How to niche your niche

This article is in response to us asking Teneric newsletter subscribers what issues they had in business and how we could help them. Most boiled down to setting up a business and marketing.

Why use niche marketing ?

A niche market is simply a targeted area of a larger market. It's a great way to start your business because most people target the larger market and generalise. If you specialise in a particular area you have the following advantages:

• You only need cater for a special customer group
• You will be experts in this field (and know for it)
• People know you for "xyz" area
• It's easier for you to keep on top of industry trends

For example, let's look at internet marketing. Marketing on the internet encompasses so many aspects and it is difficult for one company to cover everything perfectly. But this is how most companies start off. But let's break it down to the next level:

• search engine optimisation
• affiliate marketing
• pay per click advertising
• earning adsense commission
• ecommerce solutions
• domain name and hosting
• etc

Now a couple of people have taken this down to the next level and specialise in just one area and these folks are known in the industry as experts:

• Michael Cheney
• Rosilind Gardner's affiliate marketing
• Brad Callen's Adwords keyword generator

So if you are in a new industry and finding the going tough, thinking of starting something new or just need to expand, be an expert in a niche of an already existing niche business !

Outsource to experts

No one is an expert in everything. One of the questions we received was how to advertise a villa in Orlando. As luck would have it, my wife's cousin has a villa in Orlando. Apart from letting the relatives stay at good rates, he lets local agents market and rent out the property throughout the year.

These guys know what they are doing, and this is the same for most businesses.

Unless you really want to improve your skills in a certain area, it's best to pay someone who can a) get the job done quickly, b) get the job done to perfection and c) start right away.

Then your time is free to undertake what you are best at rather than to concentrate on areas you know nothing about.

Protecting your ideas

Many people have big dreams and new concepts - but where do you start to seek advice, funding and assistance to drive your ideas through to reality without someone ripping you off ?

This can be a big problem and it's best to seek some legal advice. Here are a couple of methods:

• Always get people you are talking with to sign a non disclosure agreement (NDA) *before* you tell them anything. Ensure the NDA clearly covers your ideas and the penalties
• Describe your idea in minute detail and lodge it with your solicitor. They will then date it so if someone else has your idea you can prove that you thought of it first !

The trouble is, a lot of people want quick ways to make money, so be wary of everyone (including friends and family). You need to discuss your ideas with people you can 110% trust - but seek legal advice first off.

Starting your first business

Some people have mentioned that they want to start their own business but don't have any money. This is always a catch-22 position and if you find yourself wondering what to do, here's some practical tips:

• Do you really need money to start? Can you develop your ideas by borrowing or swapping your skills with someone else ?
  
  
• Can you build your business up slowly rather than a big bang solution that requires immediate investment ? eg: Get a full time job (and if you are already in full time employment...) develop your business whilst working - it's no picnic in developing a business and working a few hours each night and during the weekend is what is required.
  
  
• If you need cash, here's an article on how to raise $100,000