Finding Your Profitable Niche
Having a niche is all the buzz right now, but in reality, finding your niche has been around for generations. Think about when Ray Crocker started McDonald’s. He didn’t offer every food under the moon, he specialized in hamburgers and fries. That created a stream of profits that have lasted for decades. The same is the case with nearly every business you drive by each day, from your local tire shop to your favorite bakery. The reality is that those businesses don’t try to do everything, they just do one thing well.
Doing one thing well. Folks, that is the path to a profitable niche.
You might have some resistance to committing to a niche, but let me tell you that choosing a niche for your business will give you some distinct benefits:
+ You will have clarity in your branding and messaging.
+ You will understand how to speak to your tribe and what they will respond to.
+ You can charge more money for your services. (Can anyone say PROFITS??)
All good reasons to choose a niche. That said, you might have some questions or objections to narrowing your business down. Let me see if I can put those concerns to rest for you.
Objection #1: You can “help everyone.” Whatever product or service you offer MAY be able to help everyone, but who will it help BEST?
When you figure out who you can help best, then you have a great start to a profitable niche.
Objection #2: You might be afraid that if you create a niche for yourself that you will lose business. That is simply not the case. In fact, when you settle into a niche, your marketing and messaging becomes super clear. Your prospective clients will understand what you do and that will make marketing and make your sales super EASY. We all want that, right?
Objection #3: You are afraid to commit to a niche because you will be stuck with it. Nonsense! Businesses are meant to be agile. That is especially the case in today’s tech friendly environment. Choose a niche and try it on for six months. If it isn’t working, give it a tweak. No big deal, I promise! Nothing is getting written in stone here.
So, how do you figure out your most profitable niche? The answer is actually pretty easy! You narrow down who you can help and answer some basic questions about what you offer. Here’s a place to start. . .
What problem is keeping your potential customers up at night?
Do you offer B2C products/services or B2B?
What is your favorite problem to solve?
Have you had experiences in your life that you can use for your niche?
Is there a particular industry that you are familiar with outside of your current specialty?
Spend some time thinking on this and if it seems confusing at all, remember that I’m only an email away! Reply here and let me know what your niche is and I’ll give you my opinion on if it will create profits or not.