Is it possible to make million dollars with a specific niche-concentrated small business?

Nowadays, it seems everyone is wanted to earn million dollars but in reality, only a few people have succeeded in getting into this. However,earning million dollars is not just a dream and is possible if you own a giant industry leading company in any field or if you are working for multinational firm or you born with enchanting look and for your poses, someone is ready to pay for you. Nevertheless, we all do not have the above-mentioned opportunities. I assume at this moment, when you are reading this article, you own a small business or planning to start a one.

When you have a product to sell, or talents you owe that you think others are willing to pay for it; you are now to select, target and position your product in an appropriate market. What a person who want to earn average profits would go and select a target market (please read the article on Understand the basic myths behind target markets before currying on your niche)) and would design his or her positioning strategies for that particular market. Now a person who is passionate about earning million dollars would go for the most attractive and relevant niche and would position his or her product with significant strategies. Here I am listing down some ways you can make million dollars with your small niche.

You can be a successful person if you can cover your broader target market’s requirements by paying less efforts along to your most focused niche in which you are paying the maximum effort.

When selecting your niche, be careful on the profitability of it. This has two meanings that your niche may consist very rich people who are willing to pay high or consisting of people who are dying with a need of buying from you. Thus, it ensures the willingness as well the ability of purchasing.

Invest on developing your brand loyalty and emotional relationship between your brand and to your niche. Here your brand must represent your niche. The examples can be pen downed such as Mercedes Benz for upper class people, Emerald for good-looking men and MAS holdings for the people who prefer wearing sustainable clothing.

Try maximizing your quality to the utmost level and now you have the chance of bargaining for a very high profit from your niche. (Always evidence your quality with ISO certifications)

Constantly show some changes in terms of your business improvements and this is the best way to sustain your existing niche. Once you get the feeling that you are successfully maintaining a good deal with your existing niche, and then try capturing new ones with very similar requirements. Nevertheless, you should remember that new niches only differ slightly in their requirements and can cover them with your current strategies.

Also, try to coordinate or make relationships among the niches’ requirements. The brilliant example: years back, Baby soap companies in India observed a fall-down in the population of Babies whom they were targeting. Years later, they came up with a concept of ‘skin-soft mums’ and the logic behind if a baby soap is good for babies, then they should be good for their mums as well.

The above-mentioned tactics would help you to identify a profitable niche. However, if you really want to make money with them, you now need to design brilliant positioning strategies.


It is recommended to read the following articles

How can you promote your brand among your niche
Why small businesses do should turn on niche marketing


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