Riches In Niches

Research that Niche!

Understanding demographic data is the key to targeting the best niche for your products and services. As this recent article in DM News illustrates a sociological trend can have a real, powerful impact on the business world. 

The question then becomes, where do you find demographic data? Identifying trends can come about by reading the paper -- this article in the NY Times is a fascinating look at how seniors are exploring franchising as a way to jumpstart second careers -- or by searching online. 

The US Census Bureau has a great searchable site to help you find all kinds of demograhic information. Other countries have similar resources, although they’re not all online. If you haven’t yet decided on a niche, or aren’t sure where you’d like to locate, this information can prove to be an invaluable guide. 

Happy researching!

A Niche in One

From some humble beginnings in Scotland, golf has certainly become arguably the world’s favorite game. I was thinking about that this morning, after reading this BBC article  about the recent golf craze in India. 

You may be wondering what the popularity of what have some called a nice walk ruined by some little white balls has to do with your business. The answer might be quite a lot, if that’s where your target audience does their networking. 

It’s no secret that big business happens on golf courses. That’s a trend nearly as old as the game itself. However, if you’re new to either networking or golfing, you might not be sure how to merge the two. 

Believe it or not, providing the answer to that question turned out to be someone’s niche. (Tell me you’re not surprised!) This website is devoted entirely to that topic. If you’re curious, go check it out. 

The larger lesson here, though, has nothing to do with golf. Instead, in the course of four paragraphs, we’ve presented a trend, talked about the problems that might cause, and found someone focused on solving those problems. That someone could very easily be you. Sure, you might not be interested in weighing in on the great merging golf with networking problem -- but is there another issue out there with your name on it?

Riches in Niches Opportunity Tonight (January 21)

Things are starting to get a lot more
intense and I wanted to give you the heads up
that something is about to happen.

Some people are openly talking about it.

Others are staying quiet and are keeping
their best guess to themselves.

Either way, I think you should at least find
out for yourself tonight.

Talk to you soon.

Susan

P.S  Apparently there is going to be some
kind of exciting announcement at 9pm EST /
6pm PST.

How Green is Your Niche?

It’s not easy being green…

That’s what Kermit, the lovable Muppet frog, would have us believe. However, I think that might not be true. In fact, as environmental concerns become more and more mainstream, offering green products and services has become a lucrative niche for many entrepreneurs. 

Let’s follow the concept a little further, and practice using our "Niche vision". What role could you, as an individual Nichepreneur™, have in improving the planet’s health? Could you offer a green alternative to your competitor’s products and services? Some dry cleaners have created incredibly successful businesses centering on that concept, by opting to use and publicize the fact they use only organic, environmentally friendly chemicals.  

Other Nichepreneurs™ have capitalized on the green trend by advising others how to become more environmentally friendly. There is a green angle to everything, from fashion and beauty  to restaurants. Consider what opportunities exist for you!

Susan Friedmann, CSP

Reflection on Your Niche - Part 2

Last week we talked about the need for viewing your year in review. This week, I’d like to take a moment to examine the review process, specifically who you should involve in the review process with you.

Nichepreneurs™ suffer from what I like to call the Bane of the Lone Wolf.  We’re on our own a lot: it’s our judgement, our decisions and our actions that make up our careers. That’s a lot of pressure -- and it’s also incredibly difficult to remain objective when it’s our judgement, decisions, and actions under the microscope.

This is why every Nichepreneur™ needs a team of trusted friends and colleagues that they can turn to. Giving up the camaraderie and support that you had in an office setting might not seem like such a big deal -- but there are times when the insights and wisdom others can bring to the table can be very valuable. 

You need to be proactive about recruiting colleagues and peers to serve as your support mechanism. Reach out to people both inside and outside of your industry: often, a wildly different perspective can help you see things that would never otherwise would have seen. 

Places to find objective -- or nearly objective! -- support: 

• Mastermind Groups
• Networking Groups
• Chambers of Commerce
• Professional Associations
• Neighborhood Groups
  
• Family
• Friends 

This is by no means an exhaustive list, but it’s a good place to start. Form a small, trusted circle, who can help you look back at your first year in operation and assess it in a critical, constructive fashion.

Reflection on Your Niche

It’s that time of year again. Time has gone zooming by, we’re about to flip the last page on the calendar, and bid the old year adieu.

If this is your first year as a Nichepreneur™, you might find yourself astonished at how quickly time has gone by. There’s nothing like pursuing your dreams to make the hours fly: there’s so much to do and only a limited amount of time in which to do it.

Still, it is essential to take the time to review and reflect on the events of the previous year. It’s too easy to get caught up in forward motion, going, going, going -- until you discover, suddenly, that you’ve gone off track.

Reviewing and reflecting on an annual or semi-annual basis allows the Nichepreneur™ to accomplish three things:

1. Assess progress: Are you moving toward your goals? Is your practice shaping up the way you’d like it to? How does your company compare this year to where it was a year ago?

