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market research Niche Selection

Identify your target audience

Determine your interests and expertise

Conduct a brainstorming session for potential niches

Evaluate the profitability of each potential niche

Research the size of the market for each potential niche

Identify the competition in each niche

Analyze the trends and growth potential in each niche

Assess the market saturation level in each niche

Identify the pain points and needs of the target audience in each niche

Determine the demographics and psychographics of the target audience in each niche

Conduct surveys or interviews to gather insights from potential customers

Analyze customer feedback and testimonials related to each potential niche

Evaluate the potential revenue streams for each niche

Estimate the potential costs and expenses associated with each niche

Analyze the pricing strategies of competitors in each niche

Calculate the potential profit margin for each niche

Assess the resources and skills required for each niche

Evaluate the feasibility of entering each niche based on your available resources

Determine the level of expertise or training needed for each niche

Consider any legal or regulatory requirements associated with each niche

Rank the potential niches based on their market size, profitability, and feasibility

Select the top niches that align with your interests, expertise, and available resources

Determine the long-term potential and sustainability of the chosen niche

Create an action plan for entering and establishing your business in the selected niche

Remember to adapt this checklist to your specific needs and industry, as market research methods can vary.

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