A lot of people lose their minds over the fact that businesses have been laying off employees left and right due to the pandemic. Although it seems brutal and unfair, their actions are expected because they cannot operate full-time anymore. That is especially true if the business does not provide products and services to help everyone survive in this global health crisis.
Despite that, the reality is that not all of us are 100% helpless. You may have saved a significant amount of money while you were still working, for instance, or someone is willing to help you start a business of your own. If that is the case, you should learn how to identify your niche before the pandemic ends.
What Is A Niche?
A niche is the foundation of a business. If you get this part right and understand it, you will be able to make money and grow much faster.
One mistake that most people commit is that they try to buy and sell everything. When you do that, you cannot get the quality stuff that you need when investing your money. So, if you have a couple of hundred dollars, you should not go out there and buy a chair, table, and television at the same time. You can make more money if you just use your 200 bucks to buy one high-quality chair or table or TV and flip it to get a lot more cash. That’s where identifying niches in this business can help you.
Why Should You Become A Niche Specialist?
Becoming a niche specialist is just as significant as knowing what your niche should be. For example, heart surgeons will earn more money than a primary care doctor because they offer services that others cannot. If you specialize in selling bedroom furniture, then guess what? People will seek you out, too. In addition to that, they tend to pass your name around to their friends and family members. If someone says, “Hey, man, I need a bedroom set. We are moving to this house,” your previous customers may reply, “Oh! Sally sells bedroom sets.”
Specialists also recognize trends. The thing is, trends come and go. For instance, the big thing right now in the antique world is mid-century style furniture. If you are still selling the old stuff from the 1700s, it may not be as in-demand as it was in the past, but the trend can change after some time. As a specialist, you can watch and monitor these trends and realize what is about to happen before it happens. Again, I will stress this out: if you are selling 30 different things to everybody, it is hard for them to recognize and spot the trends, so you end up buying stuff that people no longer want. You’ll sit and hold on to it much longer than when you get something “in,” you know.
Another thing is, as you become more involved in your niche, you will start to learn the value of things. If you are in an auction, you may see that some people might bid on this particular style and stop at $300 because they feel unwilling to pay more than that. But if you know that you can get $1800 for that one set, you won’t mind raising your hand and taking that bid up to 500 or 700 or even 800 dollars because you know its value and are familiar with this niche. That is another benefit of becoming a specialist.
When identifying a niche for your business, think about these questions:
- What do you enjoy?
- What items you have a passion for?
- How well do you know a specific product?
You need not be a jack of all trades, especially if you don’t want to earn peanuts. Think about a suitable niche for you before the pandemic ends. Good luck!