How to niche your business effectively

In business it is either a race to the bottom on price, which is a commodity business, such as Walmart. Or, you can be a brand business, where it is a race to the top, such as Apple. Nothing wrong with either and you can make money from both, but, when it comes to starting a business you may want to be seen as high value to a specific type and number of people. When you are a brand business, then you are seen as the one to work with, work for or buy from- you are seen as a high premium business. The kind of business where you can sell 1 thing a day and make £1,000 profit, rather than sell 1,000 things a day and make £1 from each of them.Be something special to a select few.As you are starting a business, you want to have a monopoly on a certain very niche and selective market sector. You do not want to start out serving everybody, but you want to start out serving a few people, solving a very specific problem for them..Let's say that you are a car dealership, you can serve anyone and everyone. Nothing wrong with this, but the problem you will face is your marketing- because you are just another car dealership. Just how if you started just another business, then there would be nothing remarkable about you.Where as if you started a car dealership that dealt with Mercedes Benz for the winter, then suddenly you are starting to appear as high value to a certain number of high value clients and you are quite selective in who you work with.You could go one step further and say that you are a car dealership that specialises with Mercedes Benz for the winter in Germany. Suddenly your perceived value to those kinds of customers and clients goes through the roof and they see you as high value and as an expert.Rather than seeking to be the cheapest in the market, you suddenly are one of the most expensive and are a premium dealership that knows what they are talking about.When you niching down you need to care about the thing you are building and the things you are selling. You need to have a bigger purpose behind what it is you are doing- and it's not just the money, because the money is a result of your transaction and a compensation for solving a problem for your customers.Learn more in my book:Start within a niche