The term “niching down” feels like a popular one in the entrepreneurial sphere, doesn’t it? And as a newer entrepreneur, I imagine it might be an idea that stresses you out a bit. Deciding to niche down your business is a big decision, but don’t feel like you are locked into one idea just because you had down that path to start with. As business owners we are always adapting and pivoting, the biggest thing is to not take a shift as a sign of failure in one direction… Take it as a guide helping you find the right path you need to be on.
So when it comes to determining when and how to niche down your business, there’s a few things you want to establish, let’s go over them!
First off, why should you niche down?
A few benefits of niching down include:
- Easier workflow for your own business. If you focus on one thing or one offer that you are really good at and that you love, you’ll streamline your process to fit that offering. For example you could offer virtual assistant services and have your hands in all types of things that you technically can assist with… or you could specialize in pinterest management or instagram management and focus on just that offering. This means you aren’t jumping around everyday on all types of different tasks. Your time will be much more effectively spent.
- Present yourself as an expert. By niching down and offering services related to one or two things, you’ll be seen as the expert and therefore, will book clients more easily.
- Easier time honing in your messaging and marketing. This one is huge when it comes to making your life less stressful. When you have a clear offer and target market, it makes it so much easier to write your brand messaging and marketing content (website words, IG captions, etc.) with that ideal client in mind.
When should you niche down your business?
The decision to niche down may be something you decide at the beginning of your business or may be after you have a little more experience! It’s totally up to what feels right to you.
For example, you may know exactly who you want to target and what you want to offer them right from the start.
But alternatively, you may find that you start serving a larger audience and then through client and project experience, determine that there is a certain type of person you love working with, or a certain type of project you enjoy most. And then you can establish your niche based on that information!
How to determine your niche.
As I hinted out previously, determining your niche might come from 2 things – 1) something you are passionate about from the very beginning that is a niche enough target market. Or 2) something that you determine after gaining some experience into projects and client types that you enjoy most. Here are few things to consider:
- What do you enjoy doing the most? Or what do you find yourself the best at providing?
- Who do you enjoy working with? What client type resonates with you best?
- What makes sense financially for you to niche into as well?
Once you have these answers, that will make it oh-so-much-easier to determine your ideal client niche and then you simply adjust your marketing to target those within it!
What to do once you have your niche narrowed down.
Start your marketing efforts in full force, my friend! There’s no better feeling than having a clear idea of who you want to serve and how you are going to serve them.
A big concern people have when niching down is that they’ll miss out on clients or sales...
Trust me that there are more than enough clients and customers for you even if you are targeting a small niche!
The benefit will also show itself when you are more precisely speaking to your ideal client in that niche. Imagine you are speaking or writing to a single person, not shouting at a crowd, your message is much clearer right? This is why I recommend niching down your business and it’s offering.
Takeaways for Defining and Utilizing your Niche:
- Define your expertise – what do you want to be seen as the expert in?
- Define your ideal client – who do you love working with and who are you trying to market to?
- Define your services as they relate to that ideal client – What about your expertise is attractive to your ideal client? How can you best serve them?
- Hone in your messaging – Target your ideal client’s problem and provide your solution clearly.
Have you found your niche? How are you focusing on it and marketing to the people within it? I know it can be a scary step, but I think you’ll find that it has a big impact on your business’ success if you make the move to focus your offerings and marketing!