Do you understand who your customers are and what they want? I think many small businesses don’t really understand this. They think more about their product and how to sell something that they want to produce, rather than what the market wants to buy.
Hugh MacLeod, author/blogger/artist one of my favorite entrepreneurs (gapingvoid.com) calls these businesses the Middle Seat Guys. He likens businesses that sell stuff that their customers don’t want to airlines who sell middle seats. Hardly any airline passenger wants the middle seat. In fact, with rare exception, if you were given a choice between the aisle, middle or window seat, the middle seat will go unclaimed every time. Hugh wonders why the airlines still offer a middle seat when they know their customers don’t want them.
The ideal situation for a small business person is to find a niche within their market segment to operate. Look at the market and the competition and figure out what the customer wants. What are the trends in the market that aren’t being addressed? The way we do business in almost every market is changing. What areas of business do your competition or market leaders fail to adequately serve?
Yeah, this is hard. But if you can find a niche where there is actual demand and there aren’t 100 other companies in the market already trying to serve, then maybe you’ve found a place for your company.
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