When determining the market for your business, starting small is best. It is simply impossible and a waste of time and money to reach everyone, so you need to narrow your focus. Then, as your business expands, you will likely expand your market along with it. This strategy has been successfully used by many corporations, including Nike, Gatorade, and Facebook.
Once you think of a small market in which you would like to start, you need to see if that market self-identifies. Individuals in a self-identifying market will tell themselves and others things like, “I’m a soccer player” or “I’m a cake-decorating enthusiast.” Furthermore, if a market is self-identifying, this means that there are probably already clubs, associations, trade shows, memberships, support groups, forums, and magazines devoted to the market. If you cannot find organizations or services like these, you probably need to go a little larger and refocus in a different direction.
