How to Niche Down in Your Business
You’ve heard it: The riches are in the niches. And while niching down might feel like you’re limiting yourself by having a smaller circle of clients you’ll work with, nothing could be further from the truth.
In reality, when you niche down, you become better known for the thing or things you do. And it becomes easier for others to refer you for what you do. That leads to more sales and more of doing exactly what you want to do--and a lot less of the work that’s outside your expertise (and is a time-suck for you).
But mustering the courage to niche down from generalist to specialist is tough. It means saying “no” to work and referring clients to others. It can be scary.
Let’s take some of the fear out of niching down and get you started to working less and making more (yes, that’s one of the BIG bonuses of niching down!).
What do you offer and who do you offer it to?
Get really clear on what you’re offering to your clients right now. List out everything you sell--even if it’s not what you love to do or even do well. List it all out! You’ll get more clarity on exactly how generalist you are.
What do you enjoy doing? What do you want to do?
Now narrow down your offerings a bit. You’re not making any heavy decisions here; just deciding what it is from your offers that you truly enjoy and want to do. Also think about what you want to do that you may not be doing now, but that your clients could use. It’s also important to understand what you’re really good at and can do better or more quickly than others.
What are others in your niche doing?
It’s time to do a little research! Take a look at what three go-to experts in your niche offer. Look at their websites, visit their social media. Then list out what’s included in their packages. This is a key step that you don’t want to skip. You’re going to want to look at some of the services that these experts offer that overlap. What do they have in common?
Build out your new package
Using what you learned about those experts and what you really want to do, start to build out your new package. Include the services that overlapped in your expert lists and include the things you want to do that you might need some additional training in. It’s okay...we’ll get you there!
Start making the transition
Here’s where the real work starts! It’s time to make your new package official and start talking about it. But even more importantly, you need to schedule time in your calendar to invest in yourself so you can invest in your clients.
Find an accountability partner who will make sure you’re up to speed on your new offerings. Know where you’re going to find the information you need to learn to become THE go-to in your niche.
Create the content you need to market your new package and make sure your current clients know what new services you can do for them (and what you’ll no longer be offering). You don’t have to drop services right away, but be sure to start preparing them for the change.
Enjoy your new role
Nearly all business owners will make transitions throughout the life of their business. It’s one of the great things about being the boss--you get to decide when you’re ready to pivot and do something new. Just be sure to stay the course for a period of time; too many changes too quickly and your clients and potential clients will get confused!
And if you’re struggling with finding the training you need to offer new services in your packages, we probably have just what you’re looking for in Systems By Design, a membership community for driven service-based businesses. Doors open just a few times a year so be sure to sign up below to be notified the next time we launch!