2. Identify weak areas: Could you have used more media exposure? Did you invest too heavily in equipment, a building, promotional materials? Are you swamped with work and need to hire an employee -- or were your plans too ambitious, and it’s really time to let someone go?

3. Begin the budget process: If you’ve got extra funds to invest before the end of the year, use this reflection period to consider the best use of the money. It might be prudent to consult with your tax advisor on the specifics, but you can begin researching on your own.

Check out new informational articles at www.richesinniches.com

(If Necessary) Make Lemonade in Your Niche

When life gives you lemons, the saying goes, make lemonade. That’s a simple saying -- but there’s a nugget of truth in there that many Nichepreneurs™ have used to build their practices or even identify an entire niche.

Lemons grow in unexpected places. One big lemon’s currently hanging over the toy industry. Contractors in

China

made a series of rather large mistakes -- namely using lead based paint on toys designed for small children, who have a disarming tendency to put things in their mouth -- which lead to a huge, highly publicized series of recalls.

This lemon has created opportunities for smaller vendors to capitalize upon. It’s a small, potentially lucrative niche. This was pointed out in Zable Fisher’s Practical PR Newsletter -- highlighting the fact that at this crucial holiday season, where parents are desperate to find gifts, marketing your lead-free, Made in the USA toys could be the smartest decision any toy maker could make.

Crisis spring up in every industry. A massive pet food recall a few months ago was a veritable gold mine for Dave’s Pet Food who could not only use this crisis to reinforce their position as the Expert (when it comes to feeding your pet) but to build a trust-based relationship with new customers who needed to know when they gave Fluffy her dinner, she would be safe.

No one wants to see their industry suffer, but as Nichepreneurs™ we must also be aware of the opportunities that arise when bad times show up. Innovative thinking and knowledge of our target audience are essential elements to making it as a Nichepreneur™.

 

Niches in Every Age

When is a problem not a problem? When it helps you find a successful niche market, just waiting for your skills, enthusiasm and expertise! One of the ways successful Nichepreneurs™ find their niches is when they encounter a problem they can’t solve using the existing resources in the marketplace. 

In Riches in Niches, you read how Deidre Wachbrit did exactly that when she needed to do estate planning for her minor children. 

Jane Silber had a similar problem -- her daughter needed a place to get in shape, but there were no health clubs that allowed children to work out. She overcame the challenge -- and started a profitable business.

As you can see in the remainder of the article, kid-focused niches are hot! People spend more time, energy, and resources on their children than ever before. Consider if there’s a youth centric element to your career, whether it’s financial planning for children or using your management and planning skills to create the ultimate kid friendly vacation packages.

On the other end of the spectrum, seniors are big business as well. Realtor Magazine has recently identified seniors as one of the largest niche groups buying homes.

You might be able to duplicate their success! Consider the age of your target audience. Sometimes there’s gold to be found at the far ends of the spectrum: go older and younger, until you discover the audience that’s perfect for you.

Who Niched Michael Clayton?

When you start looking for niches, you start finding them everywhere.  This weekend, I went to the movies, and discovered an attorney who’d found a most unfortunate niche for himself in the film “Michael Clayton.”

The title character has found his role as a ‘fixer’ -- an attorney who specializes in fixing other people’s messes. This causes him all sorts of problems in a complex, thrilling film -- if you want to learn more about the film -- but be advised, spoilers abound!

Of course, there are other, less problematical niches for attorneys. Daphne Clarke, one of the Nichepreneurs™ featured in "Riches in Niches: How to Make it Big In a Small Market," found her ideal position representing up and coming hip-hop musicians. Deidre Washbrit, also profiled in Riches in Niches, wound up virtually creating a niche when she decided to go into estate planning for minor children. You can read another example in this story about attorney Theodore Pinnock’s practice, specializing in case law surrounding the Americans with Disabilities Act.

Michael Clayton might not have been too thrilled with his niche, but I think it’s a safe bet that these other Nichepreneurs™ are quite happy with what they’re doing!

Raise Your Expert Identity

One of the most powerful tools Nichepreneurs™   can use to build name recognition, drive referrals, and raise one’s Expert Identity is networking. 

Business is largely built on relationships. Networking is nothing more than the art & science of cultivating potentially profitable relationships. 

This has gotten easier as the definition of friendship has changed. Like everything else, networking now has an online component. It’s called social networking, and it may turn out to be one of the most powerful tools in the Nichepreneur’s™ arsenal. 

Just this week, eBay announced the launch of its own social networking site.  Other social networking sites include Ning, Facebook, and perhaps the most well known, MySpace. 

The key to reaching your target audience is to discover where they congregate online and establish an appropriate presence there. This will vary by market segment -- the older, more educated crowds on Vox, for example, are very different from the MySpace set. Research is essential, but may be well worth your time.

Listen to "Seven Secrets to Succeeding in a Business Niche."