- your niche is not a large enough population
- they cannot afford your products or services although they clearly need it
- they are hard or expensive to reach
- you do not have enough data on the behaviour and attitudes of the group you are targeting in order to market effectively to them
- the customers in that niche are far from ideal and
- you are focused exclusively on an unprofitable niche!
The truth is that not all niches are created equal.
Although you may have a passion and commitment for what you do, the niche you are focusing on RIGHT NOW may just not be sustainable. If you really want to work with groups that are clearly not viable business propositions because you just want to, then you need to be really creative about serving them without sabotaging your own business’ success.
If you can relate to this article, don’t worry you are not alone.
Most people struggle to find the right niche because the “the money is really in the niche!” just as much as it is in the list (your client database)!
For instance, I started off really passionate about working exclusively with start-ups because I had just quit my corporate job and wanted to help others do the same. The reality was that start-ups are very tight on cash and I’d struggle to support myself if I focused exclusively on them. So I had to widen my net to include growing and established owner managed businesses, high growth businesses and organisations that work with start-ups. They are the people with the cash to spend and have a lot more to lose when things go wrong.
But here is the thing, I didn’t want to completely forget about helping start-ups. I really really wanted to work with them (I find it really fulfilling) so I created a service that is soon to be launched http://www.ignitesuccessclub.com for people I still wanted to help but who just could not afford my 1-2-1 help. This way, I still get to help them in a way that is sustainable but also frees up my time to focus on other lucrative niches.
A win-win situation for my start-up-clients and I.
If you find that your niche is currently not responsive enough or that you are working around the clock for a pittance then it may be worth gradually introducing other niches – until you find just the right balance.
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