Finding Your Business Niche
With more people than ever selling online, naturally it's become more difficult to stand out. Since Covid turned us all into shut-ins, millions have turned to selling antiques, vintage & used items online. How in the world can you compete as a reseller when everyone is doing the same thing?!
Well, it's the same as it ever was. There has always been fierce competition in every business and those who are successful have found a way to stand out by being original is some way, shape or form. Of course it need not be in EVERY way, shape and form. Let's not get carried away by re-inventing the wheel when there's no need to.
To get your market share, it's critical that you find your niche. It can be a particular genre, period or type of product you sell, or the way you sell them. But it's got to be something that defines you & your business.
At Cape Ann Auction, our niche is the No-Reserve auction model. This means, when we put our items up for auction, almost without exception, we start our bidding low, and sell to the high bidder, no matter what the high bid is! We call it flying without a net. Does this work for us? Well we trust it enough to put up this 2 & 1/2 gold piece from 1890 without reserve! We'll link to it when the auction goes live in the last week in March of 2021 and when the auction closes, we'll post the winning bid price.
We generally have a strong bidding pool so it pays off for us. We need to be careful when we buy for auction, which is why we often buy in large collections or entire estates. It's a matter of buying enough diversity to cover the risk of selling without reserves.
Do we sometimes buy single items for big $. Of course. Do we go outside our comfort zone to buy? Yes. But overall, our niche, what we are known for is our No Reserve auction method, and it works for us. It won't work for everyone.
What is your niche? Is it a certain type of merchandise like jewelry, furniture, art? Furniture is a great one, because so many dealers have dropped furniture from their business model as the furniture market has been slow for quite a while. Because so many are running away from it, you may stand out if you become the furniture Queen/King in your area.
It doesn't matter what your niche is. What matters is that you do everything you can to own it, that you sharpen your skills, make it the thing that your known for in your area.
Your niche doesn't have to be narrow, it just has to be yours! I know a reseller whos' advertising stated: I buy everything! That was his niche.
So what's your niche? What do you love to do, own, refinish, advise on, write about?
There's more than enough for everyone, but when you start wishing you have what others have and judging yourself based on the success or failure of others, you'll just spin out in envy or defeat. Get your own thing going, and when you measure your success only against your former self, not against others, you can truly track your progress!
Good Luck and Have Fun!