It can be difficult for a small business to define a niche. However it is critical to do this if your business is going to give you what you want from it. It is very worthy of putting some time into it but here is a simple way to start. If you can answer these you will have a fair idea of your niche.
Who or what do you like dealing with?
Who or what do you find difficult?
Who are your best customers?
Who are your most difficult customers?
What problem can you solve for customers?
Armed with these answers you will have a fair idea as to what your niche should be. The next step is of course to ensure there is enough people looking for your product or service. And crucially can they afford to pay a price that is profitable for you. This is a very simplistic review that can be done in a few minutes. In the long run your business deserves a more detailed review. But you can use this as a quick start or just to check you are on track.
ODK is a firm of accountants based in Cork and specializing in advising SME and family business clients.