I heard the "riches are the niches" so many times that I disregarded this common business wisdom. This is a disturbing symptom of the information overload world we live in. Every answer to every question we thought of and had never thought of is being dropped right on our virtual doorstep. Business nuggets are being thrown at us on a daily basis and it’s so overwhelming that we run for cover. If someone would have told me this two decades ago, that I would be turning my mind off from information that could change the game for me, I would have thought they were going around selling people nightmares. This leads me to believe that it is a blessed time to start and run a business! If we can manage the information overload, and develop a needs versus wants first line to information and execution, it will only be uphill from here. The only problem is that sometimes we don’t know what we need. I’ve been there! Here I was struggling while being told over and over again everywhere I looked to find my niche. And I just kept diving into the new and most complicated ways to achieve business success. I was having a great time knowing all the new tech, methods, and books, until I wasn’t. All the while trying to reinvent the wheel, unsuccessfully.
Please don't do that!
There is nothing new under the sun. The needs of people have not changed. The way they view their needs has changed. Foundational business principles remain applicable today.
“The more things change, the more they remain the same” ~ Anonymous
I focused on the razzle dazzle and figuratively threw the baby out with the bathwater by ignoring that business wisdom.
Am I alone there?
Where I could have tweaked my approach, message, wardrobe, etc., to align with how people think about their needs today—i.e., increasing relevance while building a strong foundation—I ended up presenting the right information at the wrong time.
Castles in the air?
Here’s what I learned in retrospect: a profitable niche shouldn’t feel like searching for a needle in a haystack.
It should be apparent!
A real problem. A desperate need for a solution. An underserved or overlooked group. There is a starving crowd in the marketplace—people who have settled for a solution that doesn’t fully address their needs.
Reflect on the billion-dollar startups that have dominated their niches.
Curvy women weaning one-size-fits-all jeans = Good American, who took over a niche that was once served by prominent hip hop moguls IYKYK.
Women of color mixing their own foundations to create the perfect skin shade = Fenty Beauty.
Diabetics enduring tasteless snacks. Women wearing uncomfortable shoes. Women of color using hair products to which they had to add oil. Women wearing shoes that hurt but look good. The list is endless.
The service-based and digital product business is no different. Fitness programs for women with chronic back pain. Makeup tutorials for the totally clueless mom who wants to feel good again.
People often say to find a “profitable niche,” which stops most people in their tracks.
Here’s another perspective: if the reward or result is exactly what your target buyer needs, they will find a way to make it happen.
How many times have you paid for something you couldn’t quite afford but knew you could not live another day without?—this is not sound financial advice.
Validate the buying power of that underserved buyer by making them an offer they can’t resist.
If you can serve them at the highest level, providing a solution that makes them wonder, “Why didn’t I think of this?” it becomes a no-brainer sale.
Then, the business goal is to become world-famous in that underserved niche.
If the evidence has passed your interrogation test, I think it’s fair to say that the riches are in the niches.
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About the Author: Priscilla Shumba, MBA, is a business communications strategist, author, and podcaster. Check out her free training: Elevate & Leverage Small Business Media
Learn more and connect with her on LinkedIn.
P.S. If you’re drowning in those business nuggets, I’d suggest you listen to this interview with tech & innovation expert on The Lessons of Entrepreneurship Podcast, West Stringfellow on the process of collecting ideas to ignite innovation.
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