Does having a niche help your business grow or hinder your earning potential?
This is a question I have been pondering for the past few months and I wanted to share my thoughts with you around the subject.
As a social media and business coach, I hear other coaches in my field talk daily on social media about how “nailing your niche” and narrowing your audience down with crystal clear messages so much that your marketing only speaks to your ideal clients is the best way to grow your business.
However, I also see on a daily basis so many talented Entrepreneurs and small business owners struggling to get their crystal clear message in front of enough people and as a result they find it difficult to maintain a regular income let alone make a sustainable profit from their business.
For the past 18 months, I have only worked within the niche I had chosen. I can do many things, yet I listened and applied this strategy to my own business. Coaching only mind/body/spirit entrepreneurs to grow their social media presence, build their confidence and expand their businesses. Yet over the past few months I have been given many signs from the Universe that indicated that perhaps my niche had become a hindrance that was preventing me from helping the amount of people I had the potential to and who possibly need my help. Namely hiring a lot of the business owners I have helped in the past to make their social media work for their business, to supply many of the professional services for my wedding last weekend. Such as the very talented photographer who took this stunning picture.
Yet, this very talented photographer has not seen all the services and support I have offered to Entrepreneurs over the past 18 months, simply because her business fell out with my niche.
You see, before I had decided on a “niche” I had a very varied business myself and my social media and business coaching helped a lot of entrepreneurs, regardless of what their business was. I could do many things and I did.
I had a physical product and successfully sold my own range of Mindful Wishes jewellery globally…here’s me and my son Blake on one of our daily trips to the post office a few years ago.
I wasn’t always working exclusively online…Here’s me with my jewellery and other products at a Mind/Body/Spirit Fair.
I’ve made and sold a range of handcrafted Faerie doors…all made entirely by me at my dining room table and sold to people around the world.
I haven’t always worked from home while working for myself…Here’s my Mindful Wishes office I had for over a year and which had a play space for my son Blake who was only 18 months at the time, so I could take him to work with me.
I’ve had clients visit my workspace at home…here’s my Reiki and Private Reading room at my previous house.
I’ve helped countless business owners and Entrepreneurs over the years through 1:1 coaching and group support, regardless of what their business was. Yet for the past 18 months I have only marketed and offered my expertise to a very small group of people.
The definition of the word niche says a lot about how this strategy can limit your audience and often by so much, your business struggles to stay afloat.
denoting or relating to products, services, or interests that appeal to a small, specialized section of the population.
Has your audience (specialized section of the population) become too small because of your niche? Are you struggling to get your business seen at all?
As you can see from my pictures above, I can relate to and offer my expertise to many more than just Spiritual Entrepreneurs. Yes, I have worked as a Medium so understand the Mind/Body/Spirit market, but I’ve also hand-made gifts, successfully sold my own range of physical products, and had drop-shipping items for sale on my website in the past. I can relate to the “Mumpreneurs” having built my own business around caring full-time for my children. I’ve worked from home, worked from a physical base, worked and with clients online from all around the world. I’ve taken all my own product photographs for marketing, learned how to make my own website and how to create digital images with my positive messages that have been shared by hundreds of thousands of people all around the world. Prior to working for myself I also gained a whole load of skills that are relevant to what I do now in Recruitment, sales and marketing.
So today I have dropped my niche. I’ve stopped limiting my own potential and opened up the doors to my free business support group and 1:1 coaching services to ALL Entrepreneurs and small business owners.
You can join here: Entrepreneurs Success Hub
It feels exciting having the prospect to help so many more people, but more than that it feels right.
So my question to you is this:
Is your niche helping you grow your business or limiting your earning potential?
Think about who you currently offer your services to and see if you can expand on it. For example if you only offer life coaching to women, could you expand this to offer it to men too? Can you move out with the age group you currently supply to? Are there other people you have met recently that don’t fit your current niche but can offer you clue’s as to who else could benefit from your help and expertise?
Sure, have a clear message, talk about what skills you can bring to the table, but try not to narrow down your niche so much that you miss out on helping and serving more people than marketing your business to a very small niche allows. Try branching out, even just a little and see what results you get.
I look forward to sharing with you all how this latest change in my business plays out and please do share your thoughts on the subject with me. I’d love to know how you feel about the subject.
Join my FREE Facebook support group for Entrepreneurs here:
Find details of my 1:1 Social Media & Business Coaching HERE.