Home Business Management Tips – Can You Pick A High 6-Figure Niche?

by Linda Feinholz · 0 comments

Setting up a home-based business can be a great way to take control over your time, freedom and business building activities. You can imagine creating all the success you want if you put all your ducks in order:

•    You’re a self-starter? Check.
•    You’ve got marketable skills? Check.
•    You’ve got all your equipment, resources and contacts? Check.

So you’re ready to go, right? Nope! Where’s your niche?

“Niche” you ask… ‘neesh’ or ‘nitch’ … what’s that?

A niche is the intersection between you and your market: the skills and experience you have that make you a credible and reliable problem solver, plus the specific customers who want your solution.

You can make naming your niche easy or tough on yourself. Let me show you why:

The Easy Niche – An inch wide and a mile deep

Several professions lend themselves to immediate niches: accounting, law, insurance – each of these have specializations that allow you as a professional to declare your specific services. Now all you need to do is name a particular type of client you serve.

As soon as you name your target customer, all your marketing activity can be pulled into sharp focus.

You can write articles that relate to your customer’s key business issues, and network with other professionals that serve that same client base.

As you build your relationship with this customer base, you can continue to deepen your offerings by adding on new services and products to that same group of customers – all building on your expertise.

Neat, right?

On the other hand other folks take the tougher path:

The Challenge Niche – A mile wide and an inch (or a mile) deep

We make it through our educational system being told we need to know as much as possible about many different things. This doesn’t always help when it comes time to focusing ourselves professionally.

Work at a lot of different things and your selling point sounds a lot like “I’ve done a lot, I’m adaptable” rather than “Here is the specific solution I can provide to your greatest challenge.”

Your customers want solutions.

So here’s my recommendation: Set aside everything you’ve worked to learn, and select one solution that people are seeking. Make that your selling point for your first 100 clients and then you can broaden you offerings.

If you want your home based business to thrive, take the easy path – select a niche that will allow you to stay sharply focused.

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