How Niche Markets Relate to Small Business Success The success of many small businesses relies on finding the appropriate niche in which to market their goods or services. The competition between large companies and small businesses may be too much for small businesses to succeed. Finding a unique niche and doing it well brings many benefits to the small business. Inspiration for finding this niche is all around the small business owner if they simply do some research and take a moment to look around. Finding the niche is just the beginning, but achieving success will start with creating a solid business plan. This business plan sets out rules on entering, maintaining and even exiting the niche market(s) if the need arises. What is a niche? A niche is a smaller part of the market that is not satisfied by the general public. It is usually neglected by large companies. “A niche can be defined in many ways, including by geography, by customer profile, by product, by product usage and many others. (Pearson, 2011). A niche may be served by physical stores or by a broader reach via the web, or both. A product within a niche is expected to appeal strongly to a narrow set of tastes (Anderson, 2008). As a small business owner, it's up to you to decide what type of niche you want to enter. You can choose business-to-business or business-to-consumer niches and then narrow things down from there. Purpose of a Niche Market “You don’t need a lot of things to start a business…but you have to have one thing.” You must have a customer. Go get that customer. (Renard, 2004). However, part of getting that customer is offering a necessary or desired good or service. Since a niche market is a focused section...... middle of paper...... paving the way for small business success. Westport, CT: Libraries Unlimited. Fox, J. J. (2004). How to Make Big Money With Your Own Small Business: Unexpected Rules Every Small Business Owner Needs to Know. New York, NY: Hyperion. Hiam, A. (2009). Marketing for Dummies (3rd ed.). Hoboken, NJ: Wiley Pub. Jacksack, S. M. (1998). Starting, Running, and Growing a Successful Small Business (2nd ed.). Chicago, IL: CCH Inc. Levinson, J.C., & Adkins, F. (2010). Guerrilla Marketing for Nonprofits 250 Tactics to Promote, Recruit, Motivate, and Raise More Money. Irvine, TX: Entrepreneur Press. Lipe, J.B. (2002). The Marketing Toolkit for Growing Businesses: Tips, Techniques and Tools to Improve Your Marketing. Minneapolis, MN: Chamberson Press. Roth, C. (2011). The entrepreneur equation weighing the realities, risks and rewards of owning your own business. Dallas, TX: BenBella Books.

Essay / How Niche Markets Relate to Small Business Success The success of many small businesses relies on finding the appropriate niche in which to market their goods or services. The competition between large companies and small businesses may be too much for small businesses to succeed. Finding a unique niche and doing it well brings many benefits to the small business. Inspiration for finding this niche is all around the small business owner if they simply do some research and take a moment to look around. Finding the niche is just the beginning, but achieving success will start with creating a solid business plan. This business plan sets out rules on entering, maintaining and even exiting the niche market(s) if the need arises. What is a niche? A niche is a smaller part of the market that is not satisfied by the general public. It is usually neglected by large companies. “A niche can be defined in many ways, including by geography, by customer profile, by product, by product usage and many others. (Pearson, 2011). A niche may be served by physical stores or by a broader reach via the web, or both. A product within a niche is expected to appeal strongly to a narrow set of tastes (Anderson, 2008). As a small business owner, it's up to you to decide what type of niche you want to enter. You can choose business-to-business or business-to-consumer niches and then narrow things down from there. Purpose of a Niche Market “You don’t need a lot of things to start a business…but you have to have one thing.” You must have a customer. Go get that customer. (Renard, 2004). However, part of getting that customer is offering a necessary or desired good or service. Since a niche market is a focused section...... middle of paper...... paving the way for small business success. Westport, CT: Libraries Unlimited. Fox, J. J. (2004). How to Make Big Money With Your Own Small Business: Unexpected Rules Every Small Business Owner Needs to Know. New York, NY: Hyperion. Hiam, A. (2009). Marketing for Dummies (3rd ed.). Hoboken, NJ: Wiley Pub. Jacksack, S. M. (1998). Starting, Running, and Growing a Successful Small Business (2nd ed.). Chicago, IL: CCH Inc. Levinson, J.C., & Adkins, F. (2010). Guerrilla Marketing for Nonprofits 250 Tactics to Promote, Recruit, Motivate, and Raise More Money. Irvine, TX: Entrepreneur Press. Lipe, J.B. (2002). The Marketing Toolkit for Growing Businesses: Tips, Techniques and Tools to Improve Your Marketing. Minneapolis, MN: Chamberson Press. Roth, C. (2011). The entrepreneur equation weighing the realities, risks and rewards of owning your own business. Dallas, TX: BenBella Books.

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