IT HAS NEVER BEEN MORE CRITICAL TO FIND OUR NICHE

Have you found your niche? I received a lot of advice when I set up my company, but perhaps the most important consisted of just three words: Find Your Niche.

- Colin lles

Five years later, I'm still struggling to apply this principle. Interestingly though, so are most of the companies I deal with.

So why is this, and what are we missing out on exactly? Well, let's start by defining what a niche business is.

Per ChatGPT, it's "a company that focuses on a specific segment of the market, catering to a particular group of customers with specialized needs or interests".

Nerve Money provides a great example of what it means to be niche. If you have not heard of them, that's because you are not a musician or comedian in need of a business banking app. You see, Nerve only focuses on delivering banking services to artists living in America.

Like all niche businesses, Nerve has a huge advantage in that it has fewer competitors. In the United States, thousands of banks fight for market share with similar products and services. But Nerve isn't competing against the likes of JP Morgan and Citibank.

Its founders believe they have found a differentiated offering that will appeal directly to American artists who want help with invoicing and payments.