Roger David is the President/CEO of GSR Brands, the parent company of Gold Star Chili and Tom & Chee.
There’s a pretty common belief that it’s bad for business to have a specific focus. The concern is that having too narrow of a concentration pigeon-holes you and does not give your brand the room it needs to grow and thrive in the future. It’s best to be broad so your business will appeal to a wider base.
However, I believe the opposite is true.
I’ve found the benefits can add up for a business with a targeted product or solution to an unmet need or underserved market. Finding your niche is about determining the focus of your business and then working to hone your skillset or product. This helps you refine your offerings and build the expertise that gives you the legs to withstand the test of time.
startups fail because they either don’t capitalize on a niche or don’t provide a solution to a problem. This tells me that if your focus is too broad, you’re putting your business in danger of closing before you give yourself a chance to really get off the ground. Having a niche isn’t a “niche concept” anymore; it’s an essential part of your business model — no matter the industry.
Why Niche Works
Many of us have a primary care doctor, perhaps someone you’ve seen for years. You know each other, and there is likely a friendly conversation at your annual