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
Airbnb cleaning service Glenview ..Are you -- like 70 percent of small business owners... Read More
During the 1980 presidential campaign, candidate Ronald Reagan vowed, if... Read More
Experts urge small business owners to "brand" their business ?... Read More
Now that winter has passed, the annual ritual of spring... Read More
Thankfully, most of us will never find out. That is... Read More
I agree that knowledge should be free, but the next... Read More
Starting and managing a small business is no fun chore,... Read More
At first blush this idea might be difficult to wrap... Read More
Competition in the business world is often viewed as a... Read More
If you're an entrepreneur responsible for your own small business... Read More
As small business managers, we juggle limited resources in a... Read More
You'd like to go into business for yourself, and believe... Read More
Running a business on the net these days can be... Read More
As a solo entrepreneur or small business owner, one of... Read More
There were only an estimated 1800 active franchisors in this... Read More
In this series of articles I'm going to show you... Read More
Winning small and home based businesses today must continually shake... Read More
Some of the greatest words of wisdom for any man... Read More
Approximately 200,000 new businesses are started each year. More people... Read More
A recent survey indicated that clean Taxi Cabs Fleets have... Read More
Every business regardless of size needs a "Business Image Manual"... Read More
Your business is making profits, but where is the cash?... Read More
Ask anyone trapped in a cubical about their entrepreneurial dream... Read More
One thing I have noticed in my travels to different... Read More
Last summer the FTC put forth a report and then... Read More
efficient cleaning crew Highland Park ..If you run a pressure washer business you need complete... Read More
Scenario OneDuring a recent presentation, a business owner was given... Read More
Lance Armstrong this week won an unprecedented 7th Tour de... Read More
SBIR vs. STTR: If you are participating in the SBIR... Read More
There's been a recent rise in the number of elderly... Read More
When does your ego get in the way?Let's go back... Read More
Self-cleaning glass has been talked about a lot, with such... Read More
Why are Chambers a good launching pad?Chambers provide you with... Read More
Q: Is the online world the best place to sell... Read More
You bet a name is important. Many small business owners... Read More
Forget everything you've ever heard about the U.S. Small Business... Read More
Most doctors never distinguish the difference between customers and patients.... Read More
I ran a franchise company for many years, a car... Read More
Remember the training programs, seminars, and workshops you had to... Read More
Remember the cleaning business is all about time ratio to... Read More
The following tips have come from a wide variety of... Read More
As a teenager I worked for my father's small business.... Read More
The start of a new year is a time for... Read More
"Order Now!" "Your Business Will Fail If You Don't Have... Read More
The stock market is still on a wild roller coaster... Read More
Is this you?You dreamed of owning your own business, doing... Read More
Nothing can drive a business down faster than customers who... Read More
There are many potential niches for pressure washing companies that... Read More
Many of our nations 400,000 franchisees run their businesses out... Read More
It's obvious when a small business has accepted the fact... Read More
Small Business |