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

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

Length: 2032 words (5.8 double-spaced pages)

Rating: Term Papers

Open Document

Essay Preview

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 ...


... middle of paper ...


...arting the path to small business success. Westport, CT: Libraries Unlimited.
Fox, J. J. (2004). How to make big money in your own small business: unexpected rules every small business owner needs to know. New York, NY: Hyperion.
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.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay about Marketing Research Of A Small Business Owner

- Marketing Research Methods A small business owner has undoubtedly done countless hours of research and put forth great effort in starting up and maintaining their company. Unfortunately, these same business owners may not have focused enough energy towards researching the market and target segments to assure that there is an actual preexisting need and desire for the offering. This paper will compare and contrast three marketing research methods that can be used by small businesses to better understand the sales potential of their marketplace....   [tags: Marketing, Small business, Marketing research]

Term Papers
976 words (2.8 pages)

Beyond The Second Year Of Business Essay

- Beyond the Second Year After a business has made it beyond the second year of business, it usually will last for a while in the industry. To last, however, the business still must be able to make initiatives that will propel the business into the future. Some required initiatives that a business look at are: growth, marketing, optimizing and planning. If these initiatives are followed and successful then the business should carry on well into the future. The first initiative that should be looked at is growth....   [tags: Management, Strategic management, Entrepreneurship]

Term Papers
1051 words (3 pages)

Business Strategies For Small Business Owners Essay examples

- Problem Statement In the United States, there are over 18,000 companies with revenues of $35 billion combined. Most of this revenue is from companies that have over 60 accounting firms. The profitability of these firms depends on the market (First Research, 2014). In reviewing the literature on Small business owners, I would say that the business strategies are different in large companies than small business owners. Specifically, financial planners are trained to provide planning services. The training is rigorous and focused on technical expertise but does not include marketing techniques or business operations....   [tags: Small business, Business, Management]

Term Papers
1246 words (3.6 pages)

The Small Business Act Of 1953 Essay

- The Small Business Act of 1953 was responsible for the establishment of the Small Business Administration (SBA). The SBA was mainly founded to encourage “lending to small businesses through government loan guarantees”, along with being involved in direct loans opportunities for disaster relief and recovery and aiding small businesses in obtaining government contracts. The SBA was founded following the termination of the Depression-era Reconstruction Finance Corporation, which was adversely affected by accusations of misconduct during the Truman presidency....   [tags: Small business, Business, Contract]

Term Papers
1209 words (3.5 pages)

The Success Of A Small Business Essay

- An entrepreneur is someone who is tired of living in the shadow of his or her boss and decides to be their own boss. Over 50% of the working population work in small businesses, and of these small businesses 22 million out of 28 million are self-employed. Sadly, approximately 534,000 new small business get started each month but more than that shut down monthly. The US economy depends on entrepreneurs and their small businesses to survive. Yet most people never take time to think about how to start their businesses properly and keep them making money....   [tags: Small business, Entrepreneurship, Business]

Term Papers
1022 words (2.9 pages)

Essay about What Makes A Business?

- If companies wanted to be successful in the marketplace, then they needed to understand the idea that their true product was not their product, but a lifestyle and the meaning of life itself. This is lifestyle branding. This philosophy explains why we see products internationally and specifically marketed toward teens and young adults. Lifestyle branding is why we are hearing more and more of sweatshops, “McJobs”, and the quality of the product diminishing. Nearly every corporation in America has been McDonaldized: where companies sacrifice individualization in employees and quality products for cheap, mass-produced, assembly line production....   [tags: Brand, Marketing, Logo, Brand management]

Term Papers
729 words (2.1 pages)

Essay about Information Technology for Small Business

- Before start the discussion of how IT behave in small business, let us look at the definition of IT. IT ,short for "information technology", is a term that includes all forms of technology used to create, store, exchange, and use information in its various forms such as business data, voice conversations, still images, motion pictures, multimedia presentations, and other forms, including those not yet conceived. It's a convenient term for including both telephony and computer technology in the same word (Applegate)....   [tags: IT for Small Business]

Term Papers
2725 words (7.8 pages)

Essay about Owning A Small Business Versus Corporation

- Owning a Small Business Versus Corporation In this paper, I’m going to be telling you the difference between a Small business and a corporation. These two have a lot in compared and a lot of difference. There are a lot of small business and corporation growing fast throughout the world. Both businesses take a lot to manage and you also must have the skill and the ability to do so. If it was easy, everybody would have some type of business growing in this world Small Business A small business are privately owned corporations, partnerships, or sole proprietorships that have fewer employees and/or less annual revenue than a regular-sized business or corporation....   [tags: Corporation, Business, Small business, Property]

Term Papers
894 words (2.6 pages)

Small Business Administration ( Sba ) Essay

- In the United States, small businesses play a vital role in building the economy. Today, there are over 28 million small businesses in America. What exactly is considered to be a small business. Initially, the Small Business Administration (SBA) deemed any manufacturer with 250 employees or less to be a small business, but today it considers companies with fewer than 500 employees to be small. Today’s marketplace is an excellent opportunity for the budding entrepreneur. Today’s small business owner has a wealth of opportunities to help him/her gain economic success in today’s marketplace....   [tags: Business, Small business, Management]

Term Papers
1516 words (4.3 pages)

BUSINESS METHODS Essay

- BUSINESS METHODS PEST (Political, Economical Social and Technological environment ) Analysis The external environment of any organisation / university / faculty / department etc. can be analyzed by conducting a PEST analysis. The acronym PEST (sometimes rearranged as STEP) is used to describe a framework for the analysis a range of macro environmental factors including the Political, Economical Social and Technological environment. A PEST analysis fits into an overall environmental scan including the SWOT analysis and McKinsey’s 7S Model, which is briefly discussed below and also referred to in the document ‘Preparing a SWOT Analysis....   [tags: essays research papers]

Term Papers
1577 words (4.5 pages)