How to Overcome your Fear of Niching Down
“Niching Down” is a buzz word you hear in the business world today. The concept is to create a specialty you become known for; a small but well-defined area of expertise.
I agree it’s important to create a niche but for many business owners, it can be scary. Fears such as:
Will I be excluding desirable clients?
What if my niche is too small to grow my business?
Why is it important though?
And how is this different from simply defining your ideal client?
First, your ideal client is just one part of the niche equation. Your niche is even more specific.
Second, here are a few benefits when you “niche down” you can:
Charge more
Get better clients
Clarify your expertise
Better focus your marketing efforts
My former business coach always said, “Niche is Rich, Broad is broke”. I’ve always taken her advice to heart.
If you’re currently attaching a mixed bag of clients, developing your niche is the right next step
I looked up the etymology of the word “niche” and what I discovered actually gave me a major light bulb moment. Here are a few ways the word can be translated.
To Nest
In Latin: Cognizant or “Knowing”
In architecture - a recess in a wall
The last one is my favorite - it literally means to HOLD SPACE FOR SOMETHING!
So instead of fearing that you are going to miss out on clients, think of it as holding space for something.
So how do you “niche down”?
Start with what you love! Ask yourself…
What lights me up?
What do I never want to do?
What kind of people do you want to attract and work with?
What kinds of projects do you get excited about?
Let me give you an example. My first interior design mentor was an expert in helping clients with multiple chemical sensitivities (i.e. severe allergies) who couldn’t have many of the things in their home that most people take for granted such as down feathers or paint/stains with heavy fumes.
She was an expert in designing interiors for these clients and is a sought-out expert from clients across the country. Clients know she understands their needs and inherently trusts her because of her expertise. And...they are willing to pay extra for it.
examples of how you might decide to niche down
Style - i.e. Mid-Century Modern, Historic Homes, Love of Vintage/Antiques, Color Lover, Natural/Textural interiors
Client - i.e. Bachelors, Married Couples, Builders/Contractors, Developers, Wheel-chair bound, special needs
Project Type - Turn-key Vacation homes, High-rise Condos, Children/Kids spaces, Airbnb Rentals, Restaurants
Region - Coastal, Mountain, Desert, NY City
Knowledge Base - Kitchen & Bath Designer, Vegan Design, Aging in Place, Green Design, Color expert, Art expert
Process - E-Design, Designer for a Day, flipping homes
Budget - Budget-friendly, luxury
Don’t be afraid to take more than one of these areas of expertise and blend them to create a niche designing for clients you love and working on projects that light you up.
Let me know in the comments, do you already have a niche? Do you struggle to define your niche? Are you excited to start defining and celebrating your niche?!
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