Should I play it safe when choosing my target market?

Should I play it safe when choosing my target market?

SHARE

I’m in the planning stages of starting a business and I’m torn between targeting tried and tested customers or aiming for a new customer base that is currently underserviced by the opposition. Which is the safer bet?

By targeting under-serviced and even high-risk sectors, Tim Tebeila built an insurance brokerage that has gone from strength to strength. The key to his success was identifying a niche, untapped market to service, as Tebeila felt these had the most growth potential.

He also advises that new business owners hire people who are more experienced than they are, wherever possible, and who buy into your vision from day one.

Read the full article here.

Entrepreneur
Entrepreneur Magazine is South Africa's top read business publication with the highest readership per month according to AMPS. The title has won seven major publishing excellence awards since it's launch in 2006. Entrepreneur Magazine is the "how-to" handbook for growing companies. Find us on Google+ here.