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Revisiting Your Niche Market

May 1, 2013

Finding a Targeted Niche - Magnifying Glass

Yesterday in the swirl of homemade cupcakes, brightly colored tulips and a beautiful ballroom, I was inspired to concrate on the main focus on my business from a passionate and honest woman who admitted to a crowd of 50 that she had lost her way in the midst of growing her company only to rediscover it again with much relief.

I think a major challenge in growing a successful company once its established is veering too far away from its original focus. In most cases in order to grow a company, women feel motivated to creatively add new revenue streams, add-on new products or services, or neglect getting rid of ineffective parts of their business. I remember a member telling me once, “Women make the mistake of feeling like their business is a child, an extension of themselves they can’t ever walk away from if times get bad. But a business isn’t a child; it’s an entity we’ve created. It is possible to make logical, sensible, hard changes to sustain success.”

As yesterday’s gleeful woman entrepreneur spoke of her current successes and the struggles she endured to regain control of her life and a business that had become unruly due to losing focus of her main core business purpose, the air filled with potential for all of us listening to her as we contemplated our own company’s direction. We were inspirationally challenged to revisit the reason we started our companies, analyze whether we were happy with our personal and business lives and motivated to relook at our unique niche within the market to go back to it, improve it or change it.

Today’s post is meant for you to consider these questions – are you running your business or is your business running you? Are you successful because you have a deep, rich niche or are you too spread out and unfocused in too many service or product areas? Should you revisit your initial corporate intent in order to take back control of your corporate direction? Will doing all these things lead to more financial success?

Sometimes it takes another woman entrepreneur who shares her challenging business story to shed light on our own situation and motivate us to make the essential changes we need to make to become more successful again. What do you need to be doing differently now to recapture the essence of your business?

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