Move from Generalist to Specialist

Choosing a niche market

Choosing a niche market can feel limiting.

Ready to grow your business? You’ve heard all the arguments about choosing a niche market. However, concerns of less business and lower revenue keep you from making that decision.

What if that wasn’t true? A specialized focus actually attracts clients who want you to solve their problem. Plus, they are willing to pay for your expertise.

You may argue that you’ll become bored. As a generalist, you’re dealing with a wide range of issues. Well, you’d be surprised at the rich variety that appears once you choose a niche.

9 Reasons Holding Back Can Stunt Your Business

Change – either you love it or resist it. Do you dig your heels in and over-think all the options? Or do you plunge in ready to figure things out as you go?

Change involves risk simply because it’s something you’ve never done before. Let’s look at the concerns about choosing a niche market.

1. Fear About Choosing a Niche Market

Perfectionists worry “What if I choose the wrong one?” Your fear of making mistakes and being wrong keeps you stuck.

There’s good news. Basically, you need to start somewhere. If you’re first choice isn’t the best fit, you can change direction.

Once you choose, you will continue to fine tune, adjusting your services as you grow. You’ll discover that as your expertise evolves, your ideal niche continues to evolve as well. With time, you become THE solution.

2. Loss Aversion – Fear of Losing Clients

Many entrepreneurs get concerned that they’ll lose clients once they choose a niche. You wonder, “What if there’s someone I can help that isn’t in my niche? Then I’ll lose that business.” In the big picture, yes, some potential clients may not realize you can help them.

Many entrepreneurs get concerned that they’ll lose clients once they choose a niche. #getpaidwhatyoureworth Click To Tweet

On the other hand, when you focus on solving distinct problems for your ideal client, then your clients become raving fans. They tell others about you, leading to new referrals. Your business grows organically because you solve their unique needs.

3. Fear of Boredom

As entrepreneurs, we love challenges. It’s partly why concerns about boredom arise. However, it’s difficult to realize the rich choices available within a niche when you’re simply viewing it from the surface.

Remain open-minded. New opportunities gradually emerge because you’re now a specialist. You get to cherry pick your ideal clients. In addition, you get to choose which opportunities to pursue and which to pass by.

Imposter Syndrome

Women experience Imposter Syndrome more than men.

4. Imposter Syndrome

Specializing can feel intimidating. Privately you may wonder, “Who am I to call myself an expert? I don’t have the credentials or enough time in the field yet.

Professionals at all levels of expertise experience concerns about being called a fraud–even Oprah talks about it. According to research, women experience Imposter Syndrome more than men.

Don’t undervalue what you have to offer. You’ll consistently gain experience and fine-tune your skills. No matter what, always maintain integrity. And, educate your niche about the problem you solve.

Your clients care more about what you know, than what you do. By the way, confidence is over-rated. That’s not what gets your started with something new.

Rather, tap into your courage. Connect with the transformation you offer. Believe this is the right choice, even if it’s uncomfortable. Realize that confidence develops over time.

5. You Don’t Know How to Start

Just do it! Are you unsure of who you serve and what to offer? Then decide who you don’t want as a client and what you no longer want to do.

3 things to consider when choosing your niche market

  1. List three things you enjoy most.
  2. Identify your 5 favorite clients.
  3. What do you enjoy most about them?

This gets you thinking about a potential niche market. Awareness starts to develop about the solutions you solve and who you want to do business with. Then use social media and in-person networking to reach your target audience. It’s already starting to happen.

6. Value and Identity

Entrepreneurs place too much emphasis on what they do. Your clients actually value what you know more than what you do.

Entrepreneurs place too much emphasis on what they do. Your clients actually value what you know more than what you do. #getpaidwhatyoureworth Click To Tweet

This identity shift positions you as an expert instead of a technician. Share about the problem you solve and how your clients benefit from that solution. This begins to separate you from the competition.

And as an industry expert, you can charge higher fees. Instead of saying yes to anyone that wants to work with you, you choose to only work with ideal clients who value your knowledge. It’s an important step toward building your ideal business.

7.  Rejection Aversion

You like making people happy, you avoid controversy, and it’s important that people like you. Because of that, you say “yes” to everyone. Because of that, you’re spread in too many directions which dilutes your focus. Basically, you remain a jack-of-all-trades instead of an expert in your field.

Fear of saying “no” is highly common among service based entrepreneurs. Not only does this prevent you from working to your strengths, it also limits your income.

Decide to set some boundaries about who you serve and what you do. Then gracefully let non-ideal clients know that you’re not the best fit for them. Go ahead and connect them to someone who would appreciate that referral.

Risk to choosing a niche market

Choosing a niche market feels risky.

8. Risk Reluctance

No one else you know has chosen a niche. Why should you? As a result, you question this move. The last thing you want is pushback or clients challenging your decision.

Yes, it may feel risky at first. Your thoughts that you’re limiting yourself only delay your decision. Shift your focus. Realize there’s more than enough.

It’s your business. You get to decide how you want to grow your business.

9. Money Blocks

Up to 57% of all entrepreneurs undervalue their services.

Blocks around money and worth keep you stuck. This limits your income. Rather than flow, a block exists.

Imagine setting yourself free from those limiting beliefs. Notice what thoughts you would have to let go of in order to own your expertise and acknowledge the impact you make.

Awareness is the first step. Discover your money blocks. Where do you feel unworthy or don’t want to be considered greedy? If you were to double, or even triple your rates, what fears would arise?

Focus On Your Expertise

Now is the time to consider making the shift. Take the steps to develop a niche business based on your expertise. People need your service.

And yes, the right people will invest in your business. How long have you been undercharging and minimizing your value?

If you find yourself holding back from choosing a niche market, review the key obstacles.

Seriously consider which ones apply to you. In my years as a therapist and business coach, I’ve helped entrepreneurs connect with their value. Take advantage of a free consultation. Go ahead and book yours now.