Niche It or Lose It
A business niche is a small specialized group or market. If you can provide a product, service, or more importantly, a solution to a problem that plagues a specific niche, you can increase your sales by creating a unique brand (message), organize a profitable system of delivery, and focus on selling your single solution. Although this may sound rather simplistic, it just may be the key to your business survival in the crowded markets of today.
By focusing on these 3 essentials, you can build a self-sustaining business that can evolve into a asset building, and possibly auto-pilot money making machine for a long time to come. It can become a department of your existing business or an entirely new business start up or spin off.
Ready, Set, Go!
What’s holding you back?
If you have a talent or skill that seems almost too easy for you to perform, or if you have a passion for doing something that others do not want to do and are willing to pay someone to do it for them, you have probably discovered YOUR niche market.
Now all you need to do is to organize your talent into a business that will earn a profit and begin selling it. We are so fortunate today, with all the technical advantages of the internet, that we can open a business (virtual storefront) with very little money and test the waters while refining our system. With almost immediate feedback from a well executed search marketing campaign, we can modify and adapt to various markets until we find one that will deliver just the right numbers from our marketing efforts.
Once we discover what works, we can multiply and expand our marketing efforts to build out and saturate our potential for each niche while creating and testing numerous other markets for our services and products. So, are you ready? Then, get set, and let’s go on a journey of niche profit selling. If YOU don’t, it’s almost guaranteed that someone else will create the best niche profit solution that you are thinking about right now. Idea’s are plentiful. Doing is rare.
Where to begin?
Start by finding YOUR passion/talent. This process of discovery usually works best with the assistance of a mentor or a non-related business coach. Once you know what you like to do regardless of monetary reward, you can research, and explore the potential markets in need of your potential solution. Because of the universal access to the internet, I suggest you do your research online in a process that you can also learn on line. If you are bewildered, please give me a call and I’ll help you out.
Then, you will want to organize your business for profit. You’ve heard it before, but it bears repeating. “If you fail to plan, you plan to fail.” Every new business, should start on a shoestring before you go out looking to borrow money or attract investors. If you don’t have a basic concept that you have tested, nobody will be interested in putting their hard earned dollars into your unproven ideas.
Once you have your plan and your basic strategy, sell it. It doesn’t matter how large your sales are, only that you can prove that there is a market willing to give you money for your idea. If you create a value proposition that will become a win-win transaction, you will only need to be persistent enough in your sales efforts to eventually learn what you need to do.
Then, when you discover your customer acquisition cost, you will only need to test new marketing activities to find those that cost less than your net profit to yield an unlimited marketing budget. What are you waiting for?
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