I know how scary it can be to now have to decide who you work with and who you don’t. Starting out with your new business you want to help as many people as you can coz you need the money.
I use to do this, for a LONG time and I found myself hating doing certain tasks. And this all because I needed to make money. BUT I was never known for one thing and people could not refer me to others as they did not really know what I did.
So, let’s get over the fear of niching down together.
I have heard so many times for students: “Natanja, there are so many things I can do… It’s so hard to choose one of them. Should I just go ‘head and offer all of them? That means we can make more money too, right?”
And look, no one knows your business better than you. I’m not going to ever tell you what you should do. But, just because your company CAN do all of these things doesn’t mean it SHOULD.
At what point are you spreading yourself, and your company, too thin?
Have you ever read how “the riches are in the niches”?
So why would you want to niche down?
So let’s say you have a marketing agency and you limit your offering to Facebook Ads.
You can now implement the same process over and over again independently of your client. You know exactly the number of people you’ll need, their role, and how they all should work together.
Imagine if you were selling ten different services. Then you’d also need ten different documented processes, right? More complexity = more expensive to create.
The more repeatable your processes are, the more consistent the results and experience for your customers.
And then when you have a targeted service and audience it will be easier to explain what you are offering. It does help to get rid of your imposter syndrome coz you know what you are good at and you have results to back your processes.
There will be times as a business owner that you will get tempted to take on jobs that are not your zone of geniuses and let me tell you it is ok to say “No”!
Now the question is why do you as a business owner feel like you have to offer more than one service?
I believe it is because you have a scarcity mindset and you are maybe still very new.
Why does a scarcity mindset affect your business? When you make decisions based on lack and fear, you limit yourself. Some entrepreneurs are worried about making revenue to stay in business. So they take on everything they can –even if it’s not part of their core offering. Instead of going deep on one service, they go wide on many of them. When you rewire your mindset towards abundance, you believe there are more than enough ideal clients that need your offering –no point on moving to other stuff just yet.
If you are not generating enough leads and closing clients for one service, it’s easy to want to add other things on top. The problem is that your New Business System is not working correctly. And that messes up the whole machine. Fix it, and then you’ll see how you can hit your revenue and profit targets by specializing in one thing.
And I don’t want you to totally miss understand me, I am not saying you should never add new services. Focus on one area of expertise and then once it runs to a well-oiled machine then you add another service and focus on that until that runs like a well-oiled machine.
Niching down will help you be more repeatable and predictable. It’s much easier to run a well-oiled machine when you specialize in service rather than many of them.
Stay narrow!
What has your experience been with niching down?
In my group coaching program I teach my students how to find their niche.
⭐️ Want to see what the course is about?
👉🏼 Click this link https://bit.ly/32pw5HT
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