This is a great question. It’s not that simple to answer, but I will do my best.
All you read online these days is you need to find niche market in business to be successful online.
If you have been around the online marketing world for a while you will know exactly what i’m talking about.
Maybe online this has some merit to it, because online competition in big markets is huge and has some very big players now with big marketing budgets.
But what about the real world, forget the online affiliate marketing network, what if you had a real business model.
I can only go from my past experience with starting a business that was in a niche market and the difficulty that comes with that.
There is a quote that goes something like this: “Don’t be the first to pioneer a new market , be the second and do it better”
The cost of pioneering a new market will take its toll on any new business.
When we set up New Zealand’s first specialty Strength and Conditioning Equipment business we were it. It was such a niche market and it had no competition. Having no competition also comes with its own complications which I will talk about in another blog post.
Before I go any further lets explain what exactly is a niche market compared to what I will refer to as a mainstream market.
Niche Market Meaning
Can be a niche product or service, meaning a unique product/service that has a market that has not fully formed yet and has very little competition in that market. This can be due to lack of marketing and popularity. Anything can become mainstream if enough money is spent on marketing.
Mainstream Market Meaning
All products are well known to the market and they have a big following and demand. Normally loads of competition.
How did a niche market like Strength and Conditioning go to being such a mainstream product with a massive movement and popularity. The Answer is simple “Crossfit” I think unless you have been living under a rock for the last 10 years you will know of or know someone that is involved in Crossfit.
What Crossfit did was make Strength Training fashionable, they just took the best of all strength sports and nutrition and packaged it, it was genesis. They showed the World the benefits and results you can get from Strength Training, prior to this people thought if you lifted heavy weights you would look like Arnold in about a week. Don’t get me wrong I am not an advocate for Crossfit, I feel they have completely ignored safety of the athlete to turn a dollar.
However this article is about niche businesses and marketing.
Ok, lets go back prior to Crossfit. I have gone off track a little.
The difficulties that come with a market that is small and yet to gain mainstream media attention and demand.
The struggles are real, the cost of trying to develop the market is huge and mostly unsustainable unless you have a multi million dollar marketing budget and time up your sleeve. As a small business you could put in 20 years of struggle to have a big player come in and sweep up your market.
This also depends on what your end goal is as well, that is why the question is hard to answer.
You have to ask yourself, do I have time!
The other side of the coin is most of the time why there is no big players in the market is that there is just no market and they can not see this changing in the foreseeable future.
Look at it like this, so you get 90% of your niche market purchasing products from you (which in incredible) which turns over $100,000 or you get 1% of a multi billion dollar mainstream Market which could amount to millions in turn over.
If I have had my time over again, would I do it again. Would I struggle on in a niche market. Hell yea, it was my passion and getting paid for doing something I loved and was passionate about was just a bonus.
Don’t be weak, the business World will gobble you up and spit you out, be ruthless and do what you love and have a passion for however small the market is. You don’t need to sell something you love, people feel your passion when you talk about it. Passion sells itself.
I hope this helps. The bottom line is follow your heart. I don’t understand how people can set up a business in a market that have no interest in. The whole time I had my business, in my eyes I was changing the World one customer at a time.
If you are interested in following your dream and getting your business idea underway the best way to start is by getting yourself online and getting your product or service in front of your market. Check out my blog post on How To Get Your Business Online in NZ
I’m commenting to let you be aware of of the awesome discovery my child developed browsing the blog. She picked up such a lot of things, with the inclusion of what it is like to possess an ideal teaching style to make the others without hassle thoroughly grasp specified tricky topics. You undoubtedly surpassed visitors’ expected results. Thanks for showing those valuable, trustworthy, revealing not to mention unique tips on your topic to Sandra.
Thank you for your entire labor on this web site. My mom really loves managing investigations and it is obvious why. My partner and i learn all regarding the lively tactic you present sensible things through your web site and in addition invigorate response from some others on the situation then our favorite princess is truly starting to learn a whole lot. Take advantage of the rest of the year. You have been doing a stunning job.
I am commenting to let you know of the great encounter my friend’s daughter found reading your web page. She figured out numerous issues, not to mention what it’s like to have a wonderful giving mood to have men and women really easily have an understanding of selected hard to do subject areas. You really exceeded our own expectations. Many thanks for imparting the interesting, safe, explanatory and even easy thoughts on the topic to Janet.
I simply wished to thank you very much yet again. I do not know what I would have used without those tricks shown by you relating to this topic. This has been the traumatic situation in my view, nevertheless viewing your well-written way you treated the issue took me to weep with joy. Now i am thankful for your work as well as wish you recognize what an amazing job your are undertaking training the rest with the aid of your websites. Probably you haven’t met any of us.
I am only writing to make you understand what a remarkable experience our princess undergone viewing your webblog. She picked up some things, which included what it is like to possess an ideal teaching spirit to make the mediocre ones without difficulty master specified tortuous things. You undoubtedly surpassed readers’ expected results. Thanks for rendering those useful, trustworthy, revealing as well as unique tips on your topic to Mary.
A lot of thanks for each of your hard work on this web page. Kim really likes going through investigation and it’s really easy to understand why. Many of us know all of the dynamic method you make invaluable steps on this web blog and as well as improve participation from people on that idea so our girl is certainly learning a lot of things. Have fun with the remaining portion of the new year. You are conducting a pretty cool job.
Thanks for the tips on credit repair on all of this blog. What I would advice people is to give up the mentality that they can buy now and pay later. As a society we tend to do this for many things. This includes vacations, furniture, and items we want. However, you need to separate your wants from all the needs. While you are working to improve your credit score you have to make some sacrifices. For example you can shop online to save money or you can go to second hand stores instead of expensive department stores for clothing.