Riches In Niches

(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.