Catching the Big Niche Fish

Think of a niche market as a hook that will help you reel in the potential customers that you have identified as the most profitable and likely prospects for your business. Niches are described as either Operational Niches or Customer Niches.

Both approaches are effective but the differences between the two are that operational niches focus on specialized products and services that will ultimately appeal to a narrow customer segment (they are designed for that particular niche market). A customer niche focuses on one or more specific and profitable customer bases. The business centers its attention on tailoring its marketing efforts to a specific audience.

Catch and Release

It would be to your benefit if you can find a way to incorporate both approaches but you’ll need to do some “catch and release” first. As most entrepreneurs know, you may not always reel in the “big fish” on the first try. It takes awhile to get consistent income from your niche. Sure, immediately maximizing the income from your niche sounds great, you may want to explore around it a little. Consider ‘catching’ your niche customer slowly by devoting an hour or so a day to putting your new business model together and letting it take off. A niche is all about learning and experimentation, so don’t get frustrated by initial failure. A successful niche business will rely heavily on the contacts you will make, and this takes time.

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Posted in: Blog,The Gracious Entrepreneur