How niche is too niche? 2 ways to “un-niche” your business

Is it really true that the riches are in the niches—and that the smaller the niche, the better? There may be times when your business could benefit from accessing a larger niche. So, in today's episode, I am sharing how you can know that it's time to “un-niche” (go broader) in your business.

– The importance of understanding your total addressable market and where you business is positioned within that.
– Why having a bigger market is not necessarily better (unless your business outgrows a smaller niche).
– How having a really specific niche to start with can help you to make those initial waves.
– Why your niche *will* inevitably change over time and how to navigate that.
– The relevance of market demand and its role in expanding your niche.
– How un-niching your “who” (upstream, downstream and horizontally) as well as what you sell can help you to serve a broader audience.

In today’s episode, we're diving into the core foundations of building a sustainable online business. One that continues to grow even when you're not at your desk 24/7. We'll discuss how to avoid common mistakes that trap business owners in a cycle of overwork and under-earning, and the importance of foundational strategies for long-term success.

The Problem with Over-Focus and Misalignment

Mistake #1: Focusing on Nothing in Particular

Many business owners spread themselves too thin, jumping from one task to another. One day it's starting a podcast, the next it's creating Instagram Reels, then outlining a course, and finally, writing an eBook. While this may feel productive, the lack of consistency prevents any single strategy from gaining traction. Consistent growth requires consistent focus.

Mistake #2: Focusing on the Wrong Things

Another common pitfall is focusing on activities that don't align with your overall business goals. This misalignment can lead to burnout and a business that doesn't provide the freedom or financial stability you desire. I experienced this firsthand when I had to rebuild my business from scratch after realising it was not aligned with my goals, despite already being a few years in.

Foundations of a Sustainable Business

1. Vision

Your vision is the cornerstone of your business. Without a clear vision, you risk building a business that looks successful on the outside but feels like a trap on the inside. I learnt this the hard way, running a seemingly ideal digital nomad business but feeling constantly stressed and tied to my work. Knowing your ultimate goals helps ensure your business grows in a direction that supports your desired lifestyle.

2. Business Model

Once you have your vision, the next step is defining your business model. This includes identifying your niche, value proposition, offerings, audience reach, and customer experience. Understanding these elements helps you create a coherent strategy and avoid the allure of “shiny objects” that don't contribute to your long-term goals.

3. Platform

Your platform is where you consistently engage with your audience. It's crucial to position yourself not just as an expert but as the go-to resource in your field. Consistent and strategic content sharing helps build a strong brand and loyal audience. For instance, my podcast has been a foundational element of my business, helping me grow and nurture my audience over the years.

4. Selling Your Offers

Having a clear process for moving potential customers towards purchasing is essential. This involves more than just a well-designed sales page; it requires a strategic follow-up system that nurtures leads and converts them into customers. This ensures a steady flow of sales and prevents potential revenue loss.

5. Delivery

Efficiently delivering your products or services is critical for customer satisfaction and retention. Streamlined systems for client delivery and support ensure that your time isn’t consumed by these tasks, allowing you to focus on growth. Planning for scalability from the start prepares your business to handle rapid growth smoothly.

Pin this?