Exploiting a Niche

I was at a recent dinner party for a nonprofit Board I was invited to join. (And I did. ) One of the attendees was talking about how he exploited the student housing niche over the last 2-3 decades. He started with one apartment near a large local university. He stayed on it until it cash flowed nicely, then he did it again. And again. And again. And so on.
He honed his strategy and his systems. He branched out to a broader geographical area but with the same focus. He has done quite well doing this. He advocated that I do the same.
I also read an article in the WSJ about smaller entities buying up ailing older mall properties. It’s the same principle. Niche exploitation.
Even if you wish to expand your offerings, focusing on one niche at first allows you to hone your product, system, marketing and strategy and do something extremely well. This is a play on the saying, “You can please some people some of the time but you can’t please everyone all of the time. ”
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About Tiffany C. Wright - The Resourceful CEO

Tiffany C. Wright is the author of “The Funding Is Out There! Access the Cash You Need to Impact Your Business” and “Solving the Capital Equation: Financing Solutions for Small Businesses.” She is the founder of The Resourceful CEO, which helps owners of small/medium-sized businesses prepare their businesses for sale. Tiffany has an MBA from the Wharton School of Business, sits on non-profit boards and serves as a business mentor with the Cherie Blair Foundation.
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