Finding Your Niche – 5 ways to be Laser-Focused in Your Business

           

April 16, 2019 / fbcadmin

Kerrie Sheaves

Foundational Business

1300765249

Don’t be afraid to be narrow in your focus instead of casting a wide net. Your customers need to be able to connect with you and your service/product – if you’re too broad you connect with no one.

In your first year or two of business, you may find that you need to test out a few markets to help narrow down your niche – this seems like wasted time and money, but often it’s necessary especially when you’re learning how to run a business, determine the costs of delivering your services, and still finding confidence in yourself and your products/services.

You don’t have to do things the way everyone else is doing it. Work out what’s right for you and your customers. Most of the people in my business sector use an entirely different funnel and charging model than I do – but my model, pricing and sales process works well for me, and my customers. Running your own race is critical.

Have an abundance, not a scarcity mentality and approach to your business. If you’re good at what you do, and your product has the best quality or service around,then trust that you’ll attract the right customers – remember not everyone is your customer.

If you get your business niche right, you’ll love what you do, and your customers will too.

1. Define your niche service/product offering. What exactly does your market need, or want? What are their pain points, what are their ambitions and desires and how could you help them? How could you differentiate yourself from your competitors?
2. Define your niche target client/customer base. Who will want your product/service and Why? How big is your market? Know who your competitors are, and do some homework to determine whether they really are competitors at all?
3. Find and educate your referral partners. These are businesses who provide services and products that come naturally before, after or beside your product/service.
4. Price your services/products to attract your target market – (1,000 customers at $10 is better than 10 @ $100 if it doesn’t cost you $50 each to service them).
5. Marke yourself to your niche customers and referral partners, be a thought leader in your niche and talk their language.

Don’t be afraid to be narrow in your focus instead of casting a wide net. Your customers need to be able to connect with you and your service/product – if you’re too broad, you connect with no one.

In your first year or two of business, you may find that you need to test out a few markets to help narrow down your niche – this seems like wasted time and money, but often it’s necessary. Especially when you’re learning how to run a business, determine the costs of delivering your services, and still finding confidence in yourself and your products/services.

You don’t have to do things the way everyone else is doing it. Work out what’s right for you and your customers. Most of the people in my business sector use an entirely different funnel and charging model than I do – but my model, pricing and sales process works well for me, and my customers. Running your own race is critical.

Have an abundance, not a scarcity mentality and approach to your business. If you’re good at what you do, and your product has the best quality or service around, then trust that you’ll attract the right customers- remember not everyone is your customer.

If you get your business niche right, you’ll love what you do, and your customers will too.