What exactly is a niche and why should you think very seriously about carving a niche for your business?
Is it better to be a generalist in business or a specialist? In starting or growing a business, should you try to grab a little bit of everything and capture a big share of the market, or is it better to focus and specialize in one core area or niche?
In this episode of the Smallstarter Business Podcast, John-Paul Iwuoha explores the concept of niches and why they’re important, especially for new businesses or companies considering a turnaround.
Important points in this episode:
- Why most big blue-chip companies started in a niche
- The powerful growth strategy that niche businesses can exploit
- 3 big and invaluable advantages of carving a niche for your business
- 3 simple but very effective ways to carve a niche in any market
- Interesting clues that can help you discover a niche in almost every market