A Niche That is Large Enough

Pick a niche that is large enough!

You know all about your “secret sauce” – the things that make you and your products or services unique. Hopefully if you have been methodical in your approach, and you have matched your product/services features and benefits to appeal to a target segments(s) so you can create real value propositions that are appealing and will get you customers.

Many small businesses compete successfully against larger rivals by selecting and specializing in a niche market or segments. However, you need to be extremely careful and do your homework diligently, to ensure that the niche is large enough to support your business and that customers are not too expensive to find and serve.

Transformanceinc

Marketing budgets can soon get swallowed if prospects for your products are hard to find. The more you spend and the less enquiries you get, then the cost per enquiry can reach a point where sales can be unprofitable!

You also may discover that niche markets can be just as fiercely competitive as the mass market. You need to figure out how fast your niche is growing and how much market share you can realistically expect to capture.

If your financial projections require you to hold more than a few percent of market share to remain profitable, be careful. Don't press ahead unless you can convincingly demonstrate to yourself how your competitive advantages will enable you to become the market leader.

However, on a positive note, if you find the right niches you can dominate them and provide barriers to entry by bigger players. Also your smaller size should make you more nimble and adaptable to market changes.

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Change of Career

Change of Career and a Successful Recareering Example

Change of Career

I was at a business networking event, and doing the normal round of chatting, when I met a new face. I asked what he did and he told me that he had just set up a new company for walking holidays in the scenic parts of Cyprus.

We chatted further and I discovered that he was previously a senior manager in the construction industry for many years. Then he was hit with a redundancy, and “decided to follow his passion” – as you can see they were his words and not mine.

Using his training in team building and his personal pastime of hiking and walking, he decided that rather than get another JOB he would follow his heart and do what he loved, as a business.

I was so delighted to meet with someone who had the courage to follow his passion….

Recareering is not just a job change, but a move to a completely different career path. Money, power and prestige are prime motivators for many people switching careers, but others do it to pursue a passion or make a lifestyle change.

The question is NOT what do you want to be (which most career coaches ask)– but WHO do you want to be!

What is your purpose in life and what is the purpose of your life – two of the most evocative timeless questions! Can you answer them?