19 May Could you be in the wrong business?
I regularly speak and brainstorm with other successful business owners and there’s a topic that comes up over and over. Why do some people ramp up to success as fast as lightning while others work hard, seem to do the right things, but still struggle to make a living?
A major reason may be the business or niche you’ve chosen. I’ve always said that choosing the right niche is crucial. Your niche or target market needs to meet these criteria:
- Your target market has unmet or undermet needs, challenges or wants
- They are willing and able to pay for your products and services
- They are fairly easy to reach
There are a few more things to think about though.
Is your niche oversaturated with competition? If it is you will have to fight to stand out in a huge crowd. You will have to be a better marketer and have a fresh approach or great information and it will be harder to succeed.
Is your niche becoming extinct? There are industries that are shrinking and you don’t want to pour your passion, time and energy into trying to build a long term sustainable business in one of them. Just think of the newspaper industry, professional photography or stores that sell or rent videos and CD’s as examples of a few industries that technology is slowly squeezing out of existence, or at least causing to stagnate.
If you are struggling now with reaching a healthy 6 figure income with your small or home based business, look at these factors and ask yourself honestly if any of them apply. If you find they do, don’t despair. You have a range of talent related to your core business. Just finding out what potential clients need in your industry and re-purposing what you offer to fill those needs can make a difference in the bottom line.
For example, say you were a wedding photographer who used to be able to sell expensive photo albums after a wedding, but now all your clients want is the digital prints. Ouch! What about expanding into video or taking professional photos for business websites. It’s a really smart idea to keep up with trends so you can offer services as the need first arises and before lots of other get on the bandwagon.
If your niche is saturated, think of an area of expertise that would set you apart, or concentrate on one specific sub-niche where you excel. Be more of a specialist than a generalist. Everyone wants a specialist. If you had a broken bone you’d go to an orthopedic surgeon not a family doctor, right? Well your prospects feel the same.
If you’re not meeting your goals, take a few minutes to think about whether perhaps you’re just in the wrong business.