5 Steps to Creating a Successful Online Niche Business

Phil

Products and services that are aimed at a particular niche have the potential to generate big money if they manage to capture the hearts, minds and wallets of a dedicated customer base. Forget targeting the masses, because niche businesses cater to highly defined markets that are often hugely over-looked and under-served. With an abundance of available outlets, resources and online platforms, identifying and reaching a target audience has never been easier for smaller business owners. So, are you ready to become a big fish in a small pond? Is your passion ready to turn into profit? Here are 5 very simple steps to help make your niche business a huge hit!

1. Create a Simple Service

A simple service is just one offering that focuses entirely on the needs of a narrowly defined customer base. It doesn’t really matter what it is, just make sure you can easily answer these questions: WHO needs your service? WHAT is unique and useful about that service? WHAT makes you BETTER than your competition?

Fine-tune your brand name, website and marketing tactics to focus solely on selling your unique specialization and expertise. Remember the three F’s… Focus, Focus, Focus!

2. Craft Your Niche Marketplace

The key to your success is to capitalize on your niche marketplace that you feel is being under-served. This is basically a small, specialized market segment within a larger and more viable commercial industry. When you are identifying your niche marketplace, consider the following: WHO lives in your marketplace? WHY have they been under-served? HOW can you unite them?

Put simply, why is your service the solution to their problem?

Using the data from this customer profile you should join and create online groups, feeds and networks that are relevant to your simple service. Connect with your niche marketplace’s key decision makers, enthusiasts, and influencers using social media networks.

3. Become a Leading Authority

You should offer your marketplace valuable insight and advice. However, simply proclaiming you are an expert will get you nowhere. Shamelessly self-promoting your service will also lead you to a dead end.

Authenticity builds credibility.

You should relate to your marketplace, tell your story… what problems did you encounter and how did you overcome them? Spread your gospel via methods such as blogs, forums, press releases, public speaking, newsletters and podcasts but to name a few.

Don’t forget… no one knows your marketplace better than you!

4. Be Specific. Be distinctive. Be Relevant.

You have to seize every single opportunity to point out why your service is a better fit for your marketplace than your competitors. Take a look at all the components that make up your simple niche service, from the initial concept through to things like manufacturing and distribution. What makes you stand out from the crowd? What do you offer that competitors don’t? Why are you more relevant to your chosen niche?

Use these answers as ammunition against your competition. While competitors may tout their “multi-service one-stop-shop”, your niche marketplace prefers and requires a specialist! It may be that your competitor is a low-cost leader, but your niche marketplace will and DOES appreciate high quality craftsmanship, and will pay for it too!

5. Copy, Past, Repeat. And so on.

It’s simple. You have got to keep hammering that message home. Grasp your successes and expand on them. Find innovative and ingenious ways to grow your marketplace. Locate new avenues, channels and other ways to showcase your simple services, its competitive advantages and your expertise in the area.

You know what’s worked; now increase your exposure. Copy, Paste, Repeat.

photo credit: quinn.anya

Phil has had many other businesses including Coaching, Marketing and PR, Graphic and Website Design, and Online Learning. His current venture is Phil Johnson Business Services, providing low-cost essential services to the newly self-employed and small and medium enterprises. Aside from this Phil runs Major-Business.net, a free source of quality help, advice, tips and tricks on many business and personal development subjects, catch Phil on Twitter

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