616: Should You Specialize and/or Niche Your Business?
The BizChix Podcast: Female Entrepreneurs | Women Small Business | Biz Chix
Natalie Eckdahl
4.8 • 630 Ratings
🗓️ 22 February 2024
⏱️ 16 minutes
🧾️ Download transcript
Summary
Today, I’m training on the nuances of specializing and niching in your business. It's more than just semantics; it impacts every aspect of your business, from your marketing efforts to the clients you serve. I'll walk you through real examples and share the benefits of each approach, culminating in my personal favorite - a "specialized niche" business model.
Ready to go deeper with me? There are 3 ways we can work together:
1:1 Coaching (🌟new) - open to any level and type of business
Six Figures Lab Group Coaching - open to consultants, marketers and financial professionals averaging $3K to $10K/month in sales
CEOCHIX Mastermind Program - open to consultants, marketers and financial professionals averaging $10K to $70K/month in sales
Transcript
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| 0:00.0 | I used to use the words niche and specialize interchangeably, but I was wrong. |
| 0:13.6 | As I've studied the marketplace and my clients, I realized you can either specialize |
| 0:19.1 | or you can niche or you can both specialize in niche. |
| 0:24.9 | Today I share how they are different and which is my favorite type of business. |
| 0:36.5 | Hello, my friend. |
| 0:38.8 | What if your business felt easy? |
| 0:43.3 | What if clients just got referred to you and you had a wait list? |
| 0:49.1 | That is what can happen when you specialize or niche your business. |
| 0:54.2 | Many decisions in your business will be impacted by how you choose to specialize or niche. |
| 1:01.1 | From your website to your social media or whether or not you even need social media, |
| 1:08.0 | the content you create, the events you go to, the podcasts you pitch to be on, |
| 1:13.3 | or even if you should, the connections you nurture, the groups you are part of, and even the |
| 1:19.3 | people you hire. This process really informs the investments you make in your business, |
| 1:26.9 | all the investments, and it tells you where it makes |
| 1:30.2 | sense to spend your time, energy, and money. |
| 1:38.9 | So what is the difference between specializing and niching? And what does it look like when you do both? |
| 1:46.4 | This process I'm going to share with you today is the first step when we work with new clients |
| 1:52.8 | in our Six Figures Lab Group coaching program. |
| 1:58.4 | When you initially launched your business, you likely did a lot of different types of work for a lot of different types of people. |
| 2:06.2 | You were and may still be a generalist. |
| 2:10.4 | This is a normal place to start and how almost everyone builds a service business. |
| 2:16.5 | The problem with being a generalist is that it is |
... |
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