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A lot of the statements within this article should be prefaced with "If you want to build a large company,...", "If you want to support a team,...", or "If you
by ekpyrotic 13y ago
A lot of the statements within this article should be prefaced with "If you want to build a large company,...", "If you want to support a team,...", or "If you want to become more than an SME,..."
Targeting niches with tailored software is a perfectly rational -- and, dare a say, I good -- strategy in those cases where you want to build a product that will support (only) yourself economically. And you don't have 'Pinky and the Brain'-esque fantasies. I know it is hackneyed, but bingocardcreator.com is a fantastic example of this strategy put into practice.
Often, as these niches aren't already served by a professional product, there is obvious space for monetization. There are also good opportunities to develop quick expertise in that niche -- and as a result corner the market. To boot, as the consumer base is smaller, you can often develop long-lasting, personal relationships with your customers more quickly and more easily.
Of course, if you want to take the Internet by storm, don't build a repository of crochet patterns, but if you want to see some quick money roll in (or build up some basic business experience), I but don't see why you shouldn't. Advice has to be viewed within context.
Blanket statements are antithetical to intellectual nuance.
Not everything has to be New York; sometimes the Galapagos Islands are quite enough.
- joelandren 13y agoYeah, this a great comment. I think he's specifically addressing people who want to be big and then paint themselves into a corner with overspecialization. Totally agree that specialization and attention to your niche are great way to succeed. It's just important to make sure that your aspirations for the company map to the potential for the product.
- decasteve 13y agoWe've reached a point in time (point in technology?) where "niche" could mean tens of thousands of customers world-wide. Niche has taken on a new meaning.
- jakejake 13y agoA "lifestyle company" is a dirty word to investors. For the owner though, it can be a very rewarding career with a fantastic salary. There's little ability for VCs to profit from it though, so you won't hear anybody who is going that route support you.
- davidw 13y agoOne of the things I realized when reading Start Small, Stay Small was that a small enough niche is a barrier to entry: If your company/product dominates a market that is pretty small, and, say, makes $100,000 a year from it, that's just not going to be an interesting target for bigger companies with the resources to outcompete you. So the trick is to dominate the niche, and then automate, so that you're making that money without a great deal of day to day involvement.
- fxthea 13y agoCurrently reading the book and when I came across that part a lightbulb went off in my head, too - I never thought about it that way prior.