Never underestimate niche markets

In defining the market for your consulting business — new or well established — don’t underestimate the potential of niche markets. Take a look at this construction screw collection. Have you ever considered that some people collect screws? There’s an untapped market out there. It’s a highly specialized market and there are probably some collectors willing to pay big bucks to add to their collections.

Now, I can’t think of a consulting business that would target screw collectors. However, the importance is the niche market. You may be busy selling to a general market, but how much more could you make if you went after the clients willing to pay more to have their unique problems solved? Sometimes, by serving the needs of the hungriest clients, you can make charge higher consulting fees.