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Know your niche

VictoriaB

As a new business it's important to know your niche -- your point of differentiation from your competition -- what makes your business unique.

One of the ways to arrive at the answer to what's your sweet spot is to do a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats.

Get with your team and have everyone write down what they think about those four things.

Strengths -- As a business, what do you do really well? Weaknesses -- What are you not so good at?

Opportunities -- Look around. Where do you see growth in the market? What do the trends suggest?
Threats -- Who could swoop in and take it all away?

Once you have your answers to those questions it's easier to see how you can find your niche.

Shared by VictoriaB on 9/28/08