The Riches Are in the Micro-Niches: How to Grow Your Business by Narrowing Your Focus

Asia's Tech News Daily

The Riches Are in the Micro-Niches: How to Grow Your Business by Narrowing Your Focus

This week on the SUCCESS Line I talk to Jake, an entrepreneur and coach I have watched with admiration for years.

For the last five years, Jake has been building a business that has experienced remarkable growth. However, he feels as though he is hitting his head against the ceiling in terms of scaling. He wants to grow and reach more people, but he has no idea how. 

As entrepreneurs, we can get so caught up in the day to day of working in our business that we don’t take a step out to work on it. If you, like Jake, want to take your business to the next level, you have to step out and give yourself the quiet space to ask questions and re-evaluate your strategies.

When we first start out, we live in the entrepreneurial mindset. We are shaking hands and kissing babies and doing anything and everything to get our business started. However, the entrepreneurial mindset will only take you so far, and if you don’t change course, you will hit a ceiling just like Jake. We need to switch from an entrepreneurial mindset to a purposeful mindset.

So how do we do that? How do we take our offerings to more people in the world while maintaining what we currently have? It starts with looking inward. Read on for the top three questions I ask all entrepreneurs before they grow their business.

1. Why do you want to grow?

Whenever an entrepreneur comes to me with the goal to grow their business, I start with a simple question: Why?

If the only answer they can give me is simply to get more (money, fame, etc.), I know that we won’t get very far. The relentless desire for more leaves you hollow and empty; it won’t pull you through the inevitably tough days that come with entrepreneurship.

In order to grow, you need to go back to why you started your business in the first place. What is the heart behind it?

Before you even consider paying for more advertising, I want you to return to your why. Without a connection to your purpose, it will be hard to grow in any meaningful way. Your intent, your passion and your heart are what will carry you forward and across the finish line.

2. What is your micro-niche?

We all have a tendency to push back against niching down in marketing. We worry, “Will there really be enough people?”

I challenge you to not only niche down, but to actually go even deeper—identify your micro-niche. What is the sub-niche within your niche?

For example, Jake’s niche is real estate broker owners. But he doesn’t need every single brokerage in America; he needs the ones that are looking for exactly what he has to offer. Who are they? What is their biggest pain point? What are the thoughts that keep them awake at night? His messaging lies in the answer to these questions.

If you are able to identify our micro-niche, you will have taken an ambiguous number of targets and drilled it down to the point where you can almost predict what your target audience is thinking at night.

Marketing is nothing more than connecting the right message with the right person at the right time. Many entrepreneurs want to take the shotgun approach and blast their message to everyone under the sun. But without strategic, targeted messaging, your ads will fall on deaf ears. Identify your micro-niche and find the small fraction of people who truly resonate with your message.

3. How will you deliver your message?

All of the work you have done to micro-niche and find the right message won’t matter if you have no method to distribute it. Ask yourself, “Where does my sub-niche go online and where can they see my messaging?

For Jake, his target audience turns to brokerage Facebook groups. However, we identified that his micro-niche is independent broker owners. Jake needs to cultivate an online community that is specifically for independent broker owners, creating a space where they can have conversations around their unique set of challenges. By creating this community, and providing value within it, he has also created a space filled with those who need exactly what he has to offer.

It was once said that the riches are in the niches, but that is no longer true. The riches are now in the micro-niches. Craft a message for your micro-niche, create a method to distribute it, and watch your business soar to new heights.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

5 Key Habits of Great Leaders

A great leader isn’t a great leader because they run their own company or department. Nor are they great because they excelled in their industry early on in their career ... Read more »

Is Waterstone Financial (WSBF) Stock Undervalued Right Now?

