The Beauty of “Niching Down”
You’ve heard it before: “you can’t be everything for everyone”. But how on earth do you find your niche and own it. Whether you’re a fashion designer or a trendy and upcoming small biz owner, it is so important to establish who you are serving and what you are providing early on and absolutely owning it.
Experts believe that the number one mistake new business owners make is NOT niching down enough, and therefore speaking to a massive, unspecific crowd rather than a highly fixed group of people who would best benefit from their product or service.
Do you feel like your business strategy is scattered and random? If the answer is yes, you may need to “niche down”.
One of our favourite ways to define a niche has always been inspired by the book the Blue Ocean Strategy. Basically, you think about when there’s a shark feeding on another animal in the ocean, and all the other sharks swarm in and share in the meal, often frantic and competing to get their piece of dinner. That’s the RED ocean and the same thing happens in business…
It’s when you see something working for someone else and do pretty much the same thing, crowding the space and having to fight to be noticed, when instead, it would serve you so much more fully to go somewhere else and find clear, blue water to be the only shark. In other words, finding your niche.
How to find your Niche
Ask yourself:
What problem can my business/service solve? (How am I different?)
Who do you really WANT to serve?
Is this opportunity aligned with your values?
What parts of your business sucks your energy?
What is truly worth your time to do?
