your customer’s purchase motivations.
When talking about your products and services in this manner, your message often sounds to customers as “this is what I sell, and I am running through a long list of the reasons why I think you should buy it.”

What your customers want to hear, however, is a clear statement that demonstrates that you understand their situation – that you recognise the problem they wish to solve, or the outcome they wish to achieve – followed by a specific offer or explanation as to how you are going to help them address their situation.
Ideally, the value proposition will not only explain how owning your product or using your service will allow the customer to achieve a desired outcome; it will also explain how it is that your business is uniquely positioned to create that outcome.

In Creating a Compelling Customer Focused Value Proposition, you should ensure that it incorporates the following three components as a minimum:
1. The value proposition should define the business you are in using customer-centric wording; that is, it should describe the type of solution the business provides for its customers.
2. The value proposition must clearly demonstrate that you understand the customer’s objective – why it is they are considering doing business with you in the first place.
3. The value proposition should outline your specific offer and pinpoint exactly how it is that it will meet the customer’s objective.

Creating a Compelling Customer Focused Value Proposition

The Power of a Successful Value Proposition.

A classic example of Creating a Compelling Customer Focussed Value Proposition can be found in the approach that the rental car company, Avis, took when trying to win back market share from Hertz. The Avis story is also a dramatic example of how powerful it can be when you get the value proposition right, and how profitable it can be when you deliver on the promise you make to your customers.
In 1962, when Robert Townsend took over the reins as President of Avis, the company had entered its 13th year in the red, with a market share of just 10-11% of the car rental market. By
1996, Townsend was able to grow Avis’ market share to 35%. How did he achieve this?
Townsend launched a bold, daring advertising campaign that centered on the company’s new strategy of focusing on good old fashioned service. Instead of proclaiming that it had the newest cars, or the cheapest prices (which may have been true), they used the following messaging:
We’re No.2. We try harder!    In this simple, self-deprecating phrase, Avis acknowledged an indisputable fact – that it was a distant 2ND in the car rental market – while also providing an irresistible value proposition: that Avis would work harder to prove they are worthy of your business.
This value proposition recognised that, for many car rental customers, prompt, caring, and friendly service (the ‘benefit’) was far more important than the car (the ‘feature’).

Conclusion.

In today’s crowded marketplace, with new competitors emerging from around the globe, and almost saturation marketing of products and services, it is more important than ever to ensure that when you have the attention of a potential customer, you are able to offer a compelling reason for doing business with you.
It is important to be able to communicate why your product or service is cheaper, more economical, more durable, of higher quality, covered by a better warranty,
Has greater market acceptance etc. than any of your competitors. However, it is imperative that you are able to convey how your product or service is uniquely position to provide the customer the precise outcome they are seeking to achieve with your product or service.
By couching your discussion of the desirability of your product or service in language that speaks directly to the customer’s actual needs, rather than focusing on product or service functionality, you will go a long way towards answering the most important question on a customer’s mind: why should I buy from you?

If you need help in compiling your Creating a Compelling Customer Focused Value Proposition, don’t hesitate use the contact form below.

South Africa. Our first 30 minutes appointment in South Africa – Gauteng, Mpumalanga- will be in May due to demand.

United Kingdom. We can do a free 30 minute appointment in Hull until Mid March 2018.

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We have helped dozens of companies get this right.

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Seven Tactics to Blow away Your Competitors

Seven Tactics to Blow away Your Competitors

These seven tactics for beating your business competitors will help keep you ahead of the game in business

 

I you require any further information send me an email.

Dr Michael J Freestone.

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8 signs of an Imploding Business.

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8 signs of an Imploding Business.

Welcome to our 8 signs of an Imploding Business pagehttps://www.mjfgroup.biz/8 signs of an Imploding Business.

 

 

 

Check out these 8 signs of an Imploding Business..

If you’re still uncertain that Your business is in serious trouble, then pay attention to the following 8 signs of an Imploding Business.

