 In this video I want to give you some encouragement and reasons to narrow your niche and I'll give you some more advice on how to do that. So I see a mistake that a lot of business owners are making which is that their niche is too broad. Remember this, the broader your niche the more competitors you have which is difficult to stay in business. The narrower your niche the more referral partners you have because when you have a narrow niche you find yourself able to partner with others who address another narrow niche because then now you are together combined you can address a client's entire transformational cycle. More like a client's transformational cycle may end up having five six seven different niches that can be provided by five six or seven different providers versus one provider who says I'm scared of not having enough clients so I'm going to say that I address everything or I get bored easily so I'm going to address everything and now that that provider who addresses everything is in competition with seven at least seven different competitors or providers and all the other people who say they provide everything does that make sense and so why is it that business owners make this mistake it's because we tend to follow celebrity kind of guru type people who have such a large business that they have they may have begun with narrow niches right and they became more and more successful and then they combined all these successful niches into one umbrella and they have such a large organization these gurus that they need to address many niches in order to stay in business but the thing so for example you know Brene Brown she started with the topic of vulnerability that was the thing that she became a specialist the thing that she became known for and then she you know expanded out to courage and and lots of other different things and now she can address different topics and for different different types of organizations small and big or individuals as well right you know Tim Ferriss he started out by the idea of really time management and then he expanded out to the idea of learning right and now it's you know many other different niches that he addresses so because we tend to follow these gurus we think well if they can do it look there we emulate ourselves by what they do which is which is not the right thing to do because they have a large budget right they have a large organization they're able to address many niches at once and be successful at and they already have a lot of credibility and when someone has a lot of credibility already it's almost like they can offer anything and they have a large enough audience that they will be able to sell enough services or products to stay in business but before you become a household name you need to narrow your niche as much as possible so here's a reminder of how to narrow your niche you start well it's basically what you love in combination with what others love to buy what you love in combination with what others love to buy okay so what you love that you can be great at okay so if you don't love a particular topic it's difficult it's typically difficult to sustain enough energy to become great at it but the key is to become great at something specific and so that's why I encourage you to start with listing all the topics you love you know what skills do you love to teach any one of those particular skills can be your narrow niche what have you learned that you love helping others with what have you been helping your friends or your clients or your colleagues with that you love doing maybe you have been helping your clients with five different things but you particularly love doing one of those five things or if you rank the five that you work with clients on how would you rank the five skills that you you help your clients with right and so focus on the niche on the skill that you love the most what are others buying okay what problems in the market what problems in your audience what problems in your network are not being addressed in the way that you think it should be addressed okay what stage of transformation are our um what stage of people's transformation are they needing help with the most so combine this thing about what others love to buy with what you love to help people with and combine the two and find the intersection and that's your ideal niche for the time being now your ideal niche hopefully means you can be one of the best in your network perhaps the best in your network on that particular specific topic or skill or problem for a particular type of person okay now one thing that's always been helpful for me to understand is that money okay why are we talking about what others love to buy because money is society's allocation of work that wants to be done so if people are buying something it's because people want work to be done in that area and so go where the work needs to be done go where people are buying things okay so again start with a narrow niche and expand as your credibility and your budget expands now importantly this does not mean you need to narrow your identity you don't need to narrow your entire brand what you can do with a narrow niche is offer a specific service a specific product a specific program that is a narrow niche and you can you know I really invite you to look at this as a game play the game and the game is the more offerings the more specific service offerings program offerings product offerings you can make in the narrow niches you want to test because all of your look at all of your niches as experiments so the more experiments you do the more you will win this game okay so make a narrow niche offer see how your community responds learn from their feedback ask for their feedback and learn from their feedback and then make and then from that learning make another narrow niche offer that is an even better fit and then learn from their feedback and then make another narrow niche and of course if any particular niche is successful people are buying it from you then of course you know you don't have to market for a while you can spend your time serving your community with that narrow niche but then when you get bored remember you can always launch another service offering for a particular narrow niche okay so and the other point I want to make is that just because you focus on a narrow niche doesn't mean that you can you have to say no to someone who wants to work with you in a different way in the beginning when you need the business you know still offer a narrow thing but the but interesting a strange sort of psychological reality is that when you offer a narrow niche people people respect you for being focused and for being specific and they sometimes will say well even though you serve you know even though you're marketing particularly to women are you able to also serve me as a man in solving this particular problem right oh even though you you solve this particular challenge can you also solve this challenge that's related to it so you will find that you get more respect when you have a narrower niche and and then you don't have to say no to someone who wants to work with you in a different way and so um let me give you a couple of okay so um a couple of sort of step by step number one is create products and services that are that are narrow niche okay two however be open to people who want to buy a service that's not exactly what you offer be open to that in the beginning if you need the income and you can try out it also isn't a way for you to experiment with something slightly different and then third is after you've built a loyal audience from this narrow niche you can then launch a related product service and another narrow niche a related niche narrow niche and you'll get you'll probably get some of your audience members to buy it and you'll also start to get some more referrals and then of course with the greater credibility greater income you can launch more and more narrow niches and and sustain different ones at the same time so a couple of quick examples when I started my business I was very narrow in what I taught and help people with I help people just with LinkedIn for their marketing you know now of course I do all kinds of marketing so but just just for LinkedIn was how I started and then I expanded my niche to something related which is how to use webinars and in your marketing to be profitable and to um to sell successfully right and then I expanded to joyful productivity how do you do sort of um as a business owner how do you manage your time and information um wisely and efficiently right and now and then I had a I had a personal passion to talk about authenticity and wisdom in business and now I'm combining all of it because I've been in business for seven years full time full time income for seven years so I have the and I have enough credibility in my in my community to be able to offer the you know combine all these all these narrow niches into a larger niche again you know don't look at the way I'm running my business if you're not yet at my level of credibility and audience and you know income etc right so start with a narrow niche another example um is uh one of my one of my clients David Younger he's a psychotherapist and he is now launching a specific niche offering relationship counseling for people who are parents of younger kids he calls it love after kids you know love after kids dot com is the website so check that out as a as a great example you know we worked on that niche together of a narrow narrow niche um another another person colleague uh Karen McMullen she has gone through the whole six figure business success BS is what she calls it industry you know and now she helps other financially successful business owners to reclaim their inner life to decut decondition from all the BS in that six figure industry Karen McMullen you can look her up um I think success BS uh dot com I think success BS book dot com uh she's also I think her new domain is success refuge actually her primary domain I guess in her previous business is liveyourgenius.com so you know check her out as well so so hopefully this video has encouraged you to brainstorm and be willing to narrow your niche okay so be more successful look at all his experiments if one narrow niche doesn't niche offering doesn't work you know try another narrow niche offering until you find one that both you love and the market wants to buy and then you can focus on that for a while and then when that's successful you can launch another narrow niche and another narrow and another one so as always I'm open to your questions and your comments and until the next video I wish you success or more thoughtfulness at least and narrowing your niche