Every business needs focus and it is this focus that is the secret to the growth of any business. It is good to dream big but one must also keep in mind to dream wise as well. Because in dreaming big and seeking to answer the large scale problems of the consumers with the aim of growing their businesses, they tend to miss out on their aim – specializing. And this is especially true to companies with little or no investment.
For companies that does not have large amounts of investment, the smart thing to do is to establish a niche. This is how you do it.
- Solve a specific problem
Large scale companies are more than capable of providing a myriad of services. With their generous budgets and grand investments, these services seek to sometimes provide a one stop shop for every problem that a consumer may have. Small businesses however need to focus and address a narrow problem that can be solved in a number of weeks. This way you specialize without much investment.
- Undeserved markets yield better
Undeserved markets are the ideal playing fields for small businesses where problems and issues are not being addressed properly. As these markets are not attractive nor big enough to attract venture capitalists, it is best for small businesses to start out in such markets which would yield bigger profitability quicker. This income can then be used to expand your niche.
- One paying client at a time
Find one paying client first. This will not only hand you some cash flow at the beginning, it will also help you customize your product better in catering it to the needs of the consumer. This close relationship with the client will also help you to find out in depth what other problems the client must be facing and in turn, try to find solutions for those as well.