Know your niche

As a new business it's important to know your niche -- your point of differentiation from your competition -- what makes your business unique.

One of the ways to arrive at the answer to what's your sweet spot is to do a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats.

Get with your team and have everyone write down what they think about those four things.

Strengths -- As a business, what do you do really well? Weaknesses -- What are you not so good at?

Opportunities -- Look around. Where do you see growth in the market? What do the trends suggest?
Threats -- Who could swoop in and take it all away?

Once you have your answers to those questions it's easier to see how you can find your niche.