How Niche Markets Relate to the Success of a Small Business Essay

How Niche Markets Relate to the Success of a Small Business Essay

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How Niche Markets Relate to the Success of a Small Business
The success of many small businesses relies on finding the correct niche in which to market their goods or services. Competition between larger corporations and smaller businesses can be too much for the small business to succeed. Finding a unique niche and doing it well brings in many benefits to the small business. Sources for inspiration in finding that niche are all around the small business owner if they will just do the research and take a moment to look around. Finding the niche is just the beginning, for success though, it will start with creating a solid business plan. That business plan sets forth rules on entering, maintaining, and even exiting the niche market(s) if the need arises.
What is a Niche
A niche is a smaller section of the market that is not being met by the mainstream. It is typically overlooked by larger businesses. “A niche can be defined in many ways, including by geography, by customer profile, by product, by product usage, and many others. (Pearson, 2011). A niche may be served by brick and mortar stores or for further reach via the web, or both. A product within a niche is meant to appeal strongly to a narrow set of tastes (Anderson, 2008). As a small business owner, it is your decision on what type of niche to even enter. You can choose business to business or business to consumer niches and then narrow things down from there.
Purpose of a Niche Market
“You don’t need a lot of things to start a business…but you must have one thing. You must have a customer. Go get that customer.” (Fox, 2004). Getting that customer though in part requires you to offer some good or service that is needed or wanted. Since a niche market is a focused section ...

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Hiam, A. (2009). Marketing for dummies (3rd ed.). Hoboken, NJ: Wiley Pub.
Jacksack, S. M. (1998). Start, run & grow a successful small business (2nd ed.). Chicago, IL: CCH Inc.
Levinson, J. C., & Adkins, F. (2010). Guerrilla marketing for nonprofits 250 tactics to promote, recruit, motivate, and raise more money. Irvine, TX: Entrepreneur Press.
Lipe, J. B. (2002). The marketing toolkit for growing businesses: tips, techniques and tools to improve your marketing. Minneapolis, MN: Chammerson Press.
Roth, C. (2011). The entrepreneur equation evaluating the realities, risks, and rewards of owning your own business. Dallas, Tex.: BenBella Books.

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