As a small business owner, you may have been asked to “find your niche.” But, what is a niche? Where do you begin? At With Grace and Gold, we have seen first-hand the HUGE difference having a niche has made for our business. Today, I’m excited to explain – in a fresh, new way – what a niche is, what yours should be, and why having a niche really, truly matters for your business.
What is a niche?
The dictionary definition of niche is: “denoting or relating to products, services, or interests that appeal to a small, specialized section of the population.” In layman’s terms, your niche is the group of people your products and services have been created for. At With Grace and Gold, we provide “brand and web design exclusively for creative women in business who value beautiful designs and beautiful results.”
Having a niche matters for a variety of reasons, which we’ll outline below. However, please know, having the same niche as a business owner (for instance, using our niche above) won’t serve or uplift your business. Having your own niche allows you to offer specific products and services and have a specific segment of the market to speak to and gear your products and services to. If your niche is too broad, or your niche is too similar to several businesses, you’ll be competing with many businesses rather than serving your specific, intentional group of people through the one-of-a-kind products, services, and experience that only you can provide.
What should your niche be?
Maybe you’re a wedding photographer, an event planner, or a coach. It’s easy to believe your niche is “anyone who needs those services” but the truth is, there are a many unique ways to further refine and understand your niche. A few ways for you to discover your niche are:
- What are you most passionate about offering? Through our With Grace and Gold Workshop, we meet with many diverse creative women in business – specifically, designers. Generally speaking, designers are able to design anything they’d like to; often, they’ve got the expertise to create brochures, post cards, websites, brands, wedding stationery, and more. The designers we serve often feel pressured to offer every type of service, simply because they’re capable of doing so. But there is a danger in offering too many products and services for too wide an audience: What do you want to be known for? What are you an expert in? What are you most passionate about offering? For many business owners, having a niche and narrowing down their offerings creates so much fear. (“What if I miss out on potential revenue?”) But think about the potential revenue you’re missing now, because your niche and message are unclear? Think about the potential revenue you could gain by having a niche and creating a clear message to connect with your Ideal Client.
- Who do you connect with? Who have you enjoyed serving most? At With Grace and Gold, we are firm believers in assessing, learning, growing, and assessing some more! Through reflection, we can learn key information and make more informed decisions about the future of our business. Who have you enjoyed working with most? What qualities and characteristics do your favorite clients share? Who understands the value of your products and services? Who do you form easy connections with? (For example, if you’re a coach who loves working with female entrepreneurs – maybe your niche is female entrepreneurs who value work-life balance and want to live boldly and fearlessly. So, maybe you’re a “Bold, empowering life coach who serves female entrepreneurs who want to experience work-life balance and live fearlessly.“
- Jot down the values of the clients you love to serve. While many businesses offer the same products or services you do, there is something that sets every business apart: the heart behind it. People are wired to form connections – and your Ideal Client is looking for ways to connect with you. Jot down the values of the clients you love to serve. Do your clients value experiences? Quality? Connection? Faith? Friendship? Family? When you know what your Ideal Clients value, you can better communicate with your audience.
- Lastly, make sure the client you’ve identified needs your specific products and services. Now that you’ve identified who you enjoy serving and what their values are, it’s important to be sure the client you’ve identified needs your products and services. As entrepreneurs, we sometimes work with the “If we build it, they will come” approach… but this simply isn’t the case. If someone doesn’t need something, chances are, they won’t buy it; they don’t feel the “pain point” needed to urge them to make a change. So, if the client you’ve identified doesn’t need what you have to offer, how can you adjust your niche and be sure you’re offering a product and service that fill a known need?
Why does having a niche matter?
Having a clearly defined audience allows us to make every decision with our decided-upon group of people in mind. Having a niche matters for so many reasons, such as:
- You’ll have greater clarity in your business. Having a niche – knowing exactly what you’ll offer, who you’ll serve, and what your Ideal Client values – will help you to experience greater clarity in your business. You’ll no longer wonder “Should I offer this?” or “Should I add this to my services?” Instead, you’ll have clarity and purpose in every business decision.
- You’ll compete with fewer businesses. By having a specific niche, you’ll compete with fewer businesses. You’re no longer “a coach” or “a photographer” who is competing with a sea of coaches and photographers. Instead, you’re fulfilling a specific need for a specific client – which means…
- You’ll give yourself the opportunity to become the “go-to” business for… whatever products or services you offer. When you have a niche, you can create space for you to become the “go-to” business for your Ideal Client.
- Your message will be clearer and easier to communicate. With your niche in mind, your message – your copywriting, your social media marketing – will be clearer and easier to communicate. You’ll be able to write and share about your business with ease, because you’re serving a specific audience with purpose.
- Your products and services will be polished and purposeful. As mentioned above, you’ll no longer wonder “Should I offer this?” or “Should I add this to my services?” Instead, you’ll have clarity and purpose in every business decision – making sure every product and service you offer is geared toward your Ideal Client.