The Importance of Niches – Leading The Pack

When thinking about business ideas, people often try to think of something that makes a lot of money. Of course, money is why many businesses are created. When you start to think about a long lasting business, how will you triumph?

In the traditional world, there’s tons of banks, gas stations, dry cleaners, etc. What makes one different from another. Which one did you pick and why?

It might have been some commercial or radio advertisement that reeled you in…or perhaps a friend.

The big companies can spend millions of dollars to brand their logo or name. The more often it shows up in media, their brand gets imprinted in our minds.

If you’re starting a company, that chances are that you don’t have millions, or even thousands of dollars to blow away into image advertising.

So how can you easily be the first thing that pops into a persons mind when your type of service is needed — without spending any money on advertising?

The answer is plain and simple. You’ve got to lead the pack. What I mean by that is that you have to be unique. To add to that, you have to be perceived as being unique. When you choose a unique niche, you have the upper hand. Since people perceive you as being the first in your field, most likely they’ll think you’re the expert.

So with millions of businesses out there, how can you find a business that is unique?

The easiest way to do this is to spin off a traditional, or not-so-unique idea.

You don’t have to come up with some great invention or be the next big fad.

If you don’t believe me, take a look at Krispy Kreme. …or how about Starbucks.

Is a donut or a cup of coffee worth billions to you?

Their not the first in donuts or coffee. However, their the first in high quality, or high value donuts and coffee.

Whether you like them or not, they offer a perceived value. More than a donut from your local donut or coffee shop.

Just think about it: Starbucks coffee just comes from some cheap little coffee bean. There’s nothing original about coffee. It’s all how you allow others to perceive that little bean.
Starbucks sure did capitalize off the coffee niche. They’re not a like a McDonalds or 7 Eleven offering coffee. Starbucks is all about coffee (and a little tea and snacks:).

So if you want to be the leader in your field, find a unique niche from a basic idea.