Want More Money? Narrow your Small Business Niche

Narrow your Small Business Niche

By Lisa Wozniak

As an entrepreneur we’re driven to make as much money as possible. It’s almost instinctual. Where many of us fall short is in positioning our business to be all things to all people. This leaves us feeling not only burned out but often unsuccessful as we attempt to fulfill unrealistic expectations. Want more money? Narrow your small business niche. It’s true and here’s why:

  • More unique = Less Competition.

    It’s true. The more unique you are the more you stand out in a crowd. And let’s face it, it’s getting more and more crowded out there and you need every advantage you can get. So for example, if your business is in the fitness industry and you want to market your business you will easily get lost in the shuffle of the thousands if not millions of those who crowd that space. However, if you narrow your niche to help new working moms fit exercise into their busy schedule in 30 minutes or less, you’ve just narrowed your niche into a very specific targeted market that stands out to busy moms who are looking for it. That doesn’t mean that you can’t occasionally step outside your niche when you want or need to, but you’ve now found a way to market yourself in a very specific way that will make you stand out.

 

  • Being an Expert.

    By narrowing your niche, you’re now able to focus your attention in a specified area and gather all of the information necessary to be a sought after expert in your field; and people will look for an expert in their field. Licensed Personal Counselor Betty Lorenz states, “It is important to have a niche because if you have a specific area of expertise then clients will trust you more. If you have bipolar disorder, you wouldn’t go to see a marriage therapist. A client needs to feel confident that their therapist is competent and knowledgeable in whatever they practice.” This advice holds true in any industry be it psychology or fitness.

 

 

  • Serving your customers better.

    Because you’ve narrowed your niche, you’ll be serving your customers better. You’ll be providing them with more meaningful products and services tailored to meet their specific needs rather than a one size fits all approach. Think about the last time you were shopping for a product or service and after an exhaustive search you finally came across the exact company who sold precisely what you were looking for. It was worth every extra penny it cost you wasn’t it? There’s just nothing like finding the product or service that exactly matches the vision you had in your head, is there?

 

  • Following your passion.

    When you’ve narrowed your business down to focusing on what you love to do best, you’re happy. That happiness shows in everything that you do. If you’re happy, you’re providing better service to the right clients. You’re selling products that you love to customers who bring you joy. That happiness spills over to your clients and you’re creating raving fan customers. If you’re not focusing on products or services that you love, that ALSO will come across and people will not respond to you or your business. Author Simon Sinek states, “People don’t buy WHAT you do, they buy WHY you do it.” When you focus on your passion you inspire and attract people to your mission.

 

 

  • More and better referrals.

    All of these bullets combined put you in a position to focus on the best version of yourself, and everyone wins. You’ll have a specified business niche that makes you stand out in a crowd while positioning you as an expert in your field offering the very best version of your services and product to your clients. How can your customers not be thrilled with you and your business? You now have repeat business and referrals that will bring you more money, grow your business and fulfill you’re life’s work.

While many fear that by narrowing their niche they will lose business, the opposite is actually true. Being all things to all people gets you lost in the shuffle and puts you in a position to set unrealistic expectations by attempting to be all things to all people. Not to mention the lack of work-life balance and unhappiness as you ignore your passion. In the end, it’s simple. Want more money? Narrow your Small Business Niche.

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