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Niches Walkthrough @StS
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Niches Walkthrough @StS

All Niches
This a full guide and walkthrough of Niches you can pick multiple Niches to test and see which interests you the most.

Here's a lil detail from my side

What is a niche?

Put simply, a niche is segment of a market where u provide your services / product or specialized in the type of business that you are working with
⇒ Can be divided up by certain criteria
- Their industry of market segment
- How big they are
- Where they are located
- Etc.
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Pros/Cons of Many Niches

⇒ Pros
- Can figure out what you like
- Less risk in case of any events
- Can be “opportunistic” when you are getting started
- Might be able to close more deals early on because you are not being too specific and potentially turning down business trying to stay within your niche
- Some clients won’t want you “working with the competition” - so they will like that you don’t focus on their industry in particular
⇒ Cons
- Difficult to scale
- Can’t rinse/repeat strategies
- Can be making up entirely new strategies for every client
- Don’t become a force in your industry
- Some clients want you to work with their niche specifically

Pros/Cons of One Niche

⇒ Pros
- Scalability
- Repeatability
- Can become a known name and build a reputation in your industry
- Some might like that you have a proven process for their industry
- Can charge more over time as you are “presenting a solution” to their problem that is proven
⇒ Cons
- Can get stuck in a niche or industry that you do not like at all
- Some businesses won’t want you “working with the competition”
- Difficult to pivot
- If there is a change in the industry, can be a big risk

Recommended Plan of Action


1. Start with Multiple Niches Begin by exploring a variety of niches to find the best fit.

2. Be Strategic in Niche Selection
- Leverage existing knowledge: Focus on areas where you already have expertise.
- Identify your strengths: Choose niches where you find things easier than most people.
- Follow your passions: Focus on areas you are naturally interested in.
- Utilize existing relationships: Leverage connections you already have to build momentum.

3. Identify the "Path of Least Resistance"
Monitor your progress and success in each niche. Focus on areas where you're experiencing the most success and facing the fewest obstacles.

4. Maintain Flexibility
Once you've found a successful niche, continue to explore and experiment with new opportunities. This will help you avoid becoming too specialized and allow you to capitalize on emerging trends.

Actionable steps below :-
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