The Problem with Niche Selection (and What to Do About It)


“Pick a niche” and “Be a specialist” are good pieces of advice that can help you charge high fees and grow fast, BUT…
…they can be problematic to implement.

Especially when you’re starting out or reinventing yourself.

Here’s why…

It’s really hard to put a finger on how big or small a niche you should pick, whether you should focus on industry verticals, etc.

If you have deep domain expertise AND deep knowledge of a specific industry vertical, then you may find it easier to pick your niche than most.

But more often than not it’s not laid out for you like that.

If you’re like most people, you have deep domain expertise and can apply it to multiple verticals.

Picking a niche in such cases can feel like a nightmare because you want a sense of certainty and don’t want to make a mistake.

But know this: there’s no straight answer to this problem.

While deep specialization must be the ultimate goal for consultants, it’s okay to start slightly broad – as a generalist – if the road ahead is currently blurry.

Once you get a better sense of different high-value segments, pick the ONE with the highest potential, and go deeper.

To learn how to identify high-value market segments, check out these slides:

Ready to Land $100k+ clients consistently without burning out? Schedule a call and let me show you how.

Image credit: Fineart America