What Is A Niche Market? 7 Things To Consider

Someone asked me a couple of days ago “what is a niche market?” and I thought to share that info here today. The answer is that it’s a small segment of the marketplace where the features of a product are specifically aimed at serving a certain group of individuals within the market nook or niche. This would also include a competitive price range and competitive quality also.It is a small specific part of the marketplace that is focused on, and is highly specialized to meet the needs of customers and to stand above the competition within that niche. An example would be the auto industry, with the niche being brake repair, or tune ups, tires, etc.Companies create niche products for their customers, no matter how large the company is, as the nature of a growing business is to fill the needs of their customers and stay competitive and thrive within their industry.The online dictionary definition of a niche is:1. An ornamental recess in a wall or the like, usually semi circular in plan and arched, as for a statue or other decorative object.2. A place or situation suitable for a person or thing: to find one’s niche in the business world.3. A distinct segment of a market.Build a Niche WebsiteYour online business should not feel like a job but be fun and exciting to you, stimulating and motivating like a hobby. Is there something specific that you’re really interested in and enjoy working with, can talk and write about?

Most likely you will be writing a lot of article content on the subject as you build a niche website. So the more that you enjoy working within your niche the more energetic and productive you’ll be and this will really show as time goes on.Another thing is that continued learning within your chosen nook will make you an authority in your niche and make for more great writing content to share with your viewers.So what niche market or nook interests you the most or gets you excited enough that you want to share it with the world?Here’s 7 important things to consider while choosing a niche for your website, or any business venture.1. You will be thinking, talking and writing a lot about the chosen subject, to feed the minds of your viewers with the answers or solutions to their inquiries. In order to prosper and grow your business there really needs to be a drive to share the subject and information with those like-minded visitors.2. You will be constantly communicating with many Real people, answering their questions and explaining things to them concerning the subject and content on your website. As you write your articles and comment responses you’ll want to make sure that proper grammar is used throughout your site content. Misspelled words and broken sentences do not read well and will send your visitors to another site where they don’t have to be distracted with poor grammar.3. You will be choosing products to promote within your chosen nook because niche products sell online and your viewers will need to be informed about each one of them and how they can help your viewer. If the products that you choose to promote are not relevant to what your viewers are interested in they simply won’t purchase the product.If you however, with your product info and how it can benefit the viewer, explain to them how it can help their situation or make things easier for them, you will prosper along with the viewer via increased sales.4. You will be helping many others within your nook with their questions and concerns. So then, you being an expert in your niche need to be enthusiastic and enjoy each opportunity to enlighten others on which way to go, etc. You can even show them how to solve their online difficulties using screen shots and tutorials within the niche.5. You will most likely branch out to another niche(s) in the future and perfection is not a requirement. However in order to draw viewers to the site to see what you have to offer, your online store or service will prosper and rank with the search engines much better when quality is applied in every aspect of your business.

6. Any niche website that you create can become a full-time income earner for you. This is so awesome, you only need one website properly started from your thoughts and created according to step by step instructions to become your 24/7 online business that even operates while you’re sleeping or on vacation.7. If you’re not now, you will become an expert and an authority in your field. To the extent that you can share your niche information with others and obtain more knowledge to pass on in order to help them grow, you and the site will also grow and attract more searchers.Remember each and every time that you sit down to write a post that your audience is not Google, Bing, Yahoo or some search engine, but Real People, just like you and your brothers and sisters, mom and dad too. Yup, and they can find their answers on another site but they want to see if you can help them first. So welcome them and give them your best each day and watch your business grow accordingly in your niche market.

Who’s Financing Inventory and Using Purchase Order Finance (P O Finance)? Your Competitors!

It’s time. We’re talking about purchase order finance in Canada, how P O finance works, and how financing inventory and contracts under those purchase orders really works in Canada. And yes, as we said, its time… to get creative with your financing challenges, and we’ll demonstrate how.

And as a starter, being second never really counts, so Canadian business needs to be aware that your competitors are utilizing creative financing and inventory options for the growth and sales and profits, so why shouldn’t your firm?

Canadian business owners and financial managers know that you can have all the new orders and contracts in the world, but if you can’t finance them properly then you’re generally fighting a losing battle to your competitors.

The reason purchase order financing is rising in popularity generally stems from the fact that traditional financing via Canadian banks for inventory and purchase orders is exceptionally, in our opinion, difficult to finance. Where the banks say no is where purchase order financing begins!

It’s important for us to clarify to clients that P O finance is a general concept that might in fact include the financing of the order or contract, the inventory that might be required to fulfill the contract, and the receivable that is generated out of that sale. So it’s clearly an all encompassing strategy.

The additional beauty of P O finance is simply that it gets creative, unlike many traditional types of financing that are routine and formulaic.

It’s all about sitting down with your P O financing partner and discussing how unique your particular needs are. Typically when we sit down with clients this type of financing revolves around the requirements of the supplier, as well as your firm’s customer, and how both of these requirements can be met with timelines and financial guidelines that make sense for all parties.

The key elements of a successful P O finance transaction are a solid non cancelable order, a qualified customer from a credit worth perspective, and specific identification around who pays who and when. It’s as simple as that.

So how does all this work, asks our clients.Lets keep it simple so we can clearly demonstrate the power of this type of financing. Your firm receives an order. The P O financing firm pays your supplier via a cash or letter of credit – with your firm then receiving the goods and fulfilling the order and contract. The P O finance firm takes title to the rights in the purchase order, the inventory they have purchased on your behalf, and the receivable that is generated out of the sale. It’s as simple as that. When you customer pays per the terms of your contract with them the transaction is closed and the purchase order finance firm is paid in full, less their financing charge which is typically in the 2.5-3% per month range in Canada.

In certain cases financing inventory can be arranged purely on a separate basis, but as we have noted, the total sale cycle often relies on the order, the inventory and the receivable being collateralized to make this financing work.

Speak to a credible, trusted and experienced Canadian business financing advisor as to how this type of financing can benefit your firm.