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Pinpointing that much sought after ‘niche market’ is key to any entrepreneur, no matter what their field might be, and when it comes to housing it’s no different. Finding a gap in the market is just the first part of paving the path to success; discovering a way to fill it is the second. It could be that your niche is sourcing houses in a specific area, or that you focus specifically on homes that have been specially adapted for the visually impaired; whatever it is, it will take more than a good idea to make it a success. Here are some top tips to help you on your way as a property entrepreneur.
Spotting that Niche in the Market
It’s all about spotting that gap. Ask yourself, what’s missing from the current housing market? Perhaps it’s holiday homes you want to focus on, or it could be helping people on benefits by providing houses that accept DSS as payment – there are plenty of routes you can go down. Just remember to ask yourself, is there something missing, that you yourself would pay for?
Take a Risk
Although it may not, at first, seem like the most sensible plan to rent housing to those people on benefits who need their landlord to accept DSS as payment, the entrepreneurs behind the company DSS Move did extensive research and discovered that in fact it was more risk free than you’d expect, as they were always guaranteed to receive at least 85% of their rent because it came direct from the council. This meant that they were only ever at risk of losing 15%, unlike the usual 100% that they could potentially lose.
Research, Research, Research
It pays to do a lot of research; nothing worth working for was ever going to be an easy task. Luckily, you have modern technology on your side, and so this task is easy to do from just about anywhere, and it is easy to track down plenty of ideas to give you the inspiration you need. The more research you do in the early stages, the more clued up you will be when you finally put this knowledge into practise.
Don’t be Afraid to Ask Questions
If you can, approach people in the industry who have existing experience in the field you’re researching – you may be surprised at how keen to help these experts are. The more you can learn from those who already know it, the less you have to research yourself. Don’t be afraid of giving your ideas away by sharing your ideas with those whose opinions you respect; it means that you’re more likely to get an honest response, which could save you a lot of time and money if your idea has no way of working. Networking is a sure fire way of meeting people who can potentially help you to put your plan into action.
There is much more to becoming a successful entrepreneur than forming a concept, but it is a great place to start, and there are plenty of free guides, tips and ideas online, available to help you.
