Dear Entrepreneur,

Please, avoid picking a niche that’s too broad, or too narrow. Are you expecting your business to attract all persons under the age of 25 in your country?

With a target market this wide, you’re setting yourself up for failure, and investors and other advisors will be able to see this problem quickly.

On the other hand, if you’re looking to fill an extremely specific niche that will only attract a very small population, you’ll face the same kind of issue.

Whether too wide or too narrow, you don’t want to make the mistake of choosing a business idea within a niche that won’t actually allow your business to grow and prosper.

Find a middle ground: a target market small enough to capture, but large enough to generate a reasonable profit. You’ll often hear that “niche is nice”, however, a too specific market can be just as problematic as a market that’s too wide.

With love,