The Riches Are In The Niches

Jeff Heggie Podcast Riches are in the niches

Don’t Just Be The Best…

Be The Only!

Daily Success Strategies 293: The Riches Are In The Niches

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Identifying you niche is one of the most important steps in your business. But unfortunately, it’s also one of the most avoided, or resisted steps.

From the outside, this resistance makes sense. Most entrepreneurs that are afraid to narrow their niche feel this way because they don’t want to miss out on customers and opportunities. By narrowing down their niche they are excluding potential customers and they are making their market smaller

However, as the saying goes, “when you try to be everything to everyone, you accomplish being nothing to anyone.” When you get very specific about who your market is, you can focus on their biggest needs and struggles.

There are over 7 billion people on earth. They’re all not your potential customers. You can get a much, much smaller niche that is still a huge market.

Let me share an example of how this could work.

In 2012, my wife and I went through the incredibly challenging process of an international adoption from the Democratic Republic of the Congo (DR Congo). Because we were adopting from the Congo, which is not a country that is part of the Hague Convention, we (I say we, as in my wife) had to do everything ourselves.

We had never adopted before and had no idea what we were doing. We were living in Canada at the time and had to get approval from the Alberta government before we could even begin the process. Then there was the work with adoption agencies. We had one take all of our money and then get shut down for unethical practices. We found a new agency. We had to work with lawyers and governments. It was an incredible process.

Once we finally had the adoption legally completed, we could finally travel over to Africa to pick up our beautiful son. But once there in the Congo, we had so much more to do. We knew it would take a couple of weeks for their government to give us the exit letters that would allow us to leave.

There are so many stories of blessings, stress, excitement, and anxiety throughout this process. It could have been such a better experience if there was someone that could have held our hand through the process.

So, for the sake of this example, let’s pretend my wife decided to start a business to help people with their international adoptions. How would she niche it down? Who is her target audience?

It’s not the 7 billion people of this world.

We first narrow it down to those who are adopting. This is still a huge number of people, but her expertise doesn’t serve all of them.

How about those that are adopting internationally? This definitely narrows it down. But she doesn’t know everything about adopting from China.

Let’s narrow it to those families adopting from Africa. That’s definitely bringing in a lot of her expertise. But keep going.

We could narrow it to those adopting from Africa countries that are not part of the Hague Convention. These people definitely need her expertise, and she probably wouldn’t have a lot of competition.

But if she narrowed it all the way down to the families adopting from the DR Congo, she’s focused in on those who definitely need all of her expertise. Plus, as far as I know, she wouldn’t just be the best at this, she would be the ONLY!

Would we have hired someone like this? Absolutely. But there was nobody to hire.

I believe every family that adopts from the DR Congo would hire someone like this in one form or another. If she was the only option, who are they going to hire?

Niche down until you start to get scared that your market is too small.

Become the expert!

Become the best!

Even better… Be the ONLY!

If you’re a business owner, check out my FREE webinar, “Simple, No-Cost Strategies That will Immediately Increase Your Revenue and Profit” at https://jeffheggie.com/moreprofit

If you would like me to help you to figure out and implement success strategies into your life and business, email me at jeff@jeffheggie.com with the subject line “opportunity.” We’ll set up a free strategy call to get you started!

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Published by D. Jeff Heggie

Father, Husband, Coach & Entrepreneur

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