Be a Peach - Why finding a niche is the key to small business success
At Larison Media, we are huge fans of small businesses. Did you know, we’re a small business ourselves? And we think small businesses are better when we work together, so we’re constantly trying to offer some advice to help entrepreneurs succeed.
Many small businesses start out trying to be the best at everything — for example, they start out trying to be the best clothing store online, and the world’s greatest home decor shop, and sell the world’s best books. And the truth is that it’s almost impossible to do this. Not that we’re trying to dash your hopes, we are being realistic. Find that one true passion and stick to it.
We love it when small business find what makes YOU unique. By doing that, you stick to who you are, and you don’t become too broad in what you do, and too broad in who your audience is. We believe in you but your small business can’t be everything to everyone, and that’s why finding a niche is important for your success.
So how do you pick a niche? Well, start with your WHY. Why does your small business exist? What are you passionate about? Ironically, doing some ‘high level’ thinking, can help you narrow your focus.
Once you have your focus, it will give you clarity. You will have an easier time clarifying your target audience (potential customers) and you’ll be able to clearly communicate about what you do. It’s the difference between saying “we are a restaurant” and “we are a vegan restaurant in an urban setting.” See how that clarifying statement narrows the audience for who may visit your restaurant?
It may seem counterintuitive, but when you figure out your niche, you can rock it out. You’re more confident in who you are as a business, and you can market to a specific audience instead of casting a wide thet and hoping for the best. In our vegan restaurant example, if you’ve clearly communicated who you and you make delicious food, you’ll gain a loyal following!
Sure you may not be for everyone, but that’s okay. You know who you are and you’re playing into your passion.
Recently our friend and entrepreneur, Lindsey Ogle, was on our podcast. She quoted Dita Von Teese, who said “You can be the ripest, juiciest peach in the world, and there's still going to be somebody who hates peaches.” Von Teese actually offers great wisdom and insight here about finding your niche. It may be hard to hear if you’re a people pleaser… but it is true. Find what you love (and what you’re good at!), focus your passion, time, and energy there, and watch your small business flourish!
Do you have any tips to share with other entrepreneurs who might be navigating their way to the niche? Comment below - we’d love to hear from you!