Niche Markets Mean Niche Profits

There is a lot of nonsense out there about how you need to find a niche and corner the market.

Sheer utter nonsense.

I’m sure there are one or two examples where it has worked, but guess what, the odds are so stunningly low – who cares.

There are more consistent profits in blending in - be part of the crowd if you can.

One of the reasons that your competitors are leaving that niche well alone is that they can’t find a way to get sufficient reward for their efforts.

For example, every year I meet someone who has realised that small businesses don’t get enough tax or accounting advice – and that they really need it. And, yes, they really do need that advice. The only problem is that they are the least likely to pay.  There is a reason that it is mostly an untapped market.

What I’d say to you is to not be afraid of competition. Your competitors are not dumb - they are focussing their time and efforts on those areas with the greatest reward for the level of effort they put in.  Try to be like them, only different.

There’s no point just trying to be different if there are no customers.

So next time someone comes up with a brainwave for a new and untapped market smile politely and move on. Trust the wisdom of the crowds (well not completely, but you know what I mean).