In this article we are going to look at what exactly niche business is and why it’s really the best way to get started building your business if you don’t have a big budget and are bootstrapping your business.
This is an introductory article, if you want to know really more about niche businesses I suggest you sign up for the free How To Find A Niche MiniCourse.
A niche business is a business that is targeting one very specific group of people with a very specific common shared interest or passion or desire.
The opposite of a niche business is a shopping mall. In a shopping mall you can kind of find everything. You can find for what’s you can find bread and fine foods and drinks and cigarettes and minicourse and clothes and books and CDs and more. These are all-in-one stores.
A niche business is the exact opposite thing. For example the fishing store, that is a niche business. Because of fishing store is only selling fishing equipment. They’re not selling dog food, they’re not selling cat litter, they’re not selling birdcages. They are selling books and fishing lines and nets and other stuff that people like fishing want to buy. Heck, they even sell worms! But that’s okay because people who want to go fishing want to buy worms.
In the online world if you want to build business, and it definitely should be a niche business, unless you have a multimillion dollar advertising budget.
Because the cost of operating a business on the Internet are so much lower. A shopping mall has high running costs, because they need to pay the rent or lease and they need to pay lot of employees and they need to move the inventory. For them it’s all about volume and maximizing revenue. That is why they go so broad. But on the Internet you have very little fixed costs. That’s why it’s easy to be able to set up a niche business. And it makes us so much more relevant experience to the uses of your store.
It also allows you to be establishing a much better relationship with your client and prospect base, because you know them much more intimately and you have the ability to bond better with them. You can speak more directly with them in your marketing materials and your marketing messages. You will have a higher customer loyalty and higher lifetime value per customer because all you offer them is relevant to something that they expressed and demonstrated an interest in.
People are so much more likely to buy from somebody from whom they have bought previously already. If I like to go fishing and I bought something in your store and you got for me and provide good customer service, I will buy again from you. Why should it change? I already established a relationship with you you already showed me that I can trust you because you deliver your promise and to make me happy with the transaction.
But it’s very important that you choose the right niche to start out with. Because even if you everything right with you niche business, if you have the perfect marketing if you have the greatest looking website and if you have lots of visitors to your website and if you have Jewish mailing list, if you have chosen the wrong niche for your business and your business simply will not make money. Too many people fall flat on their face after they have invested a lot of time and money and energy into building a business from scratch. That is why I created the free how to find your niche course which shows you exactly how to find and evaluate the profit potential of a niche, so that you can be sure that once you decide on building a business in a niche you really can be profitable and you really have high chances of making money online.
Simply put in your email address in the form above to claim your complimentary copy of the How To Find A Niche MiniCourse.