In business, you will have to learn how to create your niche so that you do not have to compete on price. A niche is where you create a product or service that is unique and where there is also a market demand.
Creating a niche is very simple, just use the simple math of addition, subtraction. division and multiplcation.
Addition is where you combine 2 or more features or benefits into one. For example, my iphone has got almost everything inside it. Phone, email, GPS, compass, calculator, games and many other stuffs
Subtraction is where you reduce the size, noise, time or any unwanted stuff like MSG for food or lead for petrol. The iphone also falls under this category because I don't need to carry so many gadgets with me anymore. Reduces my load.
Division is where you divide something and make it smaller so that it becomes more affordable. Example will be sub-dividing an office and let out to small business owners or self employed. You can also subdivide a piece of land and sell it in smaller parcels and make it affordable to more people.
Multiplication is where you multiply your service or product and reach out to more people. Example will be multi level marketing where you TTP, TTP and TTP. Take The Product and Teach The People to Take The Product.
Real estate companies are also very good at multiplication. They charge a fee for training you on how to market real estate and then charges a fee for every commission that you make. This is where the real estate company owners multiply themselves.
There are six types of evergreen businesses that will always have customers and they are; Food, Shelter, Education, Energy, Entertainment and Health.
You can use any of the above two or more combinations to create your niche in business. Are you able to see that there are many businesses using the above concept? If not, be aware, open up your mind and be on the look out.
Next week we will talk about the importance of networking
