I have lost track of how many times I have heard the saying that “the riches are in the niches.”
It is certainly sound advice, but my interpretation of it wasn’t always as clear as it is now. I have tried and failed countless times to start niche businesses, only to realize that there wasn’t a buying audience where I expected to find one. I didn’t realize that I was actually trying to force everything into the mold that I had created, instead of just keeping my eyes open for the opportunities all around me.
I have written about this many times, but some of the best advice that I have ever heard is about knowing when to pivot in your business. This is about being smart, strategic and understanding how your current skills fit into transfer into something new. Many times the “something new” is really something old that is repackaged and presented in a new way.
Take a moment and think about any number of popular fast food restaurants. It’s an unspoken challenge to see how many new items they can create from their core menu. It’s super smart and clearly effective too.
Back to the topic at hand. I am an advocate of having goals and a vision and all of that, but now I understand that what you want to be your “next big thing” may not be at all. You may find that there is a bigger demand for a product or a service that you have never thought of or simply overlooked before. This perfectly describes an experience that I had which opened my eyes to the idea of letting a niche choose you.
One good thing about this approach is the fact that you already see the demand and hopefully you have made some sales from it. The proof of concept part of the equation is done and over with upfront, instead of an afterthought. To illustrate a real-life example with this, I will share a thought process that I went through earlier this year.
At one point in time, I was certain without a shadow of a doubt, that managing paid advertising for clients was the next big thing in my business. Although it is an example of a digital marketing service that I still offer, it is by no means the most sought after. I noticed the reoccurring demand for consulting, email marketing and automation so I answered that call. This was my epiphany for “allowing a niche to choose me.” I am certain that it won’t be my final pivot, and the point in all of this is to remind you to keep your eyes wide open to the opportunities that exist all around you right now.
Take a hard look at your own business and see if there is a niche of opportunity that is calling out to you. It is possible that you are missing the greatest opportunity that your business has ever crossed paths with.