Looking back, I struggled with a lot of the early businesses I started because I lacked the ability to really figure out whom my real target customers were. I attempted to always build jack of all trades businesses. If it was a service, it was for everyone; if it was a product, it needed to have features that would benefit all possible users. I wasted years and years of my life attempting to build businesses that pleased everyone. None of them ever worked.
Over the years, I’ve learned the “riches are in the Niches”. Niche businesses are the way to more statistically better way to start, grow and scale a business. When we look at even the most successful companies in the world they started with a focus, a tight target audience, a niche. So how I missed this memo for many years of my life and I’ve realized may other people do as well.
In the world of entrepreneurship, it’s easy to get swept up in the idea of starting a broad, one-size-fits-all business. However, there are a ton of good reasons to focus on a niche. By narrowing your focus on a niche, you often face less competition. This can give you a competitive advantage and make it easier to stand out in a crowded marketplace. Niche businesses tend to attract customers who are deeply interested in the specific products or services you offer. This can result in a more loyal and engaged customer base, leading to repeat business and word-of-mouth referrals. Marketing becomes more straightforward when you know exactly who your target audience is. You can tailor your messaging and advertising efforts to speak directly to their needs and desires, which often leads to higher conversion rates. Lastly, niche businesses are often more agile and adaptable, you reduce the risk of spreading yourself too thin.
So take the opportunity to you have, find a niche in the market, crush it by delivering more value than anyone else. That’s my strategy. See you at the top.