3. STAY IN YOUR LANE

The first order of most businesses is to identify your USP.
Every business needs a USP! A Unique Selling Point. The thing that makes you better or unique/different from the competition. Make a list of all the things your product/service does that distinguishes it from the competition, then list all the problems it solves for the customer, you should find your USP in this analysis.

E.g. Uber’s USP - It doesn’t own taxis (unlike traditional taxi companies) / creates direct communication with the driver and passenger / easy and fast access via smartphone.

A USP will make your product appeal to a specific audience or a niche. Once you identify your niche, stick to it! Stay in your lane!!
A niche is not only valuable because it means that you have identified a market for your product. It also means that you have a specific focus for your business.

Niche: denoting or relating to products, services, or interests that appeal to a specialized section of the population.

Everything around your business can now be aimed at that niche. You can brand your business based on that niche; you can ask yourself key ques- tions relating to that niche.
You will adapt and improve, but that niche will give your direction: it will be your core audience.

The streetwear industry has countless examples of successful companies that have grown considerably by focusing on a niche. Look at compa- nies you admire and examine their history. Nike, for instance, found early success by focusing on runners, Vans focused on skaters until both became mainstream brands. A niche doesn't have to include a large number of people. Any audience can be monetised, as long as you under- stand Depth & Width Audience Principles (explained in Tip 24). If you don’t know anything about business, at least know your USP and your niche.