If you wish to run a successful business, you have to pick a niche. In fact, choosing your niche is one of the most important parts of the process.
On this page, we are going to take a little look at how you can go about picking a niche for your clothing or fashion business.
So, What is a Niche?
Well, the simple definition is that it is a segment of a much larger market. Let’s say that you are in clothing retail. You are not just going to focus on selling everything, right? Of course not! You will want to sell one specific line of clothing. Let’s say, for instance, children’s clothing. By selecting a niche, you will be able to focus on one specific area of the market and do it incredibly well. You won’t be trying to sell many different products. It would be tough to focus your advertising.
When you choose your niche, you need to make sure that you stand out. You want to be sure that the market does not have too much competition BUT you also need to make sure that the sales are there. Sure, a business which caters to clothing just for people who love leopard print is going to stand out, but are there really going to enough people out there who are looking to buy products from you? Can you stay in business?
Understand Your Niche
It is also important that you actually understand the niche that you operating in. A lot of people out there have gone on to put businesses together simply because they believe that there is money to be made. You are only going to be able to make money if you actually understand what you are selling. If you do not understand children’s clothes, do not sell them. People will be counting on you for advice. People will be counting on you to source the right products for them. If you do not have knowledge of that particular niche, both of these things will end up being incredibly difficult.
Of course, you also want to choose a niche which fits the area that you are in. Let’s say that you are planning on opening in the middle of a fairly rich neighbourhood. Do you really want to be selling clothing that has been targeted towards people who are trying to be frugal? I am willing to wager that the answer to this question is no. So, therefore, you are going to want to avoid it.
Available Stock Level
Finally, make sure that whatever niche you select, you need to be able to source the clothing fairly easily. You are going to want to have a decent amount of stock in your store. If you do not have the stock that you need, you will find that people do not visit you. If people do not visit you, you will not be making any more and it will be difficult to keep the doors of your business open!