There is a helpful article over at on Niche Markets the Entrepreneurial Mind where Jeff Cornwall posts about the dangers of Niche strategy. Of course Jeff is writing in a broad sense for all businesses that target Niches but his theories are particularly relevant for those of us working on niche blogs with tightly focused topics. Jeff’s four main points are:
- Entering a niche requires adaptability in your plan.
- Niches Change. Even if you get the market right in the beginning, niche markets (like any market) will change over time.
- Niches Can Go Away. No market is forever. Niches are the type of market that can dry up, sometimes quite suddenly.
- Niches Can Grow. While significant growth in your market may not sound bad, it can attract more competitors.
He concludes by writing:
‘So is a niche a good place to enter the market? Absolutely. However, change is inevitable and even in a niche market an entrepreneur needs to be able to adapt to survive over the longer-term.’
This is so true for blogging. I often look at my successful blogs and wonder how much longer they will be as profitable as they currently are. Whilst I presently do well in many of the niches that I operate in I’m constantly reminding myself to look out for the next project.
It’s tempting to settle down and to just keep the 15 or so active blogs that I currently have ticking over – but whilst this would be comfortable to do I’m aware that within a year or two many of the niches I’m operating will be a different scene to now. The key is adaptability and the ability to change courses quickly as the opportunity arises.
found via Business Opportunities Weblog