When it comes to starting your new business you don’t actually have to reinvent the wheel. By defining your own you can become the authority in your chosen field. To get ahead of the competition you don’t always have to be bigger; chasing more market share and getting into tricky pricing wars, you can simply focus on what you do best and develop your expertise within a corner of an existing niche or business category. The most important factor is always going to be delivering top class products and services alongside stellar customer service to your clients and customers. In this article we’ll take a look at a few important elements of starting your niche business.
Identify your target industry and audience
within your target industry is critical to defining who your target audience might be and how to reach them. In the first instance you need to figure out what your point of difference might be, what you can offer that perhaps a larger, more established business cannot. A few examples might be:
The Health and Fitness Industry
You might offer a wholistic plan that covers nutrition, mental health and wellness rather than simply offering a standard diet plan or gym membership. You might be only a small business but if you have the expertise and model to create individual health and fitness plans you may offer a distinct advantage over a much larger organisation.
The Dental Health Industry
It may seem like an overwhelmingly large industry to break into but dental health is always going to be a requirement in any community. Carving your own point of difference and focusing on levels of customer care that might not be feasible in a larger dental practice will be give you a competitive advantage. Perhaps you specialise in teeth whitening or other advanced techniques using that are otherwise difficult to find for potential customers.
The Medical Industry
The medical industry is booming both in terms of demand and in terms of new technology applications. The shift back from large healthcare institutions into the home and towards local community health hubs is a huge opportunity, just like the dental health industry, in which to find a niche business opportunity.
Let the world know about your expertise
Once you have invested in a direction and your own education then it’s time to shout from the rooftops. You must distribute your high quality, expertise espousing content across the multitude of platforms that are available to you. Leveraging the Internet, social media platforms, blogging and podcasting you need to announce your presence and your authority in your space. Become an educator and an advocate for what you do, for what your influencers do and make sure your target audience know you exist.
It’s hard work starting a business and no doubt you will need to put a shift in at the start but if you work strategically, clearly defining what you will deliver and what your target audience looks like then you will be in a great position to develop a successful niche business in your target industry.