Why you must specialize to supercharge your earning potential
If you are an aspiring, start-up or established coach, consultant or other service based business owner and you want to supercharge your earning potential it is crucial that you choose the most authentic and profitable niche that is perfect for you if you want to position yourself for greater personal, professional and financial fulfillment and success.
There is incredible potential and power in defining, redefining or refining your niche because your choices will directly influence, impact and determine your ability to attract more of your ideal clients, referrals, money and more profitable opportunities and ultimately will determine the success of your business.
What is a niche?
A niche is a combination of these 3 elements:
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- 1) The people you choose to specifically market and sell your services to
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- 2) The specific problem you help them to solve
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- 3) Your unique signature branded services offerings
Why choosing to niche will supercharge your earning potential and position you for success
Choosing to niche and becoming a specialist in your area of expertise will supercharge your earning potential and position you for success because you will be able to deepen your knowledge and master your skillset by becoming masterful at understanding your target markets challenges, frustrations, needs and desires and be in a better position to create service offerings that help them to achieve the specific results they want to achieve.
Why choosing not to niche can potentially position you for failure
Choosing the most authentic and profitable niche for you is crucial to the success of your personal, professional and financial success because the people you choose to offer your services to, the specific problem you help them solve and the services you offer will directly impact your business, income and life.
Choosing to be a generalist can potentially position you for failure and choosing a niche that is not authentic or profitable for you can also potentially position you for failure.
It can be challenging to choose the most authentic and profitable niche and many people experience resistance when it comes to committing to choose to niche and as a result have a lack of clarity about who they desire to serve, how to find clients, where to find clients, what services to provide and how to market and sell to clients.
How to choose the most authentic and profitable niche for you
The following questions will help you gain some clarity about choosing your most authentic and profitable niche:
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- 1) What group of people do you most love to work with?
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- 2) Why do you love working with this group of people?
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- 3) What is the problem you love helping people to solve?
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- 4) Why is it important to you to help this group of people overcome their problems to achieve the results you help them achieve?
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- 5) Are this group of people committed to overcoming their problem?
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- 6) Are they willing to invest their time, energy and money into finding a solution to help them achieve what they want?
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- 7) How much are they willing to invest in themselves to achieve the results they truly desire?
What to do if you are feeling challenged in choosing the right niche
If you feel challenged in choosing a niche spend some time brainstorming different target markets and the specific problems they are experiencing that your services can provide a solution to and just get started with offering your services to the target markets that you feel you would enjoy working with the most that would also be the most profitable.
Clarity, confidence and experience comes from getting started and this will be sure to result in you being able to define, redefine or refine your niche to being more perfect and profitable for you.
I would love to hear what action steps you are going to take to define, redefine or refine your niche…Please share in the comments below.
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