How to Pick a Profitable Niche for Your Small Business
How to Pick a Profitable Niche for Your Small Business
I've seen so many smart people start businesses that languish for lack of clients. Many times they are just unclear as to who their clients are, or they've picked a niche that's too broad or narrow. Picking the right niche can be a deciding factor in whether your business succeeds or fails.
Being too much of a generalist just doesn’t work. Why not? Because people want to go to experts. You can't be everything to everyone. You may fear loosing potential clients if you don't try to go after every possible lead. You may try to reinvent yourself to fit the needs of each person you meet. The problem is that you won't be growing a reputation of being really good at anything. Let's face it. In today's competitive environment, consumers are searching for proven specialists.
If you were having a baby, would you want an family doctor or an ob-gyn?
Here are some silly and not so silly examples of niches that are too large, just right, and too small.
Too Large Just Right Too Small
Doctor Dermatologist Faces only
Internet marketer Weight loss For college aged women
Lawyer Estates and Wills For divorced men over 40
As you can see if your niche is too large, you’re likely to be passed over for an expert. If it’s too small there just aren’t enough clients. Finding the right niche is crucial. But before you settle on a niche here are 3 important criteria to consider.
- Will my products/services fill an aching need for my target clients?
- Are they willing and able to pay?
- Are they relatively easy to reach so I can market to them?
If the answer to any of these questions is no, you might want to continue researching and refining your niche.
One final question to test your niche is this–is it oversaturated with competitors? If so, can you put a spin on your ideas that will make your business fresh, original and compelling? If your niche or industry is an emerging or growing trend, then you might be able to successfully throw your hat in the ring. If not, and you’re on the tail end of a trend, chances are you’ll struggle and you may want to re-think and refine your niche.
Follow these simple tips before making a commitment. Check out what successful businesses are doing in your niche. How are they marketing? How profitable are they? Following these simple suggestions could have a huge impact on your success.
Want to learn everything you need to know to rev-up your new business in a just a few months?
http://smartrack.net/rev-up.htm
How to Pick a Profitable Niche for Your Small Business - To learn more about this author, visit Janis Pettit's Website.
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Before you settle on a niche for your small business, you need to do some research. I’m sure you have an array of talents, knowledge, interests and passions. Not all of them are marketable and you don’t want to be batting your head against a wall trying to become profitable.
I've seen so many smart people start businesses that languish for lack of clients. Many times they are just unclear as to who their clients are, or they've picked a niche that's too broad or narrow. Picking the right niche can be a deciding factor in whether your business succeeds or fails.
Being too much of a generalist just doesn’t work. Why not? Because people want to go to experts. You can't be everything to everyone. You may fear loosing potential clients if you don't try to go after every possible lead. You may try to reinvent yourself to fit the needs of each person you meet. The problem is that you won't be growing a reputation of being really good at anything. Let's face it. In today's competitive environment, consumers are searching for proven specialists.
If you were having a baby, would you want an family doctor or an ob-gyn?
Here are some silly and not so silly examples of niches that are too large, just right, and too small.
Too Large Just Right Too Small
Doctor Dermatologist Faces only
Internet marketer Weight loss For college aged women
Lawyer Estates and Wills For divorced men over 40
As you can see if your niche is too large, you’re likely to be passed over for an expert. If it’s too small there just aren’t enough clients. Finding the right niche is crucial. But before you settle on a niche here are 3 important criteria to consider.
- Will my products/services fill an aching need for my target clients?
- Are they willing and able to pay?
- Are they relatively easy to reach so I can market to them?
If the answer to any of these questions is no, you might want to continue researching and refining your niche.
One final question to test your niche is this–is it oversaturated with competitors? If so, can you put a spin on your ideas that will make your business fresh, original and compelling? If your niche or industry is an emerging or growing trend, then you might be able to successfully throw your hat in the ring. If not, and you’re on the tail end of a trend, chances are you’ll struggle and you may want to re-think and refine your niche.
Follow these simple tips before making a commitment. Check out what successful businesses are doing in your niche. How are they marketing? How profitable are they? Following these simple suggestions could have a huge impact on your success.
Want to learn everything you need to know to rev-up your new business in a just a few months?
http://smartrack.net/rev-up.htm
How to Pick a Profitable Niche for Your Small Business - To learn more about this author, visit Janis Pettit's Website.
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Very informative. Thanks for writing!
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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