The Dangers of Having Only One Niche

Everything you may have heard about having a niche is true. How it’s the best way to start and make money online. To focus on a special segment of a market and specialize in serving that market. But with the dramatic increase in competition from one person businesses to multinational corporations, it’s becoming essential to have multiple niches.

Not only is it essential to have more than one niche, it’s dangerous, risky and hazardous to your wealth to depend on one niche to carry your business forever. Because if your product, service or business is half successful you’ll have people trying to copy it faster than you can say - duplication.

If you can read these words I’ll show you how to easily and quickly create more than one niche for the product or service you have now. Do you think this would help to eliminate direct competition and help you to stand out from your competition? You bet it would.

Now that you know the problem, are you ready to do something about it? The publication you are now reading is about solutions.

Here are 3 ways to create multiple niches for the product or service you have now.

1. What can I do faster than my competition?
For example, can I fill orders faster? Can I handle complaints faster? I don’t know specifically who your target customers are, but I know this, they hate to wait. So, try to do something faster than your competition, even if it’s a small task I know of a diner who brags they give the fastest coffee refills in town. It’s a small detail but it helped them to be one of the most successful diners in the town. They took pride in it and the customers noticed it.

2. What can I make easier for my target customer?
People crave convenience. Whatever can make your customers life more convenient they’ll buy, including your product or service. The key here is to make buying, using or owning your product easier for your customer than you competition. Can you make it easier for your customers to use your product or service. Can you make it easy for your satisfied customers to refer you to their friends or family. What about making it easy for your customers to come back and do business with you again? The list could be endless.

3. What can I do that my competition doesn’t like to do?
This is one of the quickest and easiest ways I know to separate yourself from your competition. Find out what your competition hates to do - and do it. Your customers will notice it immediately. If your competition closes on weekends - be open. If they don’t deliver - you deliver. If they offer cookie cutter, one size fits all service, try to offer more personal services. If they accept cash only, try taking checks or credit cards.

These are examples of how you can start to build more niches into your arsenal for the product, service or business you have now. If you have only one niche, you should be a little nervous. You’re facing copycats, imitators and knock off artist unlike any other time in history. Anyone who depends on one product or service niche to support their whole business is at great risk. You will need a constant supply of fresh niche ideas to keep your business strong despite growing competition.. The more niches you have the more insurance you have against failure.