Wide Reach Versus Precision: How a Niche Market is Ideal for Solopreneurs
Entrepreneurship isn’t right for everyone. Entrepreneurs typically want to create and grow a business. They are natural networkers, who may or may not want to hold on to a business after it grows. Solopreneurs, on the other hand, take a different approach to business development.
Solopreneurs are individuals who may not want to grow or sell their businesses. They often don’t want to hire many, if any, employees, and they are typically more interested in the work than in business development. Solopreneurship is a great opportunity for individuals who want to focus on a particular type of work, and who may want greater flexibility than a traditional business role could offer.
Finding Your Niche
If solopreneurship sounds more interesting to you than entrepreneurship, start exploring your unique talents and industry opportunities. Many solopreneurs cannot compete with companies in large markets. They can almost always provide more value to a customer at a lower cost. However, solopreneurs offer personalized attention and may specialize in a niche field that larger competitors will never adequately address. Whether you are a realtor or a writer, find that corner of the market where competitors can’t match your offer, and then develop your expertise.
Solopreneurs who are just starting out may want to recognize their general field, and then start researching product and service offerings in that field. Instead of seeing a large target market and assuming that field has enough room for another competitor, look for where those companies fall short. Those areas represent your opportunity to build a thriving business. As a sole proprietor, you may not need hundreds of clients to turn a profit, and specializing in a niche will improve your competitive standing.
Networking and Benefits of Being a Solopreneur
Networking and marketing are important activities for all business people, but the success of the entire business rests on a solopreneurs shoulders. As the only face of a company, a solopreneur has an advantage. They are in complete control of how, when, and where consumers see their brand. Solopreneurs can take advantage of their unique positions in the marketplace by:
- Building thought leadership – Solopreneurs have to sell themselves as much as they sell a product or service. Building thought leadership in publications and online can improve a solopreneurs visibility, particularly in niche fields.
- Creating personal relationships with customers – A solopreneur may not take interest in traditional entrepreneurial networking activities, such as pitching to investors and creating marketing materials. Instead, he or she may focus on word-of-mouth marketing in a local community or among a list of potential clients to build a successful business.
- Keeping their customer base as focused or as broad as they want – As a solo practitioner who resides somewhere in between a freelancer and a small business owner, a solopreneur has a certain level of flexibility. Unlike the entrepreneur, a solopreneur may only engage in networking activities on an as-needed basis.
Finding your niche and learning how to network are two primary keys to building a successful solo business. Spend time cultivating these two skills, and you can always outsource other activities such as accounting and marketing along the way. For individuals who don’t necessarily want to manage a team or create strategic growth plans in an established business, solopreneurship represents a fulfilling business opportunity.
LEARN MORE: Breakthrough Coaching for the Solopreneur/Entrepreneur