Tips and Tricks for Starting Your Own Business
Passion is the most profitable and rewarding course of action you can take. It can change your life and give you the freedom to pursue goals you’ve always thought were out of reach. You see, a while back, when I worked at a small financial institution in New York City, I had this dream: to build my own business one day. It was something that constantly nagged at me; something that I knew would only be possible if I left my job. So, when the opportunity to help launch an online lending platform came up, I seized it with both hands. Not only did it save me money by working from home instead of going into corporate America for the first time, but it also gave me the perfect excuse to pursue my fascination with entrepreneurship and finance—and create wealth from scratch. Even now that it’s become a reality, working from home as a freelancer has its challenges. When you first get started in business, it can be hard to know where to focus your efforts. Do you focus on creating a thriving online business or do you expand your skills? Do you make money from your business or do you save money for a rainy day? If you’re like many entrepreneurs — and I’m sure there are plenty out there who agree with me — then making money from your passion is probably the number one priority right now. But making money from a particular sector isn’t as simple as just putting that niche on Facebook and waiting for the hits to come in. In this article, I’m going to share with you five ways that working with a niche can help you turn a profit and build an audience for future marketing efforts.
What is a niche?
A niche is a specific type of product or service that has a defined target market. These are the people who will buy your product or service and those who are looking to buy it too. A good example of a niche market is shoes. The market for shoes is relatively small, so it’s easy to understand how you can market to people who want to buy your shoes. But what if you want to sell to people who want to wear your shoes but don’t necessarily need to buy them? This is a much more niche market, and it’s what we call a “universal market”.
