Niche Business Idea Formula - Episode 7




Create Your Perfect Business show

Summary: <p><strong>Niche Business Formula</strong></p> <p>It sounds like a bit of a trendy marketing term doesn't it but <em>actually</em> the theory is sound.</p> <p>And I really want to emphasise how useful this little bit of knowledge could be to you, right at the beginning of your business idea journey because it will pay out enormous dividends in the long run.</p> <p>You might want a bit of paper and pen for this one, to write down the 4 steps.</p> <p>Niching your business is a whole lot more than just saying you work with only male or female, or mums or seniors or people who just eat fish.</p> <p><em><strong>It is more about the problem you solve and the end result achieved from what you do to solve it.</strong></em></p> <p>If you can understand this simple formula then you will completely understand what a niche business is all about and why it’s a good idea to consider it as a concept to help narrow down your focus.</p> <p>You will then find sharing your particular message to the right people much easier instead of trying to compete for everyone and their dog, and then getting really annoyed and demoralised because the customers you are seeking are resisting taking up your product or service.</p> <p>To illustrate this point, let me direct you to a quote from a book called <a href="https://www.amazon.co.uk/gp/product/1847940323" target="_blank"><strong>Switch by Chip and Dan Heath</strong></a> because I think they express it perfectly.</p> <p>Their quote is</p> <p><em><strong>Resistance is created through a lack of clarity</strong></em></p> <p><em>Resistance being, people don't want to buy your product or your service because you haven't narrowed down and specifically answered the questions to all 4 parts of the formula I am about to share with you.</em></p> <p>Let explain a bit more and you will see why this makes absolute sense.</p> <p>The problem most people have with creating a niche business is a fear-based one and in reality, <em>it is unfounded and unnecessary</em>.</p> <p><em>You think you will miss out on business but the truth is the very opposite of this. The reality is you will create clarity in your bit of the market and your customers will be very clear if you can help them or not. There will be no ambiguity at all and no need for resistance from them.</em></p> <p>If you narrow down your focus you will be talking to the right people, with the right message at the right time</p> <p>You can then determine with precision, exactly</p> <ul> <li><strong>Who is your business for?</strong></li> <li><strong>What their problems are?</strong></li> <li><strong>What you will do for them?</strong></li> <li><strong>What the outcome will be as a result of what you do for them?</strong></li> </ul> <p><strong>Read more about the niche business idea formula on my</strong><a href="https://www.createyourperfectbusiness.co.uk/niche-business.html"><strong> website</strong></a></p> <p><strong>Book mentioned in this episode:</strong></p> <p><a href="https://amzn.to/33oYhL8"><strong>Switch - how to change things when change is hard - Chip &amp; Dan Heath</strong></a></p> <p><br></p> --- Send in a voice message: https://anchor.fm/createyourperfectbusiness/message