Why Small Business Owners Need A Niche Before They Get Rich

You make more money by decreasing the reachable target market you sell to.

When you niche down, you can charge more money. Riches are in the niches for a reason. 99.9% of companies selling below $10M a year will have a far easier time serving fewer clients.

Hone your niche:

Choose A Niche

When you’re deciding what niche to choose, first pick a great market.

Then, get niche crazy.

You can be the company that services a particular type of person/company or solves a type of problem.

Or you can solve a type of problem for a specific type of company/person in a unique way that helps them overcome their deepest fears.

Here’s a simple example of how niching down works in the fitness industry.

You can sell a generic weight loss program for $19, or you can sell “a fitness program designed and marketed only to shift-nurses priced at $1997,” as an example that Alex Hormozi gives.

In my industry, I could sell an aircraft part to Delta Airlines for $xx,xxx, or as we do, we can sell multiple aircraft parts to accommodate an aircraft maintenance project for a humanitarian fleet in Kenya for $xxx,xxx.