WW 168: Why You Must Pick a Niche & Why It Feels So HARD - Solo Show
Picking a niche is incredibly important to the success of your business, but it’s also incredibly difficult for so many business owners. Know how to pick a specific niche (and why you need to) will literally change your business and the way you make money. In this episode, I’m explaining the importance behind finding the very specific group of people that you serve and the steps you can take to find your niche and the pain points that they have. Loving this episode? Take a screenshot and share it on Instagram! Tag me so I can send you some love (@Tess_Wicks)
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A Quick Recap from this episode
When I talk about a niche, it is essentially what problem you solve in your coaching business and who you solve that problem for. You are specifically suited to solve a problem, and sometimes it helps to get as specific as possible. If you can get deeply specific on both of these things, you’ll be better off.
A lot of people have fears surrounding picking a niche. The main reason I’ve seen for not wanting to pick a niche is being afraid to limit yourself to one thing or one type of client. This is a very “you” focused sticking point. You worry that you’ll get sick of the topic or run out of ideas around the topic or not be able to scale your business to make more money. This is very flawed as a way of thinking.
On the contrary, when you select a problem, you’ll dive in and find many “sub-problems” within that problem and you’ll also find pain points that are specific to your client. We get so in our head thinking we need to cover every aspect of a topic, but you don’t. You can focus in on one or a few specific areas and really serve your clients well.
You have to become so obsessed with your clients and helping them solve this specific problem, that you don’t get bored with the topic and you’re always in alignment. Make sure you pick something that you’re passionate about and a problem that you love solving, but know that there will always be some days where it just feels like a job.
A lot of the time, as business owners, we find it difficult to pick a niche because we want to help everyone, but you want to make sure you’re marketing to one specific problem and niche because then people will think of you as an expert in that area. It doesn’t mean that you can’t do some things outside of that niche every once in a while, but your marketing should be aimed in one place.
This will streamline your processes, position you as an expert, and give you specific problems and focuses to speak to. When you are known as the expert for a specific problem, people will flock to you to solve that problem for them and they’ll be willing to pay you more than they would pay someone who serves everyone.
Building expert status in a specific space is a huge benefit of picking a niche. People will be able to come to you for a problem and almost every piece of content you have is going to directly apply to them. You’re able to attract paying ideal clients like there’s no tomorrow, because you’re creating for the people that have that specific pain point.
You’re also able to charge more because you’re a specialist in that area. Lastly, you’re able to grow more rapidly. There are so many people with unique problems. You need to find the specific person that’s willing to pay you for the specific problem.
So how do you actually pick your niche? First of all, be patient because it’s probably going to take some trial and error. Start thinking about categories of people you would like to help and then keep getting as specific as possible until you’ve found the people you want to serve. Is it a specific career, age demographic, location? Are they a mom or struggling with bankruptcy and divorce at the same time? Find specific things that would make someone say “oh, that’s me.”
Then narrow in on the specific problem and pain point that this person has that you can solve. Do your research and make sure that this is actually a problem that your client has. Finally, make sure that they are willing to pay you to solve this problem for them. Ask them what they would like you to help them with and how painful this problem is for them.
Now you know what to focus on and you can stay in this specific niche to make more money, grow faster, and have a more successful business.
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