How I Found A Niche In A Billion Dollar Market

Selby Webb

Published by Selby Webb
Co-founder, Editor and Head of Marketing of SuccessField


4 months ago

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“It’s always impossible until it’s done” is a famous quote that most of us have heard before. But how hard is it really? This is not a typical success story, but more of a review of my struggle and how I went about creating my company, FoodPort LLC, in Switzerland. In order to gain better understanding of this article, check out the website of my business, then continue reading. 

Understand your market

macbook

First try to understand, then try to be understood. This is the kind of ideology that an entrepreneur has to seek. Understanding your market is the basic of every business opportunity. As for my situation, back in 2011, the annual revenue of all businesses in the food and beverages industry in Switzerland was estimated to be 18.795 billion Swiss Francs. The government counted 37,174 employees in 207 different companies. Distributors and company with less than 10 employees were not included. Just like I did research, I advise you to do the same. Gather a few numbers even if you don’t think that you need them now. Trust me, you will soon. Your research can include following: 

  • Annual revenue of the respective business field
  • Number of companies and employees
  • Estimated market size
  • Average profit-margin

Look For Your Niche

google

Just like I described in my previous article, focus more on what people need than what can make you the most money. Founding a business is all about helping society. Because if you can convince most people that your service is needed, they’ll be willing to pay for it. Now all you’ve got to do is just make it attractive and professional.

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I noticed that during the past few years, more and more foreigners started to visit Switzerland. It might be because of the high life standards, or perhaps because of the job opportunities that the country has to offer. However, many of these foreigners wanted to buy food from their country but couldn’t get it. And if it did exist, they would’ve had to drive for hours in order to go shopping. Many of the stores didn’t really offer a professional service and hired people who, in my opinion, weren’t qualified to work with customers. On the other hand, many Swiss citizens would come home from a vacation and look for various products that they had tasted.

This is when I noticed that this could be a niche. So my business partner and I created an e-commerce online shop for international food and drinks named FoodPort. At the moment, we’re selling over 900 products form Eastern Europe and Asia. Customer are going crazy!

Your niche doesn’t always to be about what you do, it can also be how you do something. Too many people waste so much time trying to create a business, which might give them thee feeling they are rivaling top tier entrepreneur like Elon Musk. You don’t have to follow the trend and start the next Tesla, Apple or IBM. Study the system, look for patterns and bet against them in an intelligent way. 

Never do the following: 

  • Copy someone’s service, but with lower prices
  • Try to start too big
  • Involve too many people you’ve never worked with in your project
  • Depend on others before you’ve made your first dollar
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Be Aggressiv, Consistent & Customer Friendly – Become A Religion

shopping

You can be anything, but you can’t be everything. Don’t overestimate yourself! If you think that you’ve found a niche, become invincible in that small gap that you found in the system. Be so aggressive that copy cats can’t find enough time to enter your market. Be so consistent that you keep being mentioned everywhere. Be so customer friendly that your customers wouldn’t even want to run off if someone offers them better prices than you. Your business has to become like a religion. No matter what you tell religious people, they just don’t seem to go against their beliefs. It takes time, but it’s worth it.

 

 

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How I Found A Niche In A Billion Dollar Market

Share on Facebook
Share on Twitter
Share on Google+
Share on LinkedIn
+

“It’s always impossible until it’s done” is a famous quote that most of us have heard before. But how hard is it really? This is not a typical success story, but more of a review of my struggle and how I went about creating my company, FoodPort LLC, in Switzerland. In order to gain better understanding of this article, check out the website of my business, then continue reading. 

Understand your market

macbook

First try to understand, then try to be understood. This is the kind of ideology that an entrepreneur has to seek. Understanding your market is the basic of every business opportunity. As for my situation, back in 2011, the annual revenue of all businesses in the food and beverages industry in Switzerland was estimated to be 18.795 billion Swiss Francs. The government counted 37,174 employees in 207 different companies. Distributors and company with less than 10 employees were not included. Just like I did research, I advise you to do the same. Gather a few numbers even if you don’t think that you need them now. Trust me, you will soon. Your research can include following: 

  • Annual revenue of the respective business field
  • Number of companies and employees
  • Estimated market size
  • Average profit-margin

Look For Your Niche

google

Just like I described in my previous article, focus more on what people need than what can make you the most money. Founding a business is all about helping society. Because if you can convince most people that your service is needed, they’ll be willing to pay for it. Now all you’ve got to do is just make it attractive and professional.

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I noticed that during the past few years, more and more foreigners started to visit Switzerland. It might be because of the high life standards, or perhaps because of the job opportunities that the country has to offer. However, many of these foreigners wanted to buy food from their country but couldn’t get it. And if it did exist, they would’ve had to drive for hours in order to go shopping. Many of the stores didn’t really offer a professional service and hired people who, in my opinion, weren’t qualified to work with customers. On the other hand, many Swiss citizens would come home from a vacation and look for various products that they had tasted.

This is when I noticed that this could be a niche. So my business partner and I created an e-commerce online shop for international food and drinks named FoodPort. At the moment, we’re selling over 900 products form Eastern Europe and Asia. Customer are going crazy!

Your niche doesn’t always to be about what you do, it can also be how you do something. Too many people waste so much time trying to create a business, which might give them thee feeling they are rivaling top tier entrepreneur like Elon Musk. You don’t have to follow the trend and start the next Tesla, Apple or IBM. Study the system, look for patterns and bet against them in an intelligent way. 

Never do the following: 

  • Copy someone’s service, but with lower prices
  • Try to start too big
  • Involve too many people you’ve never worked with in your project
  • Depend on others before you’ve made your first dollar
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Be Aggressiv, Consistent & Customer Friendly – Become A Religion

shopping

You can be anything, but you can’t be everything. Don’t overestimate yourself! If you think that you’ve found a niche, become invincible in that small gap that you found in the system. Be so aggressive that copy cats can’t find enough time to enter your market. Be so consistent that you keep being mentioned everywhere. Be so customer friendly that your customers wouldn’t even want to run off if someone offers them better prices than you. Your business has to become like a religion. No matter what you tell religious people, they just don’t seem to go against their beliefs. It takes time, but it’s worth it.

 

 

Share on Facebook
Share on Twitter
Share on Google+
Share on LinkedIn
+