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Business 101

Profiting On The Niche Market

Would you like to have your own business where you can stick out from the crowd? Would you like to offer hot merchandise that targets to a specific market willing to pay big bucks because you have exactly what they want? Would you like to become an expert in one field? Have you considered niche marketing selling?

Niche selling can be quite profitable because your target audience is specific. They aren't just merely strolling through the store shelves looking for anything that might strike their fancy. They are on a quest for a specific type of product and are willing to consider purchasing similar items along that line. With a good, targeted campaign, you may find the niche customer coming to you to buy one item ending up buying several.

An example can be seen at a Star Trek convention. You will see many booths with people selling Star Trek merchandise. Avid fans of the series will go to the booth that really catches their fancy. Let's say someone is an action figure collector and a Star Trek fan. They will seek out a booth that specializes exclusively in Star Trek action figures. The fan sees the booth with the intent of purchasing something specific, but also sees the owner of the booth carries every conceivable product in this category and spends more time browsing and speaking with the owner about this niche hobby. The customer feels good about the knowledge the owner shows and not only buys the one exclusive item he was searching for, but several others. On top of that he gets a business card and tells all his other friends into the same niche about this business.

Why wouldn't this person do the same at any other booth at the convention? Perhaps the other booths only specialized in DVDs, or posters, or autographs or general Star Trek merchandise or even general science fiction merchandise. With such diverse products, the only qualified merchant to fill the what that niche seeker wanted was one who specialized in an exclusive niche.

What you need to do to become a Niche Specialist is to figure out where your passion and knowledge of trivia begins and ends. The most successful niche dealers are the ones who know even the most minute detail of their trade. What excites you to no end? What do you bore your friends to death with when you chatter on? Cars? Boats? A tv show or movie? Your stamp collection? Whatever it is, even if it seems unimportant, chances are there is a niche audience out there.

Next you need to seek merchandise you can sell. One way is to find a wholesale dealer or a dropship dealer that offers the products your niche would want. You may have to choose more than one that has a reliable and plentiful source of what you need. Or you could sign up with online affiliate programs that have stores which offer products you could sell. Or even go to a store and buy items in bulk at a discounted rate by asking around for the owner or manager.

Let's say you wanted to start a store niche that featured perfumes that were popular in the 1970s. Create a list of every single type of perfumes from that time period and run a search on the search engine or go to a perfume wholesaler or go to an established store and look for a link for affiliates which will show you how to sign up. Find out how much you would be charged for the items and buy them up in bulk. Have a good storage area where you can keep your product until you are ready to sell.

Once you have a reasonably good inventory, there are several ways to go about selling your niche. The easiest way is to set up a web site and take payments via PayPal or eGold. If designing web sites are not your thing, consider doing e-Bay auctions which can be highly profitable to the right niches. If you prefer doing business in person and love instant cash, set up a booth at a flea market, state fair, or other public event where your niche audience can be found.