“To niche or not to niche” is a question business owners are constantly faced with. It’s a great way to establish yourself as a natural choice in a narrow field, but niching too early or choosing the wrong niche can also make it difficult to get traction.
So how do we make that decision?
I will start by sharing my own story…
When I first started in business, everyone was a potential client as long as they were paying. You can probably relate! When you are new to business you don’t really have much choice – as the aim is to start making money as soon as possible. Right?!
It was exciting watching my client base grow but after a while my business started feeling heavy. Something needed to change. It was around this time that I decided to train as a coach, which was something that I had been interested in for a long time.
You see, deep down I’ve always wanted to help people in some sort of meaningful way. I was doing this by helping people improve their business finances – but I knew I could do more. So, I signed up for the Personal Performance Diploma with the Coaching Academy. I also enrolled on their NLP course and later qualified as a Neuro Linguistic Practitioner. I invested in several programs centered around running a coaching business. I met hundreds of coaches both online and offline and loved hearing and learning about the transformations that they help their clients achieve.
By this time, I was good to go as a coach. However, I still enjoyed helping business owners with their accounts and finances and showing them how their business could be tax efficient. This was rewarding work too!
Then I had a light bulb moment: Why not help coaches with their finances – instead of the “whole world”. It was the perfect fit, especially given I was getting myself into this industry and both understood and enjoyed the coaching scene too.
And so niche was born:
Violet Karamagi – Accountant for coaches, consultants, therapists and freelancers.
(Yes, I did a few years as a freelancer and still do actually, and I have found these four categories really working or me in terms of finding clients I can not only relate to and enjoy working with, but who I can truly support thanks to my time walking in the same shoes!)
So how has this been working for me, since making the choice to niche my accounting services down this way?
My observations so far:
- When you niche, marketing becomes so much easier as you are able to speak directly to your potential clients’ pain points.
- Because you are only serving a particular group of people you become the expert over time as you get to know them better each day.
- Clients trust you more as you tend to be the professional that understands them completely (well sort of)…….A bit like a doctor who is a GP and a brain surgeon.
- You are happier in business (at least I am) because you only work with people you like.
- Your skills are sharpened as you are focused.
This my reflection on my own experience only, but you will likely find something similar in your line of work too!
If you have been wondering whether or not to niche, I hope this gave you some insight into the ways it can work well. Of course, the final decision is yours – and yours alone. Having a niche might not be right for you, but you won’t know unless you at least spend some time weighing up the pro’s and con’s and thinking whether this is a good path for you.
Do you have a secondary skill or complementary passion that would make a great niche if you combined them with your core service? Could you niche by industry, by service, by client, by location or by something else that helps you really hone in on your point of difference and offer a more personalised service?
It’s worth thinking about for sure!