After the past two weeks you have spent the time to define your business niches, but now understand the value as well as the importance which has led to some surprising results. More than likely you have two possible focus niches which you need to choose from, perhaps one is more financially fulfilling than personally which leads you to be undecisive. After reviewing this post, it will help you make that final decision, before you allow yourself to freeze up and not be able to come to an agreement.
Consider Geography:
All else being equal, do you have a geographical advantage with one of your niches over the other? This advantage can help to clarify things. Does that geographical advantage make your efforts to define your business easier to implement? If so, I think you have your decision, but keep in mind by focusing on a niche you do not have to turn down other business and once you master this niche you can always build out your other niche(s).
Expand on the Details:
Geography hasn’t helped you to decide which one is right for you, so sit down and journal it out. If you have followed our blog, you know our affinity for notes and notebooks. Write out the details of each that come to mind, then simply compare. Fast forward yourself to six months from now where your niche has proven to be successful and you are now mastering the market. What is it that you’re doing? How would you define your business at that time? There is your answer!
Test Your Niche:
Before you turn your business upside down, it’s time to test your niche. How about a very cost-effective focus group? Interview your current customers that fall into your niche, find out what you are doing well and what you can improve. In addition, adjust one of your successful marketing campaigns to focus on your niche. Don’t forget to communicate with your staff and prepare for an increase in business from your new niche.
Scale:
If you have proof of concept that has been successful, then you have been able to successfully define your business niche. Now it’s time to scale and make larger changes to maximize the impact. Ensure that your marketing, location, interactions, uniforms etc. are in line with what you have learned from your niche.
Now that you have built a successful niche business, this is the time to expand out. Consider Starbucks which is extremely mainstream but started as a niche high end coffee shop. It mastered that niche and has taken over the world. Good luck with your own conquest!
References:
https://www.allbusiness.com/conduct-a-focus-group-105400-1.html
