niche markets

Ask Coach – Should I Focus on More Than 1 Niche Market?

“Serving too many niches creates inefficiency and profit fade.”

 

In today’s episode, I discuss the importance of focusing on our core niche markets and mastering them.

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Ask Coach – How Can I Research My Niche Markets?

“Proper market research can guide us in planning for the future.”

 

In today’s episode, I discuss how we can conduct market research in our target areas.

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Want to speed up your path to success? Looking for some support for your business or career?

Consider one of our coaching programs to get the support you need. Click below and complete the quick survey and we can schedule a call to discuss the benefits of working with me directly.

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Thanks for Listening!

Have questions or comments?

I would love your feedback:

  • Leave a review on iTunes or Stitcher. 1 Star of 5 Star, I love your feedback and read every review.
  • Leave a review on our Facebook page.

Listen Anywhere!

  • Subscribe on iTunes or Stitcher
  • Listen on Alexa just say “Alexa, play The Contracting Coachcast podcast.”
  • Online at ContractingCoach.com
  • or on your favorite Podcast Player

Want More?

Check out these other great resources:

E436: Ask Coach – Should I Stick To One Niche Market?

Stick to a niche to get rich but don’t put all your eggs in one basket.

 

Q: You talk a lot about focusing on a niche market, should I stick to only one market?

A: No, However, you should master one before branching out.

 

  1. Focusing on a niche is important
    1. We want to be the preferred provider so we need to be the best
    2. Focusing on a niche allows us to gain knowledge that other don’t have
    3. Our crews and teams have efficiencies that others struggle to obtain
  2. There is a downside that we need to protect against
    1. Market conditions change and your work could dry up
    2. New technologies or materials could make advances
    3. Your clients may not have enough work for you to grow
  3. Master your niche and then expand and repeat
    1. First focus on growing and mastering your current niche
    2. Expand your client base in that niche
    3. Then look to branch into other niche markets
      1. The question came from Peter who does light commercial plumbing and after our discussion, he started looking to branch into restaurant work
    4. Find a niche the requires complementary skills and grow from there, preferably with you current clients

E391: Ask Coach – Finding The Right Niche Market

Choosing the niche that’s right for you takes careful consideration.

Q: How do I decide which niche it right for me?

A: 1.) What are you passionate about? 2.) What are the market conditions? 3.) What is the current state of your business?

 

  1. Your passion – not just the projects you like
    1. What types of projects get you excited?
    2. What other aspects of business get you excited?
      1. Don’t like paperwork, avoid Government work
    3. What types of clients do you like working with?
  2. Market conditions
    1. What type of work is available in your market?
    2. Is there enough work? Do you need multiple niches? Do you need to travel?
    3. Can you sustain and grow your business in the niches? Will they last?
  3. Current state of your business
    1. What talents, equipment, people, resources do you have? How do they fit?
    2. What additional resources are required?
    3. You can always start small and grow into your niche(s)