The Most Important Trait for Small Business Success
Small businesses will benefit the most from the very narrow niche markets. It is so easy to try to have a wide range of products, things offered to try to attract everyone. Many businesses do fail because of this. I agree with the authors that I reviewed that a focused small market can offer quality better than a wide scope marketing plan for a budding small business.
The author of an article on smallbusinessme.com gives the example of a restaurant that originally offered one excellent product and had a solid clientele and was successful. Later they expanded their menu offerings and sales plummeted. The items added did create variety but they were from a variety of Asian countries. But none those additions had the masterful excellence of that one original product.
When adding products the restaurateur should have stayed with Thai region recipes like the original wonderful soup. That would have kept him in his area of expertise rather than the eclectic mix of recipes from all over Asia. Staying in the narrow niche of good Thai dishes would have been more likely to maintain existing customers and bring in some new ones.
What drives many customers away from the big box store is quality of product and poor service of the mega stores. High numbers of selections does not necessarily end up with high sales and profits. Poor service always equates with customers that only purchase one item and never return, except to request a refund or complain! That is not the type of customer that will build your business.
A focused small niche in your area of passion and expertise is the way to proceed to increase your potential of success. So take time to look inward and find your passion your area of expertise before jumping into ownership of a small business. When you find the area of expertise the perfect product, launch your marketing for your business to the narrow niche of people searching for that product.
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