The views expressed by Entrepreneur contributors are their very own.
According to American Small Business Association99.9% of all businesses in the U.S. are classified as small businesses. Of the greater than 33 million small businesses, 27.1 million are solo ventures with no employees. It is estimated that by 2027, 87.5 million freelancers will constitute 50.9% of the entire US workforce. Meanwhile, Bank of America revealed a 3.8% increase in the number of shoppers receiving direct deposits from gig platforms in March 2024, surpassing the previous peak in 2022.
These numbers indicate that more and more people are leaving traditional employment to pursue other sources of income so they will live on their very own terms and with greater freedom. These are atypical individuals who are creating wealth through their skills and passions in their very own way. I call them atypical entrepreneurs.
Those just starting out may wonder, “How do you compete in a marketplace saturated with products and solutions to every conceivable problem? And how can you grow and survive in such a highly competitive environment?”
My approach is to focus on a super area of interest and develop the required expertise to deeply understand and meet their specific needs. I built Fud, a community and money-making app to help recent and aspiring entrepreneurs realize their dreams. Currently, about 80% of Fud users are newbies.
The problem is that many successful entrepreneurs today highlight their accomplishments on social media without truthfully sharing their struggles to achieve that level of success. This trend turns their content into mere entertainment, and without knowing their full story, it could be discouraging, confusing, or overwhelming for beginners.
That’s why at Fud we promote transparency and honesty. We recognize the challenges and labor on a regular basis entrepreneurs go through in starting and running a business. At the same time, we imagine that with the right mindset, a strong support system, and the right tools, achieving your goals is possible.
Less means more
The key to standing out is to focus your efforts on a super area of interest while deliberately avoiding other niches. This may seem counterintuitive. You might be pondering, “Isn’t it more cost-effective to attract every single prospect? Wouldn’t you catch more fish by casting a wider net?”
Well, not everyone is going to be interested in what you have to offer, and that’s totally high quality. Your goal is to find the right market that aligns with your brand or shares your values. By targeting this smaller segment, you can provide more personalized services, create stronger emotional connections, and higher meet their expectations, driving their most profitable behaviors.
A study published in Harvard Business Review revealed that customers who are fully engaged with a brand are 52% more invaluable than those that are simply very satisfied. So building relationships, gaining the trust of a small community, and adapting to their motivations results in more engaged and more profitable customers than serving a general audience.
Start by selecting a small, specific market segment that you are really interested in. It should be something that you are really passionate about, because that zeal will motivate you, especially when things get tough.
For me, it’s a celebration of on a regular basis entrepreneurship. I’ve at all times been intrigued and inspired by individuals who come up with interesting and unusual ways to make money and succeed at it. It doesn’t have to be a seven-figure business or a global phenomenon. Mastering your craft and excelling at whatever you do is enough to be appreciated and inspired by others.
Invest in yourself
To master your chosen area of interest, you need to learn the skills that matter, use the tools that work, and maximize your resources. Don’t worry if you’re not an expert yet or have limited funds. Your willingness to learn and grow will lead you down the right path.
Fortunately, the wide selection of online content on a number of topics and in a number of forms is making learning more accessible and inexpensive for the average person. Now you can attend live workshops, enroll for online courses, and join virtual communities to learn recent skills and earn money from them immediately. With this in mind, you should be able to distinguish reliable information from misleading content to avoid scams.
Be a painkiller
Immerse yourself in your super area of interest to understand their pain points and find solutions. I do this by engaging with the Fud community, personally interviewing young business owners, moonlighters, and parent entrepreneurs.
No journey is exactly the same, but as I listen to their experiences, I see common patterns. They have similar struggles, questions, and concerns. Most of them wish that they had a mentor when they were starting out who would show them the ropes, motivate them, and hold them accountable, saving them invaluable time and resources.
With Fud, users get access to easy-to-follow step-by-step guides, suggestions, and resources from mentors, experts, and other smart alecks in the community. This exchange of information and insights fosters growth, support, and collaboration inside the group.
Share your journey
As a beginner, you may resolve to document your journey and share it with your audience in real time. Posting your experiences on social media and letting others know about your struggles and how you overcame them can connect you deeper with your super area of interest and encourage them to start their very own journey.
It doesn’t matter if you’re interested in content creation, digital marketing, part-time work, freelancing, or starting your personal business. Whatever you’re going through, there’s an audience out there that may relate to it and wants to learn from you. Just make sure you’re creating relevant and authentic content.
When you focus all of your energy and resources on mastering your craft and understanding your super area of interest market, you will ultimately grow to be the best at it. You will grow to be higher at identifying and solving problems, anticipating potential challenges, and effectively communicating with your customers. As such, you offer your audience distinct value and personalized service, becoming your sustainable competitive advantage.