But don't make the mistake of thinking this will be a passive source of income—you're on call whenever you have a guest and you'll always need to keep the place clean for incoming visitors. On top of just renting on Airbnb, consider offering your guests paid add-ons, like Lauren Gheysens', Royal Day Out in London, England—where she gives visitors a local's only tour of the city, complete with bespoke 18th century costumes.
Niche marketing often focuses on market segments that are poorly targeted, or not targeted at all. Businesses that capitalize on the opportunities that lie in an untapped segment can open up the doors for an influx of success. Marketers identify the niches to target by identifying the desires and needs of consumers in specific segments. Efficiently tailoring a marketing campaign to a niche audience is crucial.
For many years, the IRS has followed a very strict interpretation of "principal place of business," which prevented some self-employed persons—such as an accountant who maintained a home office but also spent a great deal of time visiting clients—from claiming the deduction. But in July 1997, responding to the concerns of small business advocates, the U.S. Congress passed a tax bill that redefined an individual's "principal place of business" to include a home office that meets the following two criteria: 1) it is used to conduct the management or administrative activities of a business; and 2) it is the only place in which the small business owner conducts those management or administrative activities. When this change became effective on January 1, 1999, it was expected to enable many home-based business owners who also perform services outside of their homes to claim the home office deduction.
There are two basic markets you can sell to: consumer and business. These divisions are fairly obvious. For example, if you're selling women’s clothing from a retail store, your target market is consumers; if you're selling office supplies, your target market is businesses (this is referred to as “B2B” sales). In some cases—for example, if you run a printing business—you may be marketing to both businesses and individuals.
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