Many smaller businesses choose niche markets for various reasons and these niche markets can be very lucrative. This article will look at ways to identify and assess whether they are right for your business?
For many smaller businesses it is important to have a focused strategy which enables them to operate in a small part of a chosen market with great success. This has a further advantage of giving the smaller business a way to compete with larger organizations and achieve a level of protection against competition.
How is it Relevant to You as Owner?
As the owner of the business, you decide on the business strategy and make informed choices as to where the business will be going. Being clear on possible niche markets or a niche focus of your business can be crucial to the ultimate success and sustainable growth of your business.
The advantage of operating in a niche is that you can specialize in a small market and hence become a leading supplier of that specific product or service.
Niche marketing can be extremely cost-effective. For instance, imagine you offer a product or service that's just right for a select demographic or population group in your area, such as South Africans or students. You could advertise in newspapers or websites that focus on them, which have considerably lower rates than stations that program for broader audiences. So your marketing budget would go a lot further, allowing you to advertise with greater frequency or to use a more comprehensive media mix. Taking on a new niche can be a low-risk way to grow your business, as long as you keep in mind several important rules:
Here are a 4 steps to consider when choosing a niche market.
Step 1
Every business starts with an idea or a dream. To... Read More
Shopping for a franchise is easy if you know what... Read More
1. Everyone Makes A Difference ? Despite not letting him... Read More
TRUTH IN THE LAWN MOWING INDUSTRYWe do not wish to... Read More
Over the years I heard the best way to learn... Read More
How often has someone thought of starting a business based... Read More
In the summer, I can't drive two blocks without seeing... Read More
Small businesses need Public Relations, possibly more than large corporations,... Read More
Think of your business as a living, breathing, organism. It... Read More
Mr/Ms, 'not me' is often on holidays in your business.... Read More
How far away is the person you need to meet?We... Read More
10 Best Practices to consider as your SBIR negotiations approach... Read More
Once you've decided to incorporate your small business the next... Read More
Forget everything you've ever heard about the U.S. Small Business... Read More
Whether your target audience is in your neighborhood or across... Read More
Where do you find the right people for a business... Read More
Are you responsible for your results?What comes to mind when... Read More
Is it right for you?If you decide to advertise your... Read More
When should you create a foundation in order to solidify... Read More
Quality control in franchising companies is paramount and all franchising... Read More
Every business plan book tells you how the Executive Summary... Read More
Since you own a business you probably have liability insurance... Read More
Every company has a value proposition. That is a statement... Read More
At first blush this idea might be difficult to wrap... Read More
Office support services can range from basic data entry to... Read More
Here are some sound debt collection techniques that can be... Read More
Are you thinking of starting a small pressure washer business... Read More
Why? Because they have access to world class public relations... Read More
What was your aim when you went into business for... Read More
The employer / employee relations environment has been constantly evolving... Read More
Remember the cleaning business is all about time ratio to... Read More
Q: Is the online world the best place to sell... Read More
"I don't know the key to success, but the key... Read More
There's no question that hard work and a little luck... Read More
How do you find the best business partners?Finding a good... Read More
Franchisors of home based and mobile businesses need to carefully... Read More
As small business owners we're in business to make money... Read More
$elling $elling $ellingWhat makes a great sales person? Well, the... Read More
How do you sponsor an event and get personal introductions... Read More
When you feel like you're always busy working on your... Read More
Anyone who is serious about washing aircraft as a full... Read More
You're pretty proud of yourself! After all, only four months... Read More
If I had $1.00 every time I heard someone say... Read More
Why does consistency in the message have an effect on... Read More
There are only a handful of car wash franchises in... Read More
Many have not experienced a fire up close. One year... Read More
When you hear the word "success" does it bring on... Read More
It's a strange anomaly.Most people who set out to start... Read More
KEEPING INTEREST HIGH: Supervision is key to the success of... Read More
Do you spend every waking minute in your business? Do... Read More
We very much like what we see in Lubbock, TX... Read More
Remember those drawings from science class of how a lever... Read More
Seventy percent of US households use the web when shopping... Read More
Franchising companies often use Business Broker to help attain sales... Read More
Every company has business pain, but the pain does not... Read More
"Order Now!" "Your Business Will Fail If You Don't Have... Read More
Many of our nations 400,000 franchisees run their businesses out... Read More
I propose this thought on the subject of Franchisee territory... Read More
Your business is making profits, but where is the cash?... Read More
Having their own business is something many millions of people... Read More
Everyday, customers and business owners are bombarded with billboards, logos,... Read More
If you are in the professional car care business you... Read More
Cash is King... That is what everyone tells us and... Read More
How many "get rich schemes" have you joined? Or have... Read More
Many companies wish to expand and a few wish to... Read More
Why does a good business relationship rely on having some... Read More
Small Business |