Because you can't be everything to everyone.
Well first off...what the heck is a niche? Funny you should ask!
A niche is a very specific market within your industry. For example, let's say you are a photographer. You can take photographs for anybody and any business. However, a niche would be if you specifically focused on weddings or food photography. It lets people know what exactly your expertise is and what to come to you for.
On one hand you may believe it would limit you from getting more work. However, now that you can tailor all your communications, packaging and marketing materials towards your niche, you have positioned yourself as an expert in that specific industry. This attracts more clients because they know YOU understand their needs and can tailor services specific to them.
1. Your Business Gains Clarity
If you don't have a niche, and you don't have a target, it means that you don't understand who you are selling to. You don't know their pain points or what kind of experience they expect. There's no strategy and it shows. Even the most beautiful brand, will have a hard time staying above water. And yes. It will require hours of research, decision making and maybe even hiring help. Don't make that face. It all comes back full circle and hard work pays off!
We are not in the era where you can just throw something out there and hope it works. It takes detail, planning and analytics. You can't cut corners here. What are your competitors doing? Better yet, without a niche, how do we even really know who your competitors are?
2. You Can Define Your Passion
If you are battling between niches and have been for a while why not try this: write down all potential niches. Find out everything you can about each one. I mean everything. Include the number of buyers in that industry, how much is spent yearly, its projected growth, and how difficult it is to reach those customers. Who are the major players? What can you offer that's different?
After you have analyzed these notes, I want you to make a more personal list. What is this all worth to you? Would this be your legacy? Can you see yourself waking up every morning with excitement to learn even more about this industry? Are you able to manage their challenges? If not, are you willing to outsource or learn the skills you'll need to be able to? Imagine a world where you actually did what you loved. Maybe even being..dare I say...become one of those people who never wants to retire? Is that even real? This could be you. A niche can make that happen.
