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A Niche Business – Why? What? How?

Having worked with many businesses in both the care sector and financial services many people I’ve come across feel that having a niche isn’t for them.  The basis for this is generally an altruistic one.  Often starting a business with passion and resolving to help as many people as possible in whatever area.  It also stems from not wanting to turn business down.

I understand these viewpoints, however, if you don’t know who your target clients are how can you target them or package a service that speaks to them.  Additionally, being too general means they don’t see you as being different from anyone else in the areas you work in.

Marketing experts see the following as the 3 areas you can compete in either Price, Different or Niche.  Take airlines for example if you compete on price as a budget airline then you have high volume at low cost.  If you are different this can be very difficult and you need to have great distribution, technology, relationships in order to compete.  This is can be costly and doesn’t work for small businesses.  If you don’t get this right then people don’t know why they would buy from you, take Monarch for example.  Therefore, as a small business you have to think niche.  To create your Niche proposition you have to think about who you want to work with.

How do I know this?  I’ve witnessed this in many businesses but I happen to have done exactly the same myself since starting my business last May!  I can’t believe I have but I absolutely have.  I’ve been speaking to a number of people over the last couple of weeks and asked for some feedback.  Everyone has been wonderfully honest which is great.  The crux of the matter is that everyone I spoke to has tried to ask me to articulate who my target client base is.  I didn’t have as specific enough answer.  This has led me to delve into the following:

  • What’s my passion?
  • Who do I want to work with?
  • What does the future look like in the areas I want to work in?
  • Who needs help?
  • Where can I add value?
  • How can my skills be used?
  • Where will I find my target market?
  • Where do they hang out?
  • How can I be seen as a person of influence in this area?

Now that I have answered the above it’s become clear that my passion is making a difference to the lives of older people.  How I can do that is provide my experience, expertise and skills to add value to businesses that work in the care sector.  As such I have changed my mission statement as per below

My Mission

“I create value to care businesses by increasing profitability, creating employee engagement, which results in enabling their clients to have the best possible experience”

If you are struggling to find your niche answer the above questions to help you do this or to find out more visit www.thoughtsbthings.co.uk

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