Even though most businesses want everyone to be their customer, this is not necessarily the right approach to making a profit. Instead, it is often best to think small in order to get big. To maximise your sales and profits, businesses should start narrowing their market to get a niche. Focusing in on a small sub-set of all potential customers seems dangerous. Why limit the pool of customers when it might already be small? But having a well-defined, narrow target market – a niche – gives a small business many advantages. Choosing a niche means finding something that immediately distinguishes you from your competitors. Having a niche immediately sets you apart from the mass of competitors; gives you a clear focus for your marketing and advertising efforts; gives you additional credibility when you’re trying to make a sale; makes you more memorable and often enables you to charge higher prices. So how do you choose a niche? Keep in mind that a niche must be based on objective factors –
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