A highly specialized business is a narrow, but profitable, niche that may have a limited range of customers, but can nevertheless be can be very lucrative because it caters to seekers of specialty products. One example would be a candy shop that sells nothing but jelly beans. A very limited offering of course, but this is not ordinary candy. In this shop, jelly bean lovers can buy every fabulous and hard to find gourmet flavor ever invented, making this exclusive candy shop a hot spot for customers looking for a special kind of candy they crave but can’t find anywhere else.
- Be Highly Aware of Customers Needs
When attempting to start a highly specialized business it is vital that you know exactly what your customers are looking for and what products or services they are having trouble finding elsewhere. People are always looking for ways to solve their problems or obtain a hard to find item and if you can help them they will become loyal customers.
Suppose you play golf, for example, and you experience an annoying and constant problem with your golf cart that’s very frustrating. Then you notice other players having the same problem and complaining often about it. You do some research and find a little-known gadget that would solve this problem quite simply, or you invent and manufacture your own product. Selling this gadget then becomes your specialty business.
- Be Alert To Other’s Problems
Keep your eyes and ears open and alert every day for clues that may spark an idea for your specialty business. Clues can exist in your field of work, with hobbies, or with life issues, such as raising children. In the past, many moms have invented child care products out of sheer desperation to help make the caring of children a much easier task. People with a specific hobby have made themselves rich with the marketing of a product that eliminates irritating problems involved with that hobby. Problems exist all around us in everyday life. Figure out a marketable solution and you may strike it rich!
- Remember – Scarcity Sells!
A specialty business offers products and services that aren’t available in the general vicinity, or maybe not in the country. Scarcity can increase a product’s desirability as well as the price. Take authentic English tea for example. Americans that crave the taste of a delicious cup of freshly brewed English tea don’t mind paying extra for their favorite beverage, even though tea bags imported from England costs more to buy and it isn’t readily available in stores. They willingly pay more at a specialty shop where they will also purchase other specialty items for brewing and serving, as well as British foodstuffs to enjoy with the tea.
- Be Patient and Advertise
When starting a specialty business, you may need to be patient in the beginning until your customers discover business exists. Advertise as much as possible and often. Announce to the buying public about your unique products or services. Word of mouth will also help bring in customers. If your business involves a hobby, be sure to join local groups and forums on the Internet to network and talk about your products and services. Create a web page so you can demonstrate your specific knowledge to as many people as possible to draw in customers.
“Remember, wealth has nothing to do with money, success has everything to do with failure, and life is as simple as you make it!” – John Dessauer