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”.
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:
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?