10 Aug Niching is not limiting
In the last few days, I have heard the comment “I don’t want to niche because I don’t want to limit myself” a number of times.
The irony of this statement is that being a generalist will make sure you are limiting your business growth! We are in a world where no size fits all, and anyone who tries to be all things to all people ends up being nothing to anyone.
Think about this in broader social context to understand. The TV programs we watch, the films we watch, and the media we read have moved from mainstream to focused audiences. The niche film or program is now the blockbuster – not the option for the mass market. We were a captive audience but now we have so many more options from internet media to thousands of channels, blogs etc. Therefore we seek out what appeals to us individually.
The evidence from Google is that we are getting more and more specific in our searching. Facebook is making their algorithm more and more targeted to what we want to see.
On top of that if we look at the successful businesses of today they started with a niche and built on that.
So why do people think that having a niche is some way limiting them?
I believe that there are a couple of key reasons:
- Not wanting to say no – one of the hardest things as a bookkeeper or accountant is saying no. We don’t want to say no to anybody. The reality is that saying to No to the wrong clients is the best thing for our peace of mind and importantly it allows us to say YES to the right clients.
- Fear of rejection – by being identified with a niche that means that some people will not want to work with us. This fear of being rejected is hard for some. I would focus on the feeling of being accepted by the people we can provide great value too.
The business reality in a world where we can seek information and advice from all over the world is that by clearly knowing who you serve, what their pain points are and what solutions you can offer to deliver success for them is where the real opportunity lies.