Finding a business niche
Two entrepreneurs each opened a wine bar.
THE FIRST had worked in a local bar for 3 years but thought he could it better. He built a bar that was almost identical, but his wine was a few pence cheaper.
He wanted to delight his customers, so when someone said he should serve food, he did.
When someone asked for a jazz band he bought one.
When someone else suggested tapas, he started a tapas menu and happy hour. In the end, no one knew what it was. A wine bar, a tapas bar or a restaurant. Numbers dwindled.
He went bust.
THE SECOND ONE opened a cocktail bar. It was the only one for 50 miles. There was fabulous music played but his prices were not cheap. He wanted to delight his customers, so when someone asked for a jukebox, he said: “No we’re a cocktail bar”.
When someone else suggested Live music he said: “No we’re a cocktail bar” When someone asked him to turn the volume down so they could talk he said: “No we’re a bar”.
He annoyed lots of people. They never came back. But he delighted his customers. The locals made it their home. He’s just raised £3M to expand nationally.
The moral of the story:
- Choose your niche
- Delight your customers
- Be brave and don’t worry what anyone else thinks
Finding your business’s niche is a great way to make it more successful. Yet many business owners are afraid to niche down for fear of limiting their services and missing out on potential sales. This is where businesses end up stagnating.
To profit in today’s digitally-influenced environment, it’s imperative to specialize in well-defined niches. The winning businesses are those that possess the greatest relevance to their target audience. They are the most focused, and they truly understand not only their market but the people they serve.
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