Pick a Niche

pick a nicheAs an entrepreneur, you devote countless hours to your business. Can you even remember the last time you enjoyed a work-free weekend? If you’re making those personal sacrifices, then let’s ensure your efforts move your business in the right direction.

At some point in the growth phase, you’ll wonder whether you ought to pick a niche. Wondering which specialty to pursue can be overwhelming. Although so many options exist you eventually want to narrow down your selection.

Follow these strategies to pick a niche for your business.

  1. Identify Client Problems and Needs

Start to research the various market needs that you can solve. Along the way, you’ll gain awareness about your ideal clients specific wants, needs and desires. This avoids the mistake of creating a product that your market doesn’t want.

Write a list of all the problems you solve. Then consider the unmet needs your best clients struggle with?

Uber followed this guideline. Ever attempt to hail a taxi in New York or Paris? It can be highly frustrating.  Kalanick and Camp, Uber’s founders, solved the taxi dilemma. People worldwide now hail a ride with a couple clicks. Knowing who’s picking you up and when they’ll arrive added peace of mind to the car for hire service.

  1. Research your competition

 pick a nicheMost entrepreneurs believe they developed a better way. It’s part of why they go into business rather than get a job.

Check out your competition. What services and products do they provide? What ideas do you have to improve the service or the client experience? Creating an entirely new niche isn’t necessary. Instead, identify the gaps.Then build a better service.  For example, is your industry tarnished because of poor customer service? Then, fix the problem. Make your clients feel important.

Highly disruptive companies aren’t typically the first to market with a product. The digital music player was already available before Apple introduced the ipod. They removed the MP3 flaws and added unique features which made it user friendly.

People love Apple’s innovation and extraordinary design.

  1. Lean towards your passions

 Don’t dilute your expertise. As you define your niche, consider your specialty. Where do you stand out? Sift through your passions. Explore which part of your work is highly satisfying. An accounting firm, for example, has a clientele of software developers.  This firm helps their clients improve their cash flow, pay off debt and turn a profit.

Rather than work with a variety of businesses, take your passion to a whole new level. Define and develop your #niche. Read the full post. #getpaidwhatyoureworth Click To Tweet

Rather than work with a variety of businesses, take your passion to a whole new level.

  1. Determine Profitability

 Once you gather some ideas for your niche, then assess its profitability. Ideas can be great, but if you are going to develop them, you want them to be profitable.

Start with a simple Google search on some of the services and products within your industry. Is the niche your considering filled with similar services and products as yours? If that’s the case, then narrow down the ways you can serve that niche.

Look for a gap in the market. Consider a segment of the population within that niche which is underserved and hungry for someone who understands their unique needs.

Once you gather some ideas for your #niche, then assess its #profitability. Read the full post. #getpaidwhatyoureworth Click To Tweet

Let’s say you offer sales training to business owners. Rather than work with all business owners, you solely train businesses in the trades that offer home improvement services. Because of that, you spend your resources of time, money and effort on developing that market.

  1. pick a nicheDeliver the product or service in a unique way

 Learn from the top companies in your field. What do they do differently? Once again, start to explore the gaps in their service. Where is there room for improvement?

Think about ways you can solve your clients biggest challenges. If you run a video production company, then teach your clients how to create great videos without a studio and what’s possible with a smartphone. If you’re an accounting firm, then offer strategic advisory sessions to your clients.  Meet with them quarterly for a 90 day growth plan session.

  1. Test your niche

 As you gather information about your competition, pricing, and profitability, start to test your niche products and services. Offer a quick trial of your services to your target clients to see their response and receive feedback.

Tips to develop your niche.

  • Create a landing page to build your email list. Check out this example.
  • Connect with your ideal clients through social media.
  • Join relevant groups or forums. Then answer questions which are related to your expertise.
  • Be brave and host live video to answer questions that your clients experience.

Eventually, you may want to run paid marketing campaigns at a small budget to test your message. Ads are an advanced move. They offer immediate feedback about how well your message and offer connect with your ideal audience.

A niche is right when it aligns with your interests and with market needs. The idea is to capitalize on market gaps and serve an unmet need.

Once you have some ideas, start to experiment and grow. Even a saturated niche can be highly profitable. It’s simply about finding how to combine your expertise with your ideal clients needs.

Wondering how to pick a niche and what to offer?  But unsure where to start? Then let’s talk. Book a strategy session to discuss how this benefits your business.