Why some consultants crush it in narrow niches while others don’t 👇
Some consultants absolutely dominