Women's Business Blog

Entrepreneur's Tip of the Week: Creating a Niche Business

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These economic times are giving birth to multitudes of entrepreneurs. Historically, more small businesses are created in down economies than in thriving economies. Why? Because when people lose their jobs to tighening budgets inside the corporation those same people realize their situation is optimal for launching a small business providing the same or similar service back to their one time employer and others. Yes, a smart entrepreneur shakes off the disappointment of getting laid off and begins using a severance (not always provided) and some of their new found unemployment to start a niche business.

This blog is directed to YOU - the new entrepreneur creating a niche business. The first thing you must do is resist the overwhelming feeling of expanding the products and or services of your new niche business just because you want to attract a larger customer base. This is your first BIG mistake. A niche business is exactly that - a business that specifically provides a solution to a very particular problem or need. Your first job as a new entrepreneur in this space is to be the best at "scratching the itch that creates this niche". You want to be seen as the expert to all those businesses that need help in this niche arena. The moment you stray from your sole mission of your new small business is the moment you become just one small business in a sea of small businesses without focus.

Second, you must believe that every niche business has a niche market. Your goal is to attract and service 100% of that niche market. By expanding your services you dilute your focus market and dilute your brand.

Yes, you will be tempted.....very tempted to stray as promises of money and business will come your way, and as you sniff the cash your entrepreneurial counter ego will tell you to forget this advice of sticking to your niche and take the money. BUT BEWARE! The moment your business becomes just like everybody else's business is the moment you no longer have an opportunity to shine as a niche business.

Be the best at what you do. Brand your business as niche and you'll succeed at securing the majority of the market that needs your service.

Creating a niche business takes character, guts and determination but it is worth it.

HIRE VICKI TO SPEAK AT YOUR NEXT EVENT!