A home business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. You can think of a niche market as a narrowly defined group of potential customers.
For instance, let`s say you`re a hairstylist. Instead of styling hair out of your home shop, you might consider specializing as a mobile hair stylist, and start visiting clients at their homes.
Here`s another example, instead of venturing into the shark infested waters of Internet copywriting, narrow your focus and specialize in copywriting for offline businesses like real estate agents, dentists, chiropractors, etc.
Better yet, narrow your focus even further and specialize in copywriting for car dealers only.
So, why should you bother to establish a niche market? Because of the financial advantages. You stand an excellent chance of having the market all to yourself, because other small businesses may not be aware of your particular niche market, and large businesses may consider the market to small to bother with.
Also, developing a niche is the same as taking the path of least resistance. You can be first in your niche, and that comes with its own financial rewards.
Why? Because companies that are first in their field or particular niche, are often considered to be "the experts" or the best at what they do.
The key to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is steadily growing, and that is not dominated by one or more established vendors already...like the aforementioned examples I gave you.
So go ahead, develop your own home business niche, cultivate it properly and success is sure to follow!
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