Small Business Marketing Series ? Choosing a Niche Market
Many smaller businesses choose niche markets for various reasons and these niche markets can be very lucrative. This article will look at ways to identify and assess whether they are right for your business?
For many smaller businesses it is important to have a focused strategy which enables them to operate in a small part of a chosen market with great success. This has a further advantage of giving the smaller business a way to compete with larger organizations and achieve a level of protection against competition.
How is it Relevant to You as Owner?
As the owner of the business, you decide on the business strategy and make informed choices as to where the business will be going. Being clear on possible niche markets or a niche focus of your business can be crucial to the ultimate success and sustainable growth of your business.
The advantage of operating in a niche is that you can specialize in a small market and hence become a leading supplier of that specific product or service.
Niche marketing can be extremely cost-effective. For instance, imagine you offer a product or service that's just right for a select demographic or population group in your area, such as South Africans or students. You could advertise in newspapers or websites that focus on them, which have considerably lower rates than stations that program for broader audiences. So your marketing budget would go a lot further, allowing you to advertise with greater frequency or to use a more comprehensive media mix. Taking on a new niche can be a low-risk way to grow your business, as long as you keep in mind several important rules:
Here are a 4 steps to consider when choosing a niche market.
Business Development Is Not An Event
Cash flow. To stay in business, you've got to keep a steady stream moving through your company.
Will Adding a Car Wash to Your Fast Lube Add Additional Crime to Your Facilities?
Car Wash Crime in the Hood. Apparently not everyone is with us and certainly not everyone considers this to be a clean business. Latest car wash news. There was a HS Coach killed at a car wash in Aurora, CA Which is unfortunate. Here is the article. Still unknown why but the Police were investigating the shooting death this high school assistant football coach at a car wash near his home.
How Is the LEGAL SYSTEM Dishing Out JUSTICE in Your Town?
Thankfully, most of us will never find out. That is a GOOD thing! However, if YOU are a small business owner it's something worth knowing before one day you get kicked in the back-side.
Accounting Methods ? Cash and Accrual
When starting a business, you have to determine the method you are going to use for accounting and paying taxes. The two choices are the cash method and the accrual method.
Local Government Relations for Small Business
Most small businesses simply go about their daily business and serving customers without ever worrying about local government relations. For some it turns out okay but for others it can become a disaster. You never know when a new project down the street may call for new plans to adjust the roads or put in center medians. If you are on a busy road you rely on traffic from both directions. A five-month road project can kill a business and what if it is in your busy season. If you are in retail that could be Christmas Time; imagine half you customers not being able to turn into your driveway? Then imagine after the holidays are over you have to deal with a center median which does not allow cross-over traffic. Or a do not cross over the line sign with a police car enforcing the new laws from your drive way leading into your business?
Aircraft Washing Business Tip - Interior Private Jet Cleaning
Aircraft Interiors of personal and corporate jets have hundreds of thousands of dollars invested. We have had an opportunity to speak at length in Tucson, AZ recently about the special custom interiors the weight they cost in performance and the needs in cleaning. There is a large company there that specializes in putting in new aircraft interiors for several large biz jet manufacturers and also does custom work for nearly anyone in the world who wants it right and perfect;
Pressure Washing of Paving Equipment and The EPA
Many pressure washing companies will be glad to take on additional work when a company calls them up to come and wash, but the days of cleaning asphalt compactors, steamrollers, paving equipment with diesel fuel are gone forever. If you are caught doing it the old fashioned way it's a $1,000 fines in the United States, fist offense and you pay for cleanup. The second offense is $10,000 and one year in jail and you pay for cleanup, in August of 1999 Newfoundland became the last place in North America to outlaw washing out asphalt dump trucks and paving equipment. It is now illegal every in the US and Canada to hose down paving equipment in this manner. This is because one gallon of Diesel fuel can pollute one million gallons of fresh drinking water about the allowable limits for safe potable water supplies.
Get In Touch With Your Competition!
We all know that competition is an ugly word but competitors are a fact of life in business. If your business can't compete with other businesses, don't start it. You have to have some type of an edge.
5 Steps To Success for Small Business Owners
Everyone wants to succeed in life. Most people want to succeed in business. And no one starts a business of any sort wanting to fail.
When and Why YOU Are the Best Writer for Your Business Plan
WHEN you are operating or planning a small business that is seeking funding for less than five million dollars, it's wise to consider writing your own plan.
Do I Have to Do EVERYTHING Myself?!
The air in my client's office nearly crackled with her irritation. A scheduling snafu had left a client without important services. "I guess I just have to do everything myself," she ranted.
Dig Deep for Small Business Ideas Before You Start the Wrong Business
If you're serious about wanting to start a business, the first thing you want to do is take the time to understand what really makes you tick. Where do you get your drive? What gets you in a "zone?"
Todays Chef, Tomorrows Restaurateur -- Startup Tips by Restaurant Consultants Inc
Researching information for a recent business plan, I came across an interesting number of 54,000. What is the big deal about that? Over 54,000 new restaurant business licenses were applied for in the last twelve months nationally. That is over 4,500 new restaurant licenses every month, or 90 licenses per state per month.
Racing the Competition
What is the Big Race all about when it comes to creating relationships?
10 Filler Activities for the Summer Business Slowdown
Summer is a time for the outdoors, for that well-deserved vacation, and with everyone out and about, it's also a time that you may notice a slowdown in demand for your products and services. So what can you do during this summer slowdown? Well, it's a great time to do the work that otherwise never gets done during the busy business year.
Starting a New Business in a Small Town
Q. I am a former pastor who left the ministry after sixteen years to spend more time with my family. We moved to a very small town (less than ten thousand people) and I want to start an internet café business and also offer PC repair. How can I investigate and then promote this business?
How to let go of your EGO
When does your ego get in the way?
Self Serve Car Washes in the United States
In the 2003 Auto Laundry News Survey it was determined that only 10% of the Coin-op Car Washes had a web site. So if you are doing lots of individual research on car washes that are self serve, do not expect to find a lot of data on the Internet. Owners of coin-op car washes say that only 76% have internet access. The average population is 64% in the US. Not much better, so this low tech sector of the Industry seems to remain un Tech. Only 15% of coin-ops surveyed took credit cards for tokens, machines or even concession machines. Of which 17% only claimed to have concession machines, which most feel are 1/3 of their income if they had them. Only 4% had drinking water fountains. 13% had added an in bay automatic in the last five years. 51% had more than one location.
More Business Card Marketing
If you are worried about how many different business cards you should carry, let me speak from experience, you need only ONE!
Creative Metrification - A Technique to Improve
Some things in business are relatively easy to measure ? these are the "hard" metrics such as sales volume and profit, production per man-hour, time without an accident, shipments without error, number of customers served, on-time delivery, etc. Other, "soft" metrics, are more difficult to quantify, but with a little creativity, measurement can be made of just about anything.
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