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Don’t Take on the Big Boys: Go for a Niche
It can be easy for small-business owners to become downhearted when faced with endless red tape, tax and regulation. But the good news is that when it comes to making the most of lucrative business opportunities, small can be beautiful. You do not need a sledgehammer to crack a nut. This is why, when it comes to exploiting new high-margin markets, small businesses often have an edge over much larger competitors.Daniel Ronen, director of Portman Business Consultancy, said that being small could be a positive advantage. “Being a small company means that you can get into markets that are not viable for large businesses.
“Big companies sometimes find that it is just not worth investing in a market because the returns would be too low to justify the effort. But as a small business you generally have a lower cost structure. So where markets are not big enough to support a number of large companies, smaller suppliers of niche products or services can make very good profits.
via Bizinformer.
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Chuck on August 30th, 2005 8:07 am
I was just re-reading THE MILLIONAIRE MIND by Thomas Stanley.
One of the things he emphasized was exploiting a niche. E.g…. not just having a junk yard that focused on every vehicle type, but a “tractor trailer salvage”. The top employee (a mechanic)there earned $130,000 per year… about what the average physician makes.
The owner made $700,000.
Not all niches are so lucrative, and even if they are, we may not have the personality or skills to pursue them.
Along with the niche went the concept of VOCATION… that sense of calling and destiny.
Align your calling with a niche, and you’ve got something cooking.
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