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Soundview Executive Book SummariesPractical Ways to Turn Ideas Into a Business
In Niche and Grow Rich, the authors extend a welcoming hand to entrepreneurs who seek a profitable niche market and offer them a boatload of knowledge to help them develop a profitable new business. Jennifer and Peter Sander, owners of Big City Books Group, a niche publishing consulting firm, write that good niche businesses are easy to start and easy to defend from competitors. They also report that finding a successful niche can attract and maintain customers who are willing to pay more for unique goods and services.
How does an entrepreneur find the right niche? The Sanders explain the proper steps a new businessperson must take before plunging into a niche market and offer advice about brainstorming techniques, research techniques, and other ways aspiring entrepreneurs can find a niche that will turn a profit. Once a niche has been found, the authors describe the process of due diligence that needs to take place to ensure a niche is viable. Their strategies offer new businesspeople help in defining niches, understanding what they need, defining products and services to meet those needs, and deciding whether a niche is large enough and profitable enough to support an entire business.
Protecting Your Ideas
The authors begin Niche and Grow Rich with an exploration of the many successful niche markets that have been created by entrepreneurs who had an idea and a desire to strike out on their own. These niches include soft drinks, women's apparel, snack foods, fine jewelry, and even television broadcasting, book publishing and financial services. Once they explain how different businesses have capitalized on creating markets where few existed before, the authors venture into defining niche markets and niche marketing. They present suggestions for creating a niche, such as offering an already-available product or service faster than competitors, and describing others who have created niches by coming up with a new twist on an old product or service.
Another way niches are created is by looking at a trend and capitalizing on the growing and underserved needs that originate from the trend. Along the way, the authors explore the online world and look at a few of the companies that have been able to create a successful niche with help from the Internet. They write that the key to founding a successful niche business online is to identify a niche, decide how to create a business around it, and then investigate the Web as a marketing and fulfillment vehicle. This means thinking clearly about what you expect your Web site to do for your business. Sometimes, the authors write, a Web site is merely just an online brochure, and sales must be made elsewhere. Having a Web site is not the same as having a business.
Define a Market Target
Once you have chosen a niche to turn into a business, the authors provide valuable lessons about how to define your market target, your product or service, and gather numbers after tuning into the market to find out what the true needs and nature of the market are. They write that defining and articulating your market niche is best done with a target market statement that defines the needs of the people who will be served by your niche product or service.
Once a business is up and running, there are numerous issues that must be addressed. To help niche businesses survive, the authors present many ways companies can get the word out about their offerings and get free publicity. They also discuss the importance of growing a business and the techniques that can keep a business prospering.
Warding off Competition
Niche and Grow Rich also offers a wealth of information on protecting intellectual property and how new companies can ward off competitors with deeper pockets and greater resources. A chapter on protecting business ideas offers entrepreneurs guidance on patent, trademark, copyright and trade secret protection that can be extremely valuable to a new business that has a great idea with a potential to hit it big. The authors present useful advice about the process and costs of protecting a niche business and present some resources that can help. Other points covered include selecting a franchise that targets a niche market, selecting advertising venues, and getting noticed by the media and customers.
Why We Like This Book
Niche and Grow Rich is an information-packed resource for anyone who is thinking about starting a niche business. Covering every aspect of creating a niche business - from finding a niche to delivering your goods or services to warding off competitors. The authors' experiences make this an informative guide to developing products and services from the ground up, and their skills at addressing the important issues of entrepreneurship make this a great book for anyone looking to create a successful start-up. Copyright © 2003 Soundview Executive Book Summaries