Master strategy of business niches

Master strategy of business niches:

No Wealth In Niches

Is niche necessary to grow you business?

In advertising, everyone says you need to choose a niche.

And especially because people believe the following things ...

1. Easy to market if you choose a niche (few competitors)

2. Easy to make money (few competitors)

3. You can get traction quickly if you look for money (few competitors)

4. In other words, you make money faster because there are fewer competitors, but that is not really true.

Unless you are looking to create a "lifestyle" business, wealth is not in place.

And I would not recommend following a niche.

VCs do not support "niches"

I’m definitely not trying to say that you should raise business revenue or need it.

But ask yourself… Which large business fund is funded?

Sequoia, Andreessen, Accel, Tiger, Softbank, and all major brands do not support niches.

Companies that have long raised money for VCs like Google, Facebook, Airbnb, Apple… and the list goes on… are all examples of companies following the big markets.

And that's what VCs want ... a mysterious "unicorn". A company with a net worth of more than a billion dollars, which is not possible if you follow a small market (also known as a niche)

Even well-functioning funds ... let's say fintech venture funds, do not follow niches. Fintech is a big brand and not really a niche.

Niches in business

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In other words, fans are "niches". Why?

Well, let me tell you a quick story that will explain why ...

It was me and Rich Barton.

If you don't know who Rich Barton is, just think of Expedia, Glassdoor, and Zillow.

Someone from the audience asked him ... "what kind of companies do you invest in".

His answer was simple ... "big markets".

He did not mention niches. He said entrepreneurs should look for bigger markets because the job is almost the same as building a business in a small area as it is in a large market. So why balance on your own?

And then to make the message even clearer, he gave us a whole baseball analogy. When you go up to the plate and swing it takes the same amount of effort to swing one, two, three, or home runs. So there may be a constant flow of home running.

Taking the same amount of work ...

If you are going to create a business, it takes the same amount of work to create a business in a small area as it would follow a large market that could not cope.

And believe it or not, it is actually easier to make more money when you are in a big market, compared to following a certain area.

A good example of this is my latest company, NP Digital. It was the 21st fastest growing company in the United States according to Inc Magazine.

Some of my businesses were not on the list of fastest growing companies in the past.

You could say that one of you is lucky or the right time. But that is not the main reason on the list.

Not to mention the good killings, but I worked hard on my previous businesses.

And you can say I have more information now and I have experience… but I also had a lot of experience when I started a business before this one.

Advertised business grow fast instead of unfamiliar.

That's all! Seriously, that's the big difference between this business and others. My previous businesses were “in the market” or in smaller markets.

This is a big market. Which makes it easier to make income.

In every excuse, there is a contradiction.

Use the same concept I mentioned at the beginning of this post:

"It's easier when you create a business in a niche area".

Well, let me arrange a few things for you ...

Marketing in a niche is not easy make sure you can get your SEO levels quickly, but keyword volume is not so high. Therefore, getting to the top will not increase revenue quickly enough. Also, you will not have a lot of traffic to do conversion optimization tests that make it very difficult to improve your site.

It's not easy to increase your income I've found it hard to make money locally. There are few people you can sell, which makes it difficult to raise and grow.

It’s hard to work well in a niche from a financial margin perspective, if you have a low income in most cases it’s hard to have high profit margins.Good assets can lead you to the progress.

Conclusion:

If you want to follow a niche, you can and there is nothing wrong with it. But your height will be limited.

Sure, you can have a good lifestyle business and if that makes you happy, for sure, go do it.

If you want more, you have to create a business in a big market.

So, this brings me to the real question, is your business or the company you work for “somewhere”? If so, what is your game plan?

Share your views about this business master strategy in the below comments box.

Master strategy of business niches