As a would-be entrepreneur, you may have multiple ideas in your head. You know you have interests and passion for diverse things and possess the necessary skills and experience (or ambition and drive, at the least) to legitimately address the pain points of many people in a way that others haven’t quite thought about or mastered. But have you zeroed in on a niche yet? If not, it’s time to find one.
Breaking into Pune’s highly competitive market is a difficult process. This makes it vital to find the right niche for your startup in Pune to claim success as your own. Here are the steps that can help you find your startup’s niche in Pune.
Determine What You Seek to Offer
The primary step is to decide if you want to address a constant problem or one that’s seasonal and time-dependent. Solving a constant or evergreen problem means your startup will be operational round the year, and its services or products will have a steady demand in the market. However, a seasonal-based startup, such as one organising wedding events or offering last-minute gift ideas for Diwali, would mean you will be busy during a certain period of the year.
See If Your Business Idea Aligns with Your Passions and Interests
Find something you genuinely care about or are interested in, and research to discover in-demand niches that align with these passions or interests of yours. To sustain your passion for your startup, it’s crucial to align your business with your innate interests and zeal. Else, you may not maintain the momentum that’s required to stick to your business plan to set up and grow your venture in Pune.
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Narrow Down Your Options for Viable Business Ideas
Once you have listed the things that drive you or make you feel motivated, think about what viable business ideas can include them. For instance, if mental health issues are closer to your heart, you can think of providing mental health services. To niche down, you can think of offering such services to students, the elderly, or today’s workforce.
You will also need to ponder about what gap exists in the startup world regarding this domain and how you can fulfil it. Seeking feedback from your target customers about their pain points and how they want them resolved or conducting a market survey are ways to assess how financially viable your business idea is. You could also use Adwords and Google Trends to research keywords relevant to your startup idea to locate popular trends and market gaps. Browsing through forums about mental health can also help you spot trends about problems people suffer from and haven’t found answers to them yet.
Research the Competition and Test Your Idea
Once you have narrowed your niche down, research the competition to assess your niche’s profitability and if the products or services related to the problem you plan to solve really sell and have a market demand. For example, expensive products could mean an option for you to make cheaper products with good quality. The next step is to run a trial run with a prototype to judge the market reaction and see if your startup niche will really work in Pune.
So, go ahead, find your startup niche, and check for coworking spaces in Pune to set shop and slay it in style.
