Tuesday, June 13, 2006
The Value of Finding Your Niche
Most new business owners figure they have to do what everyone else is doing if they want to succeed. They launch businesses in areas that already have big, well-established competitors. They figure that the more crowded a market is, the more buyers they'll find and the better chance they'll have of success. But the reverse is actually true.
If 10,000 people stand on a street corner trying to get the attention of passersby, how much chance do you have of getting noticed? Especially if all the others are experienced at getting attention and you're just learning how?
Zip. Zero. Nada.
Or would you rather have a corner all to yourself, where you have little or no competition in getting attention? Exactly! Your best bet is on that less crowded corner.
And if you already have some experience in that area, you stand out right away. One business owner I know has made a fortune in such obscure areas as info products about guinea pigs, goats and rabbits. He walked into niches that no one was serving and used his knowledge in those areas to completely dominate an untapped market.
By the time others started to noticed that there was money to be made there, he was already the unquestioned high guru that everyone in that niche looked to as THE expert. No one else has been able to make a dent in his business.
So what do you know that can help you to do the same? I'll get into that a little more tomorrow.
Jeff
Most new business owners figure they have to do what everyone else is doing if they want to succeed. They launch businesses in areas that already have big, well-established competitors. They figure that the more crowded a market is, the more buyers they'll find and the better chance they'll have of success. But the reverse is actually true.
If 10,000 people stand on a street corner trying to get the attention of passersby, how much chance do you have of getting noticed? Especially if all the others are experienced at getting attention and you're just learning how?
Zip. Zero. Nada.
Or would you rather have a corner all to yourself, where you have little or no competition in getting attention? Exactly! Your best bet is on that less crowded corner.
And if you already have some experience in that area, you stand out right away. One business owner I know has made a fortune in such obscure areas as info products about guinea pigs, goats and rabbits. He walked into niches that no one was serving and used his knowledge in those areas to completely dominate an untapped market.
By the time others started to noticed that there was money to be made there, he was already the unquestioned high guru that everyone in that niche looked to as THE expert. No one else has been able to make a dent in his business.
So what do you know that can help you to do the same? I'll get into that a little more tomorrow.
Jeff
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