1. Low sales.

The first, and most obvious of the 8 signs of an Imploding Business is low sales. This could either be lower than expected projections or a decrease in sales than the previous quarter. Your business can’t succeed without a steady income to pay all of your expenses.

When you notice that there’s a sudden decrease in sales, you need to diagnose the problem. Begin by surveying your employees and customers, conducting a competitive analysis and examining the outside environment, like societal changes or natural disasters. 

This should give you a better understanding of why there’s a decline in sales and if there will be a turnaround. If it doesn’t seem likely the industry or your business can turn things around, then it’s rather clear that your business is in trouble.

2. You can’t remember the last time you spoke to a client.

The second of the 8 signs of an Imploding Business is that Customer service reps aren’t the only ones talking to your customers. Even as a founder and CEO, it’s your responsibility to talk to your potential or existing customers to understand their needs and how to improve your business. It’s a trick that everyone from Sam Walton to Slack’s Stewart Butterfield have relied on.

It’s another troubling sign for your business if you can’t remember the last time that you spoke to a customer. Either you’re not actively engaging them or they just don’t have an interest in your products or services anymore.

3. No one is talking about your business.

The third of the 8 signs of an Imploding Business almost goes hand-in-hand with the previous point. Something is wrong if no one is mentioning you on social media, leaving reviews or getting in touch with customer service reps. It’s either because you’re not interacting with your audience or they simply don’t care about your business.

Make an effort to reach out to your customers by asking them to leave reviews and boosting your engagement on social media. If there’s still silence, then that might not be enough to save your business. I personally blog about whatever it is that is trending, a lot, to attract people to my company. It helps!

8 signs of an Imploding Business.

4. You regularly question your motives.

The 4th of the 8 signs of an Imploding Businessis that we all have moments where we ask questions like “Why am I doing this?” or blurting out statements like “I can’t take this anymore.” That’s normal during the entrepreneurial journey. However, if that mentality is becoming more and more frequent than it’s time to move on from your business.

 

5. There’s nothing unique about your business.

The 5th sign of the of the 8 signs of an Imploding Business is that your business needs to stand-out from your competitors. Take a moment and jot down all of the characteristics of your business, products and services, then compare it with the others within your industry. If you’re different from your top competitors, then you have a competitive edge you can use to your advantage.

If not, you can be certain that your business won’t stand the test of time. Either find something that makes you unique or, find an industry where you can differentiate yourself.

6. Complacency.

The 6th sign of the of the 8 signs of an Imploding Business is that Blockbuster is the poster child for business failures in recent history. The main reason that the company went kaput was it failed to acknowledge that its customers wanted something different. Instead of driving to their local Blockbuster and paying hefty late fees, people enjoyed having Netflix deliver or stream movies. Reportedly, Netflix executives offered a partnership with Blockbuster around 2000 but were laughed out of the office by Blockbuster execs.

In short, complacency was Blockbuster’s demise.

If you’re sitting there wondering why your business is in danger, ask yourself when was the last time that your business introduced something new into the market?

8 signs of an Imploding Business.

7. Employee turnover and hiring turnovers.

The 7th sign of the of the 8 signs of an Imploding Business is that sometimes your employees realize that there’s a problem before you do. Whether it’s as obvious as not getting paid, or subtler like no longer believing in your business or frustration with management, you need to get to the root cause of high employee turnover.

It costs more money to hire and train new employees than to retain the employees that you currently have. Things can get real tricky when you don’t have the budget to replace those employees. That means that you’re expecting your already frustrated and overworked staff to do more work for you. How much longer do you think they’ll put up with that? It’s a vicious cycle that can ultimately bury your business. 

8. There are serious cash flow struggles.

The final in this article of the 8 signs of an Imploding Business is that cash flow negative. It’s generally accepted that if you want your business to survive it has to have a positive cash flow, which means that you’re bringing in enough money to manage all of your expenses.

If you’re having cash flow problems due to debts, poor bookkeeping, growing too quickly, and not accurately forecasting your future earning and spending, then there’s one of the most obvious warning signs that your company is going under. If not correctly dealt with, don’t expect to keep your business open very much longer.

