Niche and Grow Rich
There's a quote out there most of us have heard and it goes something like this- 'If you try to be everything to everybody, you wind up being nothing to anybody.' Too often that's the mistake so many new business owners make in the beginning. They have such a desire to get their product or service out there, they are willing to target anyone and everyone.
The key to success in today's competitive market is to 'niche' your business to a particular group that would be interested in your product. In speaking with clients, I sometimes hear business ideas that are far too general.
One client I met with this week certainly understood this as we discussed business models. Her idea was to start her own clothing design targeted specifically to women who have a hard time finding bigger sizes. As we discussed this idea, we narrowed it down even more to sports wear, specifically motorcycle clothing- something she's familiar with as an avid motorcyclist.
By narrowing your target customer, you have the chance to focus all of your marketing and branding in one specific area, and, in essence, cut out much of the competition.
This month's issue of Entrepreneur Magazine has a story about an interior decorator who has built a very successful business by specializing in family-friendly interiors for her client's homes. Instead of being a generalist, who takes whatever jobs she can get, this entrepreneur helps customers pick out furniture that can stand the wear and tear of energetic children in the home. She also helps clients ......
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