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to ... Read more »

3 Reasons Why Builders FirstSource (BLDR) Is a Great Growth Stock

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market’s attention and deliver solid returns. But finding a growth stock ... Read more »

4 Reddit Penny Stocks To Buy For Under $5 As Trump Stocks Jump

Trump Penny Stocks To Watch Right Now The debut of former President Donald Trump’s Truth Social media platform has caused a stir in the stock market today. Once again, news ... Read more »

Here Comes Santa Claus - 3 Strong Buy Stocks to Boost Your Portfolio

After a tumultuous last two weeks, the bulls have made a stand this week as the major indexes are back in the green for December. This month normally gives investors ... Read more »

Matson (MATX) is an Incredible Growth Stock: 3 Reasons Why

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market’s attention and produce exceptional returns. But finding a great growth stock is ... Read more »

3 Reasons Why Endava PLC Sponsored ADR (DAVA) Is a Great Growth Stock

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market’s attention and produce exceptional returns. However, it isn’t easy to find a ... Read more »

Saia (SAIA) is an Incredible Growth Stock: 3 Reasons Why

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market’s attention and produce exceptional returns. But finding a great growth stock is ... Read more »

How Callon Petroleum (CPE) Stock Stands Out in a Strong Industry

One stock that might be an intriguing choice for investors right now is Callon Petroleum Company CPE. This is because this security in the Oil and Gas – Exploration and ... Read more »

Is Bluegreen Vacations Holding Corporation (BVH) Stock Outpacing Its Consumer Discretionary Peers This Year?

The Consumer Discretionary group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Bluegreen Vacations Holding Corporation (BVH) been one ... Read more »

Top Research Reports for Netflix, salesforce & Novo Nordisk

Wednesday, December 8, 2021  >>, Click to get this free report, ConocoPhillips (COP): Free Stock Analysis Report, Zacks Investment Research” title=”Earnings Trends, Earnings Preview, click here>>>, Click to get this ... Read more »

5 Penny Stocks To Buy According To Analysts & Targets Up To 341%

Penny Stocks To Buy According To 4 Analysts Right Now If you’re looking for penny stocks to buy, you might be looking for specific trends. We’ve covered many of these ... Read more »

3 Reasons Why Growth Investors Shouldn't Overlook Donaldson (DCI)

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market’s attention and produce exceptional returns. But finding a growth stock that can ... Read more »

Is the Options Market Predicting a Spike in Rite Aid (RAD) Stock?

Investors in Rite Aid Corporation RAD need to pay close attention to the stock based on moves in the options market lately. That is because the Apr 14, 2022 $3.00 ... Read more »

Ómicron: 5 things you should know to protect yourself

These last two weeks the news cycle has been dominated by the appearance of the new variant of COVID-19 Omicron . Its name sounds like a science fiction movie from ... Read more »

Learn about 29 mantras and phrases from successful Latino founders

” It’s okay to celebrate success, but it’s more important to pay attention to the lessons of failure ” is one of Bill Gates ‘ best-known mantras. Like him, hundreds ... Read more »

13 tips to have more willpower

In 2013, researchers from Stanford University published a work in the prestigious journal Neuron where they identified an area of the brain (the ” anterior cingulate cortex “, located approximately ... Read more »

Working With Mother Teresa, She Was Inspired by Older People's Compassion. So She Started a Caregiving Business That Hires Them.

When you’re in the business of caring for others, nothing beats having Mother Teresa on your résumé. Kiran Yocom has just that; she worked with the sainted nun for more ... Read more »

4 Factors From Childhood That Are Strong Indicators of Success

I have long believed that success starts earlier than most people think. A lot of people assume that success begins when stakes are involved, often at University or in the ... Read more »

5 Benefits of Cloud Technology for New Startups

As entrepreneurs, we need to look into different cloud options before making a final decision. Because there are many services available, we have to be mindful to not engage in long commitments ... Read more »

Want to Build a Brand That Will Win? You Need to Start With These Questions.

I see it all the time. I’ll be scrolling through a pitch deck for some buzzy new brand, and something just isn’t adding up. The design might be great. The ... Read more »

What Is a Buy-Sell Agreement and Why Is It Vital for a Successful Partnership?

