Should you go after a niche market? 🤔
https://anchor.fm/sales-for-founders/episodes/Bonus-Episode-Why-niching-is-a-great-way-to-start-a-bootstrapped-business---with-Tyler-Tringas-of-Earnest-Capital-e47pk9
Should you go after a niche market? 🤔
That's what I discuss with @tylertringas of earnestcapital.com in a bonus episode of the S4F podcast.
We talk through some reasons why - if you're starting a new business - you might want to niche down not up...
And - if you're targeting a niche market -why not share your experience and learnings in the comments? #fyi
I've generally believed yes, but recently I've had more doubts about that and have started coming around to the Tim Ferriss model of "going where the people are". One thing is clear though: if you're not going for a niche and you're not putting your personal spin on it (e.g. the 4 Hour brand), you'll face a mountain of competition.
There was a great thread on niches indie hackers are serving from a few weeks back, it's worth a look!
I focused on software testers as a niche. There's definitely more variety in the testing world now (I started in 2007), so if I were started again I would probably begin with by trying to focus in on different types of testers. Mobile, automation, agile, exploratory, etc.
Awesome Rosie, thanks!
True. Pieter also advocates micro-niche, even nano-niche.
For a project, which helped small businesses to take orders for physical products, we niched down to home-based food businesses doing home delivery. We could laser focus on selling it and get feedback.
Niche is a misnomer. What you really want to focus on is to serve a well-defined community that is easy to find. If you can name on top of your head 7 matching criterias between all your customers, and 3 avenues these customers hang out at, you are in business.
Niche is relative. Well-defined is better. Because all that matters is to be able to find people that will understand and buy your product/services on merit.