When you have a great idea for a product or service you probably start thinking like the characters on the show “Pinky and the Brain”. You want to try to take over the world! And that sounds great, and it may even be a possible – eventually. But for most of us in the land of entrepreneurship, we have to find our niche and build from there.
So What Is A Niche Anyway?
A niche is finding a part of your products, services, or interests that appeal to a small, specialized section of the population. A niche doesn’t mean you have to give up or compromise your original idea. It just means you have to narrow your focus and be specific in your efforts so that you can ultimately gain the best return. “When you try to sell to everyone, you run the risk of selling to no one.”
True Story (Latasha Husdon)
I have been a tax preparer for over ten years. I am not a certified accountant but I am very knowledgeable in my craft and make sure I stay up to date on tax laws and continuing education. Now as the saying goes, there are two things certain in life…death and taxes. That means my service has unlimited potential. Everyone needs me right? Well, the honest answer is yes and no. Taxes preparation covers a wide range of areas. Business taxes, small business taxes, individual taxes, different income brackets, standard deduction versus those that choose to itemize, and forms galore. Not to mention there are CPA’s, the big retail tax offices, private tax prep offices, online software, those willing to pay, those that want to try themselves, those that only trust a big name (i.e. HR Block, Jackson Hewitt), and those that only trust an accountant. So where does that leave me? I had to find where I fit in this huge market. I had to find my niche.
Here are a few things to think about when trying to discover your niche:
Know Your Vision, Values, and Goals
I knew I had the skill set to do everything under the tax umbrella. But my vision, values, and goals set me on a path of helping a specific tax bracket, a specific audience, a specific client. Following a path that is aligned with your vision, values and goals keep you from doing something that is not in line with what you believe in and often not qualified to offer. Ultimately, it allows you to follow opportunities closer to your passion.
2. Identify Your Passion and Where It Fits
What are you passionate about and how does it fit in with your business? I’m passionate about helping people without taking advantage of them. Helping the little guy. This helped narrow down how I offered my services. I didn’t want to deal with big businesses, it was physically and mentally draining. Instead, I wanted to work with people like me with an entrepreneurial spirit and grit.
3. Develop Your Own Style
Lean towards what comes naturally for you. Know your strengths and find inspiration there. In addition, find something that will set you apart from the rest. This year I added a new secure website that allowed my clients to submit all their information online and helped to automated a chunk of my evaluation process. Still not quite on the level of the bigger companies but it set me apart and made me available to the hard working audience I want to serve.
4. Know Your Weaknesses
We all have weaknesses. Knowing those weaknesses doesn’t make us bad people it just makes us human and aware. Focus your niche on the part of your product or service that brings out the best in you. For me, time is my weakness. So dealing with big businesses or individuals with difficult returns isn’t ideal for me. Can I do them? Absolutely. Would I enjoy it and would my clients get the best me? Probably not.
5. Putting It All Together
Well, I started out wanting to take over the world. And I still do! However, I know looking at the overall picture, there is a little corner of the market perfect for me to take over. That’s where I can excel and provide a superb service. That’s my niche. Narrow your idea down into something that combines all of the above and still allows you to deliver a valued product or service and you will have found yours too.
Where Do I Go From Here?
Schedule a consultation today and let CLEAR help you discover and develop your niche so that you can bring life to your business.
*This blog was brought to you by guest blogger Latasha Hudson at YourTaxXpert.com. Visit her site for more on your small business tax services. And remember to mention CLEAR.