Yup . Why Bleed Big When Your Niche Is Lean And Mean A lot of successful entrepreneurs will tell you a major key to their success can be summed up in one word: niche. Yet the idea of specializing, of narrowing down your market to a small segment of customers uniquely interested in what you offer, might seem contradictory to starting a business when you want to reach as many people as possible.
As marijuana moves into the mainstream, new opportunities for specialization are presenting themselves. For instance, I’m writing for the media niche. When I told some friends I was writing an article for Ganjapreneur they were incredulous.
“A year ago you called it ‘indigo’ and thought sativa was an organic sweetener made from plants,” one of them said.
True enough.
But I’ve always supported the legalization of marijuana and the industry is no longer about stoners vs. the rest of the population. It’s about accepting pot as a lifestyle — medication at times — and a valid outlet of recreation for those who choose it. Sometimes an outsider can see things that players too close to the action miss.
If you’re an entrepreneur and the marijuana business is calling your name, it’s also about figuring out where you fit in. The piece “The Marijuana Industry is Creating These Economic Niches” gives a good overview of the various areas a new entrepreneur can explore including stocks, science and medicine, legal cultivation and extraction.
But even within these niche areas, you’ll want to find your USP — your unique selling point. In other words, what is the sweet spot you can offer that will keep your customers loyal for years to come? It’s not your market that will do this. It’s your niche.