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March 24, 2011

Riches in Niches

By tpryor March 24, 2011

Great things are NOT often achieved by the well-rounded.

A new or existing business that attempts to be everything to everyone will not be successful. A machine shop that advertises itself as a provider of close tolerance milling is no longer unique. A restaurant with a sign out front saying “Good Food” is not unique. As a result, they have to be “cheap”.

niche photo

Image via Flickr By focsipara

The most successful businesses in the 21st century define and implement a niche strategy. A niche is a need or want not currently provided in the marketplace. Southwest Airlines started as a geographical niche. Bag-less leaf removal is a green lifestyle niche. Wine for Lawyers is an example of an Age/Stage niche.

Good niches have seven characteristics:

  1. Products that sell anytime.
  2. Independent of the economy.
  3. High profit margin.
  4. Location independent.
  5. Flexible hours.
  6. Founder owns intellectual property.
  7. Unique. Dramatic difference.

Master inventor Doug Hall says “If you’re not unique, you’d better be cheap.” Cheap is not a niche.

Does your business have a niche?

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