Glossary · Strategy
What is Niche?
Definition
A niche is a narrow, well-defined segment of a larger market that has particular needs and can be served better by a specialist than by a generalist.
Why it matters
Small businesses win by being the obvious choice for a specific group. A niche lowers competition, makes word of mouth easier, and often supports higher prices.
A general freelance accountant charges $60 an hour and competes with everyone. One who serves only Etsy sellers understands their fees, inventory, and sales tax issues, and can charge $120 an hour or sell a $250 monthly package. With 15 clients, that is $3,750 in monthly recurring revenue.
Pick a niche you can reach easily and where people already pay for solutions. You can always expand later once you own your corner of the market.
Common mistakes
- !Choosing a niche so tiny that there are not enough buyers to build a business on.
- !Staying vague out of fear of turning away customers.
Frequently asked questions
What is Niche?
A niche is a narrow, well-defined segment of a larger market that has particular needs and can be served better by a specialist than by a generalist.
What mistakes do beginners make with Niche?
Choosing a niche so tiny that there are not enough buyers to build a business on. Staying vague out of fear of turning away customers.
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