For entrepreneurs starting or building a business with a partner or partners, one of the must-haves is a buy-sell agreement. This agreement establishes protection for all parties and the company ... Read more »

'I Blundered the Execution': CEO Issues Apology After Brutally Laying Off 900 Employees

It might be too little too late for the employees who are still left at Better.com after a brutal mass firing of nearly 900 workers over a Zoom call that ... Read more »

Accessing Web 3.0 With a Click: Toolkits for Blockchain Adoption

Certain industries are slow to adopt new technologies and ideas because there’s a high barrier to entry for mass participation. Two major issues create a high barrier to entry: The capital ... Read more »

CFTC Commissioner Opposes Crypto Regulation Enforcement, Demands More Clarity

A commissioner for the CFTC believes that regulators should provide more clarity on cryptocurrency compliance before penalizing alleged infringements. – be[IN]crypto Dawn Stump, the lone Republican on the five-member Commodity ... Read more »

Is It Time to Join a New Real-Estate Brokerage or Start Your Own?

Congratulations! You’ve had a good year of sales and leases, and it’s almost time for the annual office holiday party to celebrate. But you’ve also been having some thoughts: maybe ... Read more »

Are You Really Listening to Your Customers? Probably Not, But You Should.

In 2020 and early 2021, funding poured into digital health. Name-brand VCs led the charge, with General Catalyst, Andreessen Horowitz, Khosla Ventures, and Alphabet’s GV playing a particularly active role ... Read more »

5 Fantastic Ways to Show Your Team Members You Are Grateful for Them

When you’re a leader of a group of humans, gratitude matters. Your team works hard every day to make sure your company succeeds. They follow your lead, are on top of their ... Read more »

Hiring vs. Outsourcing: How to Recognize the Right Moment to Add Talent to Your Team

One of the many problems startups typically face is a staff shortage. To remedy this, founders can either hire a team or outsource to fill the gaps. While over 300,000 ... Read more »

The robot Sophia will now exist in the physical and virtual worlds within the metaverse.

Metaverses are becoming more and more popular, little by little more people and investors are getting involved. This time, the news is that the famous humanoid robot, Sophia , will ... Read more »

Organ grinders digitize their tips to rescue tradition

In Mexico there is a tradition that clings tooth and nail to avoid extinction: the organ grinders . It is difficult to imagine a Sunday afternoon down Alameda Central or ... Read more »

Three Pfizer Vaccine Shots Can Neutralize Omicron Variant

Pfizer Inc (NYSE:PFE) said Wednesday that three shots of its vaccine are effective at neutralizing the Omicron variant of COVID-19. The information stems from a laboratory test the pharma giant ... Read more »

What Interior Designers Need to Know About Digital Marketing Sales and Lead Generation

The sales funnel map is part of the customer’s journey. It is composed of digital products intentionally created to encourage your website’s visitors to take specific actions at each stage of ... Read more »

Scoop Up Big Gains With 4 Stocks Enjoying Rising Cash Flows

Making profits is undoubtedly a company’s primary goal, but having a healthy cash flow is imperative to its existence, development and success. And why not? Even a company generating profits ... Read more »

Are Options Traders Betting on a Big Move in Globalstar (GSAT) Stock?

Investors in Globalstar, Inc. GSAT need to pay close attention to the stock based on moves in the options market lately. That is because the Dec 23, 2021 $1.50 Call ... Read more »

Coronavirus Stimulus Checks to Workers: Your Job May Get You Some COVID Relief Cash

More federal stimulus checks are unlikely to come, but there are a few groups that are getting targeted payments from their state or local government. One such group is workers ... Read more »

Implied Volatility Surging for Invitae (NVTA) Stock Options

Investors in Invitae Corporation NVTA need to pay close attention to the stock based on moves in the options market lately. That is because the Jan 21, 2022 $40.00 Put ... Read more »

Here's Why Hold is an Apt Strategy for AXIS Capital (AXS)

AXIS Capital Holdings Limited AXS is poised for growth on solid Specialty Insurance, Reinsurance plus Accident and Health insurance portfolio, exit from underperforming lines, investment in more attractive markets, and ... Read more »

Pay Attention To Microcap Oil-Dri Corporation 

Supply Chain Costs Are Still Rising For Oil-Dri Corporation  Oil-Dri Corporation (NYSE: ODC) is not a big company but it is representative of an issue that has been and is ... Read more »

Kinsale (KNSL) Gains 33% in 6 Months: More Room for Upside?

Shares of Kinsale Capital Group KNSL have rallied 32.6% in the last six months against the industry’s decrease of 8.6% and the Finance sector’s decrease of 0.7%. The S&P 500 ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic