We hear this a lot, “pick a niche”, narrow down your idea and “niche down” so you can understand your audience. Niching down is like the new cool kid on the block in entrepreneurship world. But, how do you know that the niche you pick is the one, if you pick a niche, narrow it down and understand your audience right off the batt, how do you know it’s for you.
When you niche down, you’re essentially becoming an expert in that niche, so I hope you are passionate in the niche you choose. If you are starting out in your entrepreneurship journey, picking a niche could hurt you and here are 5 reasons why you should NOT pick a niche.
- Test, Test, Test
How do you know you like vanilla if you’ve eaten chocolate your entire life?
When you are starting out in your entrepreneurship journey, shiny object syndrome is a real thing. There are so many ideas out there, so many things you like, so many things you’re curious about, how are you going to pick just one?
This is why I recommend testing out your idea’s, this way you can have a wine tasting and see which flavour of wine you prefer. You can test out your idea’s see which ones you like, which one’s you enjoy learning about, which one’s you want to keep going with, go through ups and downs with.
You probably know this already, but entrepreneurship is a long and bumpy road, so I hope you love the niche you’re picking.
- Maybe you like the niche, but it’s not a good fit for you from a business standpoint
I think 80% of the world can agree that they love to travel, they wish they could travel whenever they want, there’s countries people long to visit, but will they love it when travel becomes work?
Just because we like something, it doesn’t mean we like to turn it into work. I’ll use travel bloggers as an example, bloggers have to write blogs on countries they’ve visited, make recommendations on food or hotels, or write about a museum they visited.
And yes, it looks luxurious, but will we all love to take the time to take the right photos versus admiring the scene, will we want to come back to the hotel to write a blog? To edit photos? To edit videos? Most likely not.
I don’t know about you, but after a long day of touring, I am pooped, I don’t want to do anything but drink or lay in bed, there’s no way I’m editing or writing a blog. I don’t want to turn something I like to work and end up not enjoying the process.
- Maybe you’re not as good as you thought in that particular niche
There will always be growth, there will always be progression, but you do need to factor in talent. Are you good at selling the product/service, are you able to make a living off this niche you chosoe, are you able to make a profit?
This is not me saying “give up if you can’t make any money in the first couple months” it will take months to years to build a successful business, but if its been over 5 years, you might want to re-evaluate your niche or re-evaluate your business.
That’s why you shouldn’t go all in on one niche because you may be better at something else than the niche you “thought” you liked or could make a profit.
- You’ve invested money and it’s not a niche for you
Let’s stick with the travel blogger example, so you’ve decided you want to become a travel blogger, you invest $1000 into a DSLR camera, and another, let’s say, $1000 in other tech equipment like audio, editing software, lens, and other tech.
Then you buy your plane tickets and living arrangements (hotel, airbnb or hostel), let’s say your accommodations are $1000 to NYC for 5 days and let’s add another $1000 for expenses like food and travel.
That’s now $4000 you’ve invested in becoming a travel blogger. In the beginning, you pay for your own expenses as you are building your audience, so you can get those bougie sponsorships and don’t have to pay so much anymore. However, before you get to that promised land, you realize travel blogging is not for you.
Now, you miss traveling as a tourist, you miss just taking in the view instead of taking a million photos, you miss laying in bed after a long day instead of writing a blog to post the next morning, you miss eating the food right when you see it instead of taking another millions photos to go on your blog, you miss wearing whatever you feel like instead of planning the perfect outfit for the photos, and realize travel blogging is not for you.
Now you have all this fancy equipment and didn’t enjoy the trips as you used to and it caused more stress than relaxation.
- Maybe you just don’t want to niche down
Maybe in the beginning you pick a niche, but want to expand, that’s totally fine. You don’t always have to stick with that one niche, so many brands branch out and it’s because they’ve built a brand. When brands branch out, their customers will know what to expect, the type of service, quality, performance etc. and that’s what we should focus on building a brand.
You don’t always have to stick to one niche for the rest of your life, if you want to branch out, do it, just know that it may not do well and you’ve got to be okay with it.
However, if you build a strong and solid brand, then have that section be aligned with that brand, that way your customers or audience is not in shock when they see this new product/service because they will expect similar results, experience, feeling, but in a different form.
Let’s say you sell clothes that are with quirky designs and your audience loves this. If you are branching out to makeup, make it quirky too and similar to what your audience experiences. If you provide free 2-3 day shipping for your clothes, offer that to your makeup too, make it similar to your brand.
I’m not saying don’t niche down, but sometimes is can restrict you and you don;t even know it. Test, see how things feel before you go all in on this one niche. Once you’ve found a niche you believe in, then keep going at it and reach that success.
Thank you so much for taking your time to read this article, I hope it brought you VALUE and have a great day!
Anna T Nguyen