What is a Niche?
I struggled for years understanding the power of having a niche. I tried to do everything I felt I was good at thinking I could bring in more money doing this. Boy was I wrong! Not having a niche was actually my downfall and I didn’t even know it.
A niche, by definition, is a specialized segment of the market for a particular kind of product or service.
Why is a niche important?
Do you have a niche for your business? It’s important to specialize in a service or product to set yourself apart from other businesses and contractors. 20 to 30 years ago, it made sense to be a “Jack of all Trades” and do as much as possible. But with more and more small businesses popping up yearly. And according to the US Census Bureau, there is an average of 4 million businesses started every year. EVERY YEAR! It’s important to separate yourself from the competition.
How to create a niche?
Have you heard the term “broad equals broke”? What that means is the broader you are in what you offer the more broke you may become. This is because if you don’t specialize in one thing, then you most likely do a bunch of other services just “ok”. People want businesses that specialize in something now more than ever.
So what is your niche?
It’s not hard to come up with your niche, but it will take some time to research it. Here are a few steps you can take to start to narrow done your niche
- What are your competitors doing?
- What service is your most profitable?
- What do people come to you for the most?
- What do you offer that you can use to separate yourself from others?
- What do you have the most experience in?
- What do you constantly put your time in to learning?
While these are not the only things to think about, these are great questions to ask yourself and start breaking down your service/s. Sometimes it’s about creating a new pool of customers and opposed to jumping in an already saturated pool of people.
Why does a niche benefit you?
When you narrow down your services you get more specific. This means you are attracting a specific client or customer who needs what you offer. It might seem like you are losing money at first because you are getting services or products, but instead you are saving and make more money.
You are saving money on marketing, staffing, time and more! With a specific product or service, you can actually focus on getting leads or sales and less on competition and trying to beat out every other business that does the same as you.
Check out our episode “What is your Niche” to get more information and examples on how to narrow doing your business and find your niche. I wish I did this for my business sooner, but I didn’t, and now I’m making these changes.
I have seen growth in my business and in my revenue from doing this. So go out there and get it!