How to Choose a Niche in Business
Tai Lopez May 23, 2017
As you go about honing your social media and internet marketing skills, one of the concepts that will continually come up is the need to choose a niche.  Now, what is a niche exactly and why should you choose one for your business? Let’s take a closer look at why this is vital to the success of your agency and your business as a whole.

What is a Niche?

Let’s say you’re starting a social media management business. Rather than go after every conceivable type of business out there, you’ll get better results from targeting one specific sub-category.  That is your niche -- that’s your slice of the social media market and an area you can absolutely dominate.



One of my clients in this new training course sent me a photo of a check he got for $20,000+ from a pediatrician’s office to manage their social media for one full year -- and he got paid up front.  That’s choosing a niche, done right.

And because I want you to be successful, I’m going to show you how to do the same.

Aren’t You Boxing Yourself In By Being Too Narrowly Focused?

Many people think that you’re painting yourself into a corner by being too narrowly focused on a certain subject -- like social media marketing for pediatricians. But the truth is, these businesses -- your customers, want to know that there is someone out there who understands their business, their approach and their clientele.



Confucius once said “a man who chases two rabbits catches none.”  Throughout your life as an entrepreneur, you will be faced with many choices, and trying to chase after all of them will leave you with nothing (check out Barry Schwartz’s The Paradox of Choice if you’re always overwhelmed by too many options).

The truth is, there are a wealth of opportunities by going after different niches -- and I’ll share some with you below:
  • Auto dealerships
  • Salons
  • Travel Agents
  • Window tinting companies
  • Lawyers (and specific types like divorce, bankruptcy, personal injury, etc)
  • Insurance agencies
    • Life / Health / Dental / Car
  • Accountants and CPAs / Financial Planners
  • Consultants  
  • HR Specialists
  • Real Estate (and specific types like short sales, fixer uppers, and so on)
  • Florists
  • Caterers
  • Photographers/Videographers
  • DJs, Weddings/Event Planners

The list goes on and on, and this is by no means an exhaustive list of every possible industry you can target -- it’s just meant to give you a starting point to brainstorm your own possible niches.

And once you have your local area nailed down in terms of being able to manage their social media, then you can branch out with a firm foundation. You’ll have a story to tell of how you took local business A or B and helped them reach 1,000 new followers in X days or whatever kind of results you were able to get for them.

Then you continue building -- step by step. It really is that simple.

It’s Okay to Start Small

Finally, I want to let you know that it’s perfectly okay -- and recommended -- that you start small. Look at Mark Zuckerberg. He created the worldwide phenomenon known as Facebook, but originally he did it just for his school.  Next, he went to all Ivy League colleges. In time, he opened it up to all colleges and universities in the U.S., and eventually everyone became a part of it. It took him 2-4 years.  He didn’t just open up Facebook to the world -- it would have been too much, too soon, and possibly failed.

Amazon.com’s Jeff Bezos originally just started with books. He eventually wanted to become “the everything store”, but by starting with books and building from there, Amazon was able to become the global e-commerce brand we all known and love. Again, trying to dominate every retail area like clothing and food and appliances would have been biting off a bigger piece than he could chew, so he started and gradually began to fold in more categories.

And you can use your starting point as great leverage as you build out and bring more niches into the mix.  Let’s say you start with dentists, and you help your local dentists get more clients. This is a prime opportunity to get a video testimonial from the dentist about how much you’ve improved their social media and helped them get more patients.

 Now, you can approach a related niche, say, cosmetic surgeons, and have demonstrable evidence of how you helped these local dentists increase their customer acquisition and retention. The reverse is also true -- you can show how you helped a cosmetic surgeon earn an extra $100,000 in business in a month, and you only charged her $5,000.

Getting people those kinds of returns is possible when you narrow your focus and build on your successes one step at a time.

Now That I Know How to Choose a Niche, How Do I Get Started Marketing on Social Media?

Choosing a niche is just one part of your social media plan. Make sure to read this and read it again -- don’t skim over this part because if you spread your efforts too thin, they’ll be wasted and you’ll have nothing to show for it.



To get the full picture of social media marketing, I highly recommend you check out my Social Media Marketing Agency (SMMA) program. With it, I show you step by step how to setup and manage a social media marketing agency -- one that you can form in any niche, and as this post proves, there’s no shortage of niches out there desperately hungry for people who understand their industry and how to build their following and clientele on social media.

Social Media Marketing Requires Me to Be Glued to My Computer All Day, Doesn’t It?

This is perhaps the biggest misconception I see when talking with members of my mentorship group. Building up a social media agency doesn’t have to mean you’re tethered to your desk all day.



Discover how to outsource the more mundane, repetitive tasks without breaking the bank, and start living your life the way you deserve it. There’s simply no better way to learn social media management or how to build a business than thrives, than from someone who has done it, and who coaches others on how to do it, time after day, day after day.

I can’t wait to hear about all your positive experiences making social media easier for others -- but remember that it all starts with choosing the right kind of niche.  Which one are you leaning toward? It doesn’t even have to be one in the list above -- but if you’d like to share it, I’d love to hear your comments.
 

Instagram Photos

Tai Lopez

Recent Tweets

Best of Tailopez