More than half of Americans either own or work for a small business, and every year since 1963 the United States has celebrated National Small Business Week to recognize their critical contribution to the economy. This week we’re celebrating small businesses by offering some advice to help them succeed.
There are quite a few common mistakes that new small businesses make; the tips offered by the businesses earlier this week covered much of them (for example, don’t think small, don’t waste time on things you’re not great at, make your store fast and beautiful). But there was one tip we felt was missing.
Many small businesses start out trying to be the best at everything — that is, be the best clothing store online, or the world’s greatest home decor shop. And the truth is that it’s almost impossible to do this. Not that we’re trying to dash your hopes, only being realistic.
The key to small business success is finding and choosing a niche. By doing that, you can avoid one of the most common mistakes business owners make: of going too broad with their store’s products and market appeal.
Let’s dive a little deeper into this subject and talk about why you should have a niche, how it can help you succeed, and how to pick one (if you haven’t already).