Even Niche Marketing Has its Risks
Do you believe there is such a concept as a "sure" thing in any business? The correct answer is that there's not. Because this is true, there is one thing I would highly recommend to anybody that enters into the niche marketing field ... that would be to develop several niches or I think of it more as sub-niches.
There are very few people that only have one interest. Within any niche, there should be several side areas that a number of people within your existing niche are interested in.
For example, if you were interested in selling something to an archery community, there are all sorts of things that you could get into.
There could be bows, arrows, components of the bows, targets, arrow tips among numerous other things. There could be a number of sub-niches that people that are archers could be interested in and enough of them to build another business or community around.
Think of it like a mutual fund that has a number of stocks in it to spread the risk around so that any one poor performer doesn't have an inordinate affect upon the overall investment. Think of it as a portfolio of niche businesses.
The reason I think of sub-niches is because you don't have to build everything from scratch because you will have a built-in core of potential customers in the people you already serve.
This will give you a much better chance at success than counting on one business to make you or break you.
You don't do this all at once. First get one up and running and get the kinks out of it and smooth it out. Once you've got a handle on it, then begin to look at a way you can go deeper into your existing customer base while reaching out to others to build a new business.
This shouldn't be too hard as when you researched the areas you were interested in for the first business, there should be a number of possibilities for a number of niche businesses within that data.
I would recommend running your online business in this way, having several going eventually that help to limit the risk and exposure you have. If any of them slow down, you should have another one that's picking up the slack and flourishing.
Other Niche Marketing Resources:
Niche Marketing Considerations: Beef as a Case Example
Niche Marketing: Targeting the Best Prospects
The Two Faces of Niche Marketing
Niche Marketing - How to Find Your Perfect Niche Market
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Tracked on: June 14, 2008 10:26 PM | Permalink to Trackback