Are you feeling stuck or limited in your business growth?
While finding a niche is crucial for targeting a specific audience, it’s essential to periodically evaluate whether your chosen niche is still aligning with your long-term goals.
It might be time to ask yourself: is your niche holding you back?
Here are some thoughts about the perils of making a niche too specialized.
Table of Contents
- A Broken Record
- What Do You Do When It Rains in Spain?
- What is Your Niche
- How Do People See You?
- The Lessons Learned
A Broken Record
Education will always be an important part of building an online business and making money.
It is essential to stay up-to-date with all the latest changes. What worked when I first started online businesses 20 years ago is different today. But one thing that hasn’t changed is finding the right niche.
Sometimes it feels like a broken record when every coach says you need a specialist niche as that is where the money is..
While it can sound like good advice is it really the right advice?
Too often I come across people who are in financial difficulty because they followed the advice to go all out in a specialist niche which then collapsed leaving them with huge debts, some on the brink of bankruptcy and all with no income.
Does it make sense to make the niche so specialized that it affects your ability to make money over the long term?
What Do You Do When It Rains in Spain?
I live in sunny Spain, where the sun shines on average 330 days a year. The Spanish lifestyle is geared around enjoying the outdoors.
When it rains many restaurants and outdoor activities shut because the Spanish tend to stay home, stay where it is dry and watch TV.
It is very rare that I watch TV but I recently found myself, indoors during the rain, mimicking the Spanish, by watching an old TV series on YouTube called Renegade and staring Lorenzo Lamas.
One thing I love is researching high-profile people’s stories and discovering how they became successful and the traits that helped them succeed. So, the research started with Lorenzo Lamas and I found an interview that was only a couple of months old. That interview started me thinking about niches because Lamas said, “Hollywood forgot me”. He continued it was because he niched into action movies. It was what he became known for and it affected his ability to get other roles.
When reading his bio of acting roles, he has some pretty good credits such as Grease, Falcon Crest, Bold and the Beautiful. He has received 5 acting awards and has 7 nominations but he became known for action movies which as he got older dried up. Since then, he has had some steady acting work but it is limited. In the interview, he said he is supplementing his income by flying helicopters and planes because he chose the wrong movie niche. He chose action movies instead of a more flexible and wider audience-reaching movie niche, such as dramatic roles.
Do you have the right niche and is your current niche holding you back?
What is Your Niche
Sometimes finding and identifying with a niche is difficult, I know, because I have that difficulty.
My business, Karen Newton International, started when a guy stopped me in the street, with one of my books in his hand asking if I would coach him. The book was about surviving economic difficulties and building multiple income streams.
Each book I’ve written is about a different aspect of making money through building businesses and investing in property, shares, and bullion. As a result, most people have a different way of describing my niche, wealth coach; business coach; property options coach; or multiple income streams coach.
Each niche is different. It attracts a different type of audience although I am basically teaching the same thing – how to be an Entrepreneur and Investor with a focus on starting from zero.
So, are you marketing in the right niche for how people see you and how would you describe your niche?
How Do People See You?
How people see you comes down to their perspective. When I ask clients if they have read Robert Kiyosaki’s book Rich Dad, Poor Dad the biggest response I get, is a great book about property but they don’t want to invest in property or don’t have enough money to invest in property.
They perceive Rich Dad, Poor Dad as a book about building property portfolios.
When I read the book, my perspective was, the book is about creating businesses and investing profits into property.
How do people perceive you and are you known for the niche you want to work in?
The Lessons Learned
One of the biggest lessons I’ve learned is to get seen in the market place you need a niche. But don’t go too specialized, allow wiggle room and be flexible.
Have a backup niche ticking over on the back burner so you can quickly scale it as or when needed.
Review your niche regularly, is it still the one that is best for your future?
Are you marketing properly to your niche and what is the audience’s perception about you?
Is your niche may holding you back from achieving the success you deserve?