Mick & Britt Arnold’s Love ‘n Business Podcast: Finding the Right Niche for Your Business [Video]

In a recent discussion with her team, Britt Arnold reflected on her small business’s wins and areas for improvement over the past year… and began planning what to tackle in 2024. In particular, she’s working on finding the right niche for her company.

She took the opportunity of this “Love ‘n Business” podcast episode with her husband, Mick Arnold, to delve into lessons he and his predecessors learned running their 91-year-old firm.

The result? Some incredibly valuable tips and strategies on finding the right niche for your business – and more. Included are real-life examples.

Here’s a sampling of the topics:

• Identify your company’s technical expertise and infrastructure to aid in finding the right niche for your business.
• Avoiding time-consuming, less profitable offerings (Pareto’s 80/20 rule).
• Taking a deep dive into customer segment values (Pareto’s 80/20 rule applies here too!).
• Keeping your analysis objective with data: Sales minus Cost = Margin – then subtract “cost to serve”.
• Finding your value propositions.
• Working with partners and vendors to establish strategies for your ideal markets (push).
• Asking favorite customers what other things they buy and from what companies to help with your planning (pull).
• One of Mick’s favorite reports: Rolling 12 net purchasing customers.
• The risk of having singular roles with no redundancy – and having a process in place to help alleviate this.
• How you know when it’s time to upgrade your technology.

Click below to watch this episode (and be sure to leave a comment with any thoughts or suggestions!)…

About “Love ‘n Business”

Mick Arnold runs his 90+ year old family business, Arnold Packaging as well as his latest venture, Arnold Automation. His wife, Britt Tegeler Arnold, founded Tegeler Construction & Supply in 2016.

In their “Love ‘n Business” podcast, you’ll have a front row seat as they speak openly about navigating their businesses, entrepreneurship, relationships, and life, with their unusual dynamic.

You can view past and future episodes right here.