Niche and Grow Rich Article

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Niche and Grow Rich

By:Jonathan R Taylor

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 select stain resistant fabrics and lamps and other accessories that are not easy to break.

What about your business idea? Is it specific enough? If you’ve decided to start a small lawn business during the summer, how can you focus your business so you’re not competing with a thousand other landscaping services you see driving around town? How about targeting your service specifically to real estate investors?

Customers will see your specific expertise as a great value which will only keep your business thriving in the long run. Remember, a Jack of all trades ends up being a master of none. Click here for more ideas on “niching” your business or profession.

To access the links in this article, visit www.careercalling.com/Archives.htm and read edition July 15, 2005.

About the Author

Find out why Dave Ramsey recommends the program that we teach. Visit www.careercalling.com!

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