In this article I’m going to give you a complete explanation of what a niche business really is and why it’s really the best way to start building your business if you don’t have a large budget for your business.
What is a Business Niche?
A Niche business is a business that targets a specific group of people with very specific interests, passion (passion) or the same wish.
The opposite of a niche business is a shopping mall or mall. In the shopping mall you can find all kinds of goods. You can find everything be it food, drinks, shoes, bags, cigarettes, minicourses, clothing, books, CDs and much more. All of that is in the one shop.
A niche business is just the opposite. For example a sports shop, it is a niche business. Because the shop only sells special sports equipment. They will not sell cigarettes, or goods other than sporting goods. They sell books, clothes, shoes and all things sports related.
Read: What Is a Good Niche?
In the online world if you want to build a business, then you must have a certain niche in that business, unless you have a very large advertising budget you can ignore the niche. And to online businessYou also don’t need a lot of money, all you need is to take advantage of media to do business, be it social media, YouTube, marketplaces such as Tokopedia, Shopee or Bukalapak, and if you want to have a website for business, just buy a domain. hosting and free platforms like WordPress.
Because the costs of operating a business on the Internet are much lower. A shopping center has high operating costs, because they have to pay rent for the premises and they have to pay a lot of employees and they need to move supplies. For them it’s all about maximum volume and income. That’s why businesses like shopping centers are so extensive. But on the Internet you have very little fixed costs. That’s why it’s so easy to set up a niche business. And it makes us much more relevant to the experience for your store usage.
It also allows you to build better relationships with your client base and prospects, because you know they are much more intimate and you have the ability to serve them well. You can talk to them more directly in your marketing materials and marketing message. You’ll have higher customer loyalty and a higher lifetime value per customer because everything you offer them is always relevant to something they’re passionate about.
People are much more likely to make more purchases from the same place. For example if I want to exercise and I buy something in your shop and you have that item for me and provide good customer service, then I will buy again from you in the future. Why doesn’t it change? Because I have established a good relationship with you and trust has grown in me.
With the above explanation, it will be very important if you choose the right niche to start a business with. Because if you really master the business niche properly, you will know where your business is going, and really master the ins and outs of that niche. Because if you have chosen the wrong niche for your businesses it will be difficult to succeed.
Already too many people have fallen and failed because of the wrong niche, they’ve invested a lot of time, money and energy in building a business from scratch. That’s why I advise you to find the right niche and evaluate the potential benefits of this wilderness before starting online business so that you can achieve success.