Tero Miettunen .com

Many people say that it’s better to make niche businesses or products than general businesses or products.
I disagree unless your goal is to just make a good living.

By creating niche things, you will have much less competition and often you can charge more from your customers.
But the amount of growth potential will be severely limited unless you’re planning to expand into many niches.

Yes, you can make up to a few millions with some narrow niche businesses if you found a great niche with little to no competition and you know what you’re doing, but in general much less.
And while I’d say that it’s generally easier to make a living running a niche business than a general one, I will from now on avoid making products/businesses that have less than up to 100 million dollars of yearly income potential because that’s a sign of too narrow niche to me.

Let’s say that you made an application that translates Portuguese into Finnish and is clearly the best that does it and you’re selling it online.
Not only would the population of Finland limit it severely. It would have a very small chance of being profitable enough to be able to be advertised on Finnish radios/magazines/tv or even websites
because only a very small percentage of Finnish people would need such software and there’s little to none Finnish websites or magazines that are solely about Portugese or Portugal.
So it would be extremely hard to get the word out because press releases wouldn’t do enough and you’d probably only be able to sell it to a few other companies and some schools by contacting them.
The effect of word of mouth would be very severely limited as well.
So the business would end up as a failure or slight success at best because the picked niche was just too narrow.

The above example has an extremely narrow niche but more common niches have the same problem but of a lesser magnitude.
So by having businesses that sell general products or services you’re not limiting your growth potential and you’re able to make the most out of advertising, affiliates, word of mouth etc.

Sorry about not posting here more often, lately I’ve been too busy with my businesses. Anyway I’m now running an Atkins Diet like diet test and the I’ll make a post about that after a month or so.

Forget about having multiple streams of income and trying to hustle your way to success by spending little time here and there to make a little money.

Your mind will feel a lot clearer and I and many others think that you’ll be much more successful if you only focus on building one big business. Of course you may want to first experiment what kind of business that is.

I tried to go the multiple streams of income way but when I switched to focusing on one business, I’ve been getting a lot more work done and the path ahead of me is clearer.

Note that this isn’t originally my advice. I’m not qualified to give this advice alone. This is a multi-millionaire’s advice which was agreed to by many other entrepreneurs.

When you focus on only one business you will be able to create much more value to it because you mind is constantly thinking about ways to improve it and it will show in your income.

When you have many concurrent projects or businesses, you’ll be spending a lot of time thinking about which one to work on, you’ll be less organized or spend a lot more time organizing, you’ll feel more stressed, you aren’t as capable of coming up with ideas to improve one of the businesses because you’re spending much less time per business and one business’ ideas will interfere with the ideas of another and your mind will feel utterly cluttered.