Starting a new business in Canada: Find your market niche

When starting a new business in Canada, the potential success of a product or service involves a myriad of factors, including the design, features, potential profit margin and sales volume projections.

Apart from patenting inventions, you can assess these possibilities for product development.

New product lines that are absolutely new to the market and enable you to create your own niche, revolutionize or create markets.
Product revisions/replacements that enable you to build on your existing product line.
Repositioned products, that uncover new applications for your products or new customers for current products.
Products that copy those produced by others, but where there is a market for many competing versions.

Use the following quick checklist when defining your market niche.

• What are the needs of your prospective customers? Ask yourself: How will your business meet those needs? Identify unmet needs.
• What are your customer’s desires? A market need could also be a deficiency, for example, a product that lacks post-sales service.
• What problems does your product or service solve? Does it make your customer’s life simpler?

It’s important to define your ideal customers clearly.

• Who exactly are my target customers?
• Why do my customers buy?
• How do my customers define value?
• What makes my product or service superior to that of my competitors?
• Why do my prospective customers buy from my competitors?
• How can I offset that perception and get my competitors’ customers to buy from me?

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