About 20% of new businesses don’t make it through the first year, 50% don’t make it to 5 years and only one third get to 10 years. Is there a way to give your business a better chance?
One school of thought believes that one way to give your business a better chance at success is to create your own niche. So, rather than being better than someone else be unique.
No matter how big your company is when you position yourself as “better” than some other business you are fighting for attention.You are simply playing a comparison game. Niching does away with the comparison game. Offer different pizza rather than better pizza.
Here are the advantages of a niche:
1. Separates you from the competition
2. Makes your marketing more targeted
3. Makes you The Expert
4. Makes it easier to systemise your business
How to find a niche ?
1. What are you good at?
2. What's your background?
3. What's happening around you?
Above all, you should be looking for a profitable niche.