#entrepreneurship #marketniche #businessgrowth

Riches are in the niches. Today, I want to share a different approach to defining your market niche as a starting entrepreneur.
Instead of following the crowd and offering more for less, let's take a unique path. Typically, new entrepreneurs aim for a broad market, offering slightly better deals than the competition. But this ‘more for less’ approach often leads to razorthin margins and fierce competition.

Here's where we flip the script: focus small to grow big. By narrowing down our niche to a specific audience, we become a category of one. For instance, rather than just being a generic personal trainer, we could specialize in weight loss for stayathome moms aged 3040 with kids in daycare. This level of specificity sets us apart and allows us to command higher prices.

The key is to dominate this niche before expanding into larger markets. By ignoring the total addressable market initially and instead focusing on becoming the goto provider for a specific audience, we can eventually capture a bigger slice of the pie.
So, let's redefine the game. Start small, dominate, and then expand. It's not about offering more; it's about offering exactly what our target audience needs.