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Small Business Marketing Series - Choosing a Niche Market
Many smaller businesses choose niche markets for various reasons and these niche markets can be very lucrative. This article will look at ways to identify and assess whether they are right for your business?
For many smaller businesses it is important to have a focused strategy which enables them to operate in a small part of a chosen market with great success. This has a further advantage of giving the smaller business a way to compete with larger organizations and achieve a level of protection against competition.
How is it Relevant to You as Owner?
As the owner of the business, you decide on the business strategy and make informed choices as to where the business will be going. Being clear on possible niche markets or a niche focus of your business can be crucial to the ultimate success and sustainable growth of your business.
The advantage of operating in a niche is that you can specialize in a small market and hence become a leading supplier of that specific product or service.
Niche marketing can be extremely cost-effective. For instance, imagine you offer a product or service that's just right for a select demographic or population group in your area, such as South Africans or students. You could advertise in newspapers or websites that focus on them, which have considerably lower rates than stations that program for broader audiences. So your marketing budget would go a lot further, allowing you to advertise with greater frequency or to use a more comprehensive media mix. Taking on a new niche can be a low-risk way to grow your business, as long as you keep in mind several important rules:
Here are a 4 steps to consider when choosing a niche market.
Practical Money-Saving Tips For Small Businesses
One of the primary concerns all small businesses have is saving money. When it's time to trim the fat, most look for one giant expense to decrease or eliminate in order to stay within budget.
Pressure Washing Business; Steam Cleaner Fuel Maintenance
It is essential that you fully understand how the fuel system works on your hot water pressure washer or steam cleaner. If you mess it up it could catch on fire and if you are not right there to put it out, you could potentially lose your machine.
Avoiding the Small Business Cash Flow Roller Coaster
A solopreneur I know disappears from my radar screen for weeks on end when she's actively engaged on a project for a client. During this time she is heads down, totally focused, and immersed in delivering her service to her current client.
Increase Profits With a Small Investment of Time and No Money
The less a business pays for goods and services the more profit that business generates. How does a small business with limited purchasing power get access to lower cost goods and services? The answer is simple.
Starting a Tractor Washing Business
In the heavy equipment cleaning business you can make good money and provide an important service for your clientele. You can save them man-hours, chemical costs and free up time for more important needs such as preventative maintenance and repairs.
Sample; Territory Reduction Policy for a Franchise Company
I propose this thought on the subject of Franchisee territory reduction based on performance for a Mobile Business Model. Please read the sample policy below as it explains the reasoning and methodologies considered to extend brand without risking underdeveloped territory.
Site Selection - Slice of Life, A Car Wash and Detail Center DownTown
There is a continual trend we are seeing which I can remember participating in over a decade ago, when cities were trying to figure out how to increase sales tax revenues when the large box stores outside of town came into nearby or surrounding areas. For instance a big and easy example would be Wal-Mart.
What To Consider Before Buying A Franchise
Here are some useful tips on what to consider before buying a franchise. Before investing in any franchise system, be sure to get a copy of the franchisor's disclosure document.
Build Credibility with Expertise
As an Investment Representative you've worked hard to build trust with your pension clients. Now, you can solidify that long term relationship with your expertise on one of the greatest fears of small business retirement plan sponsors.
Small Business Savvy: Reaching Key Big Business Decision Makers
As a solo entrepreneur or small business owner, one of our key challenges can be reaching key decision makers in larger companies. Getting to the right person who can seal the deal can be a frustrating experience, especially if you don't have a game plan.
If You Want Business - Be Consistent
Why does consistency in the message have an effect on how the business relationship is formed?Your message to others needs to be consistent. You need to define your expertise and develop your elevator pitch.
Secrets Revealed To Having The Most Professional Staff On The Telephone!
Do you have all the customers your business can use?The seemingly simple task of taking phone calls is a hidden liability for not just some, but most businesses. You've invested precious dollars in advertising and marketing.
Franchising in The Middle East There Will Bring Significant Opportunity for US Based Franchisors
As stability emerges in the Middle East there will be significant opportunity for the Franchising Community. Arab Franchising appears to be of interest for those seeking economic growth in much of that region of the World.
Making a Donation to Bring MORE Business
How a donation is different from a sponsorship and what is the advantage to you?Donations are different from sponsorships, as a sponsorship is more likely to headline you for an event whereas a donation will let you be listed as one of the many donors. You do not need to headline every event to get business attention; you can simply donate an amount of funds and be listed.
New Habits, Rebounding Economy Help To Sell Giftware and Collectibles
Just a few years ago, when one thought of a home-based sales business, Tupperware, Avon and a host of multi-level marketing schemes might have come to mind. Today, however, changing market conditions and evolving consumer habits have converged to make home-based selling businesses a realistic opportunity with real profit potential.
How to Remove Stress from Owning a Business... Forever!
I meet and talk to hundreds and hundreds of business owners every year and do you know what I've discovered? Virtually all of them are regularly suffering from stress.It dawned on me while running a seminar one day.
Small Business - Big Business...Whats the Diff?
Small Business, Big Business - What's the Diff?Well a lot actually!I become frustrated and angry at the government's paying lip service to assisting small business. It appears as though all governments, bureaucrats and many accounting advisers do not know what a real small business is.
Small Business - Is The Accounting Profession Ripping Them Off?
My 16 year-old daughter said, "Gee Dad! You look just like an accountant" And she wasn't being complimentary. Accountants are perceived to be boring, stodgy and conservative.
Boat Cleaning Business Case Study: Entrepreneurship 101
How do marine type businesses start? Have you ever thought of turning a hobby into a business? Let me tell you a story of how I got into the Boat Detailing Business when I started our in the car cleaning business which grew into a franchise system. So often we read in business books to study markets and develop business plans when in reality it does not exactly work that way.
Pressure Washer Concrete Cleaning Equipment
Cleaning concrete is tough and there is an easy way and a hard way. There is one thing you need to understand when you are pressure washer cleaning concrete; the concrete cannot always be made to look brand new again after it has been stained.
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