In business, a niche is a specialized area that allows entrepreneurs to differentiate themselves from everyone else in the market. I have talked about the blue ocean strategy before, which is a similar idea. A niche is important because it attracts the right customers into your funnel.
For example, the WealthBuilders Conference is for Christian entrepreneurs ready to level up their businesses and increase their revenue. We believe that God is a key ingredient to success, so that allows our conference to be more specialized. Being an entrepreneur has changed my life, and I want to give others knowledge on how to be their own boss, which also narrows our focus. Niches are important because they let you know what type of person you are trying to talk to and sell to.
Nailing Your Niche
What Are You Good At?
The first thing to consider when finding a niche for your business is to consider what you are good at. What do your friends often ask you for? Everyone has talents and gifts. One of them might be speaking, so maybe you start narrowing your niche to being on stage. If you are incredibly creative, then maybe you narrow your niche to freelance artistry. When you consider what you want to be doing, that is the first step.
Who Is Your Customer?
In a recent post, I talked about building a customer profile. This will help you narrow the focus of your business because you will begin creating things that your customer needs. For example, Doreen is a 62-year old, independently wealthy woman. She is also a Christian and wants her money to be used to further the Kingdom of God. Not only does she have money, but she knows what to do with it, so she wants to invest it somewhere. She is the ideal client for my non-profit, Tricord Global! By adding details to a made-up person’s life, you can begin to see the important pieces of your niche.
What Are Your Non-Negotiables?
When I started WealthBuilders, I knew who I wanted to speak to. I knew that weaving my faith into my teaching was critical, which is why even my book Money Mastery includes passages on Christianity. I also knew when I started this business that I wanted to teach entrepreneurs. You get people like John Maxwell who trains CEOs and employees in leadership positions. He has made a lot of money teaching in his niche, but I want to teach people how to start their own business. Find your non-negotiables in your business, and that will help you focus more on your niche.
To learn more about finding your niche, building customer profiles, and increasing your revenue with a business, attend the annual WealthBuilders conference! We have an early bird sale going on right now, which will be the lowest prices of the season! Click here to learn more and get your tickets.