Ever wonder what is the biggest common denominator in businesses that succeed and one that fail?
Two years ago, I had the opportunity to work in one of the largest coach training businesses in the world where I got to be a consultant for aspiring entrepreneurs. Unfortunately, this coaching business was really good at selling people on the dream of making money by helping other people out, but horrible at teaching them how to actually close deals.
The strategy was to follow other influencers on Instagram and stalk people in the comments and then try to slide into their DMs and get into a conversation with them, then get them on a call an flesh out their pain points, pour some salt in the wound then pitch them on a solution and a high ticket coaching package. It was horrible.
They were so good at selling people on this dream, but the students failed miserably because they didn’t have the social proof or street cred of the influencer that sold them on the dream. People would do ‘the strategy’ and get an enormous amount of rejection, then give up in frustration and feel like a failure. Then they would be accused of ‘not taking action’.
I spent a lot of time coaching some of these entrepreneurs and the biggest commonality and obstacle to their success that I could find is they were unclear on ‘who they help and how they help them’. They had never identified a niche, there was no training that talked about finding a niche and even worse the instructors told them to keep it broad so that more deals would come to them.
If someone asks you what you do, and you can’t explain in 15 seconds or less who you help and how you help them, you’ll probably confuse them (and yourself). I’ve had coaching calls where I’ve asked people to explain their business and 5 minutes later after going in circles, they and we are all confused.
What Is A Niche In Business?
A lot of people think a Niche is a group of people, which it can be. But it can also be a specialization in what you do, your specific skill or the specific problem you solve. Think of a specialist surgeon that focuses on surgery in a certain part of the body, this is a niche because of the area of health that they focus on but not a certain group of people. On the other hand a pediatric surgeon might have a wider scope of procedures but only focuses on pediatric patients. Both are niches and a specialist gets paid much more than a generalist in medicine (and everywhere else).
Most people who start an online business are afraid to niche down because they don’t want to eliminate business, it feels natural but that come from a scarcity mindset. When you are willing to niche down, your message starts to get much clearer because you are focused. You also position yourself to be an expert or an authority.
How To Find A Profitable Niche Market:
It’s an age old saying in Marketing that the 3 most profitable markets are in health, wellness or relationships. Here’s why:
It’s part of our prehistoric wiring to seek a tribe (relationships) and find food, heat and shelter (wealth) and of course to survive (health). Our mind is literally wired to find those things, so when you start with one of those 3 markets, you are already on the right track. But here is the thing, these are MARKETS not niches.
Within each of these 3 markets are where you find sub markets, then niches. Russell Brunson does a great job in explaining how these markets, sub markets and niche’s work. Here’s an excellent graphic from his book Expert Secrets:
This is a great starting point but you can’t randomly just pick out a niche by throwing a dart at the dartboard. You’ll need to research and find a niche where 1) you can make money by solving a problem or delivering a desired outcome, 2) something that you have expertise or authority and most importantly 3) something that you are passionate about!
If you are ready to stop being a ‘jack of all trades, master of none’ and embrace ‘the riches are in the niches’, then drop in on this episode of the High Value Skills podcast where I talk about how to find a profitable niche and go deeper in this topic as well as how to create a killer elevator pitch. You can listen to this episode on Apple or Spotify.
I’ve also got the Nail Your Niche Workshop that gives you a more in depth training on how to dial in your message and start creating more income by becoming a specialist, there are plenty of great exercises, PDFs, a workbook and even a breakdown of how I validate a course BEFORE I create one to make sure people will actually buy it.
I’ll close this out with this quote: Carve out a niche so tight that only you can fit in it!