You’ve chosen your winning business idea, now it’s time to narrow your niche.
Your winning idea may be to help people who want to lose weight. Great! You are passionate about this, you know there is a need in the marketplace and you know people are making money in this industry, but before you put together your product offerings, you need to be able to clearly communicate what you do and who you serve!
If you cannot articulate who you want to help, what you want to help them with, and how you’ll do it, then you will struggle to turn your idea into income!
There’s ONE major problem I’ve noticed that a lot of online coaches and course creators struggle with — something that can determine whether or not you hit 6-figures in your business or continue to struggle:
CHOOSING YOUR PROFITABLE BUSINESS NICHE AND FOCUS.
what is a niche and why is it so important?
You’ve heard it time and time again, “If you’re speaking to everyone, you’re speaking to no one”. So, as an online coach and business owner, it’s really important to get down. Way, way, way down on your niche.
A niche is a segment of the overall market you serve. If your target audience is too broad (ex. women), you will want to niche down or segment your market (ex. Working women) according to their pain points, problems, and goals.
But what does getting way, way, way down on your niche mean?
It means that if you think you know your niche, niche does at least three times of three levels.
So what does that look like?
Here is an example of how you would niche down if you serve
- Entrepreneurs who want to start a business OR
- Women who want to lose weight…
Being specific, and I mean really specific, around who you serve and what it is that you do to serve them, will ultimately create more attraction and growth in your business.
And although it can feel like niching down means cutting out potential clients and customers or limiting your profit pool, that is a scarcity mindset.
Here’s the thing…
If you’re not known for one thing, you’re known for nothing.
Your goal is not to be the Amazon of your industry. For personal brands, online coaches, and course creators that is not sustainable.
Instead, your goal is to become the go-to resource, the expert, the specialist. And here is why…
A general physician only makes a fraction of what a neurosurgeon does.
They are both doctors, but one is valued significantly more than the other…
Because a general physician knows a little about a lot, and a neurosurgeon knows a lot about a little. Neurosurgeons are specialists in a very specific area.
If I have a spinal injury I’m not going to make an appointment to go see my general physician, because I already know that what I need is out of their scope of treatment.
When you are a specialist, this creates clarity for your ideal clients, because they know without a shadow of a doubt that you are the best fit or the best qualified to meet their needs.
Again, if people are not clear about what you do and what you have to offer them, then your audience will have no idea why they should hire you or invest in your products or services.
There is no such thing as being “too niched down” if you can articulate exactly what you do, and who you do it for. In fact, this is precisely what you need to do!
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