In Part 2 of Business Outlaws five-part series, “The Recipe to Freedom: Running a Lucrative Online Business,” BigMike and Chris “Bulldog” Collins discuss how to create a business that won’t just make you money, but will also give you financial freedom.

No matter what field you’re in, you’ve got competition. The more you develop your niche, the less competition you’ll have. And the less competition you have, the more money you can charge for your product — because people will be willing to pay more for it. “The niche keeps you from competing on price,” Chris explains.

“People were willing to pay more specifically for things that grew cannabis,” BigMike recalls as he tells his story of “niching down” from lawn care to formulating products specific for cultivating cannabis. He knew he wouldn’t get rich competing with all the other nutrients on the shelf at Home Depot, so he opted out of that crowded space and marketed Advanced Nutrients directly to gardeners who were willing to pay more to get a product made for the high-value plants they grow.

If you want to get rich, you can’t settle for being just one of your prospective buyers’ options. You have to be their only option, and you do that by creating a niche in your market.

Just like last episode, there’s homework that goes with this one. And just like last time, there are awesome prizes in store for a select few. Listen now to find out how you can get yourself in the running for one of those top prizes.

When you’re finished listening, head to BusinessOutlaws.com to see behind-the-scenes footage and more exclusive content from the episode recording. For even more awesome Business Outlaws content, follow @BusinessOutlaws now.