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.
1 thought on “Never underestimate niche markets”
I advise many small business computer consultants just starting their businesses, and I know how important niche markets are. Because there are so many different types of businesses that fall within the â€œsmall businessâ€ category, serving all of them without parameters can become too broad and unfocused. Finding a niche helps a consultant be more focused and also helps narrow down the list of viable prospects so that marketing and networking is much easier. Plus it makes the process of defining your specific skill set and doing very specialized work much simpler. I agree â€¦ finding a niche can really help you command top dollar for your very specialized work and help offer more complete solutions to your clients!
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