8 signs of an Imploding Business.

https://www.mjfgroup.biz/8 signs of an Imploding Business.Don’t let your business sink beneath the waves…..

 

 

So if this is where you are heading you will need a complete makeover.

Start by getting a Business Development Review (BDR) – online. Saving thousands of Rands by not using a Consultant as the first point.

Once you have purchased the BDR you get access to 13 more for free.

Once completed, the responses are insightful, providing you are brutally honest and answer each question no matter how simple you feel it is or you know you are doing what is asked, already. Then give yourself a high score.

Remember Your business isn’t in the mess it is because you are doing everything right. On the contrary unless you follow simple business rules you will fail. No matter how smart you are or how smart Your employees are.

So act now! Click on the graphic and go to our purchase page and get your first download link.. Spend $100/R1225 and save thousands. Get control of Your business. You get a detailed report from the system with the responses. But wait there’s more!. I also send you a more detailed report for each report with suggestions and links to free tutorial sites. This is worth  thousands of $/Rands.

https://www.mjfgroup.biz/sayofthedy/actnow



 

If you would rather have a discusion we can only offer the first 30 minute free and after that we charge R1500 per hour. sign in and pay and get your business back under your control

Our next appointment dates are between 30th April and 3rd May 2018. (1st is out) We meet at the Protea Hotel off the R562 in Midrand. Oh by the way You pay for Coffee. https://www.mjfgroup.biz/8 signs of an Imploding Business.

So send us your appointment request choosing prefered dates and time between 10: and 15:00 First come first served.

To info@mjfgroup.biz. 

Should you have any queries use the form below.

Regards,

Dr Michael J Freestone. B.Comm. FCIS. FCIBM. MBA DBA.

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Grow Your business up to 179% in a single Year.

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For those companies wanting to grow their business up to 179% in a single Year, then this post is for you.

 

Declining business is a totally demotivating position to be in. htps://www.mjfgroup.biz/Grow Your business up to 179% in a single Year.

Nothing seems to work, sales are getting worse and worse, customers are leaving you in droves and the worst is Your cashflow is disappearing.

Your staff seem at a loss and they have a dread fear of losing their jobs.

 

 

We understand the frustrations you are experiencing as you feel you have tried everything and nothing seems to work.  You might even have sought outside help, gone to a Business Support organisation offered by the UK Government or Local City Council. The same applies to those of you in South Africa.

Business rules in each country are different but the primary business rationale is to sell a product collect the money and grow.

You have  been to training sessions offered by various institutions but it all seems too theoretical.  You feel: “They don’t understand what it means to run a small to medium size business.”

We’ll we do understand. Don’t despair, we have been helping businesses like your since 2004 and have helped literally hundreds of them.

Grow Your business up to 179% in a single Year.

We base our service on the use of our proprietary business evaluation tools and techniques as well as using excellent on-line business diagnostic tools, sophisticated business planning software and provide free strategy software to our clients to keep their business up to date once we have completed our assignment.

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AND Yes we do help with funding applications as many businesses are hampered in their growth by a lack of capital for machinery and equipment and of course working capital. Dr Freestone is a Senior IDC Expert and has a fairly strong experience base in these applications.https://www.mjfgroup.biz/

 

 

 

 

In the UK he has successfully helped organisation’s apply for Loan Funding from Local City Council Growth Funds and ESIF EU Funding

Many of our clients took us on for three months and stayed since 2009.

https://www.mjfgroup.biz/business-diagnosticOur years of experience helps us get to the nub  of the problems in a very short time.

We charge a small fee, partly retainer based and partly time based. It depends on the small cashflow you have. We understand we cant cripple you at the last legs so we don’t!

If this interest you please send me a contact form asking for an appointment for a confidential discussion – entirely free, with no obligation. Indicate Country and dates.

UK until Mid March and South Africa from 1st May 2018.

Grow Your business up to 179% in a single Year.

Don’t delay contact me now!

 

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