Niche: 1. A situation or activity specially suited to a person's interests, abilities, or nature.

           2. A special area of demand for a product or service

Edapted Translation- The direction you plan to take when building a business. A niche is ultimately your area of expertise. 

       Finding a niche is not a new concept. For years, major print magazines capitalized on niches and they continue to do so today. The degree of specialization within a prospective niche is the main difference between their approach, and yours. Hundreds of niche opportunities are presented in any major magazine publication. A magazine provides a variety of articles that relate to different niches. For example, an article on basketball shoes is a niche within Sports Illustrated. The magazine’s niche relates back to the overall theme, in this case, sports. Large magazines tend to generalize the niches presented in their articles. This is great news for you! Magazines, or any business, that lacks specialization leaves itself open to competition. That opening provides an opportunity to capitalize on their insufficiencies.

       Let’s crystallize your understanding of this concept. Say, Time magazine runs a one-page story on “planning children’s birthday parties.” The article lends itself to helping thousands of parents planning upcoming birthday parties. As an entrepreneur, you need to realize that there are at least two ways to capitalize on the topic of that article. For one, the same article will not appear in next month’s issue. If a demand for that article exists during that month’s issue, you can guarantee there is a demand for that information throughout the year. Second, the one-page article merely represents a snapshot of the birthday planning niche. Birthday parties are constantly open to new ideas and trends. This makes birthday party ideas an ever-evolving niche. Ever-evolving niches make it easy to enter new markets. All you have to do is recognize the inadequacies of the competition and capitalize on their outdated information. Combine this innovation with a new and creative approach to the “birthday party” niche and your website is destined for success. Your job is to brainstorm ways to add VALUE for your readers/customers. It absolutely does not matter if the niche already exists! The value you add to a niche is the only thing that will ever matter in this online market. Fact: 90% of new, successful companies did not invent a revolutionary product or idea; rather they built upon an already existing idea/ niche.

You MUST address the following criteria when adding value to your potential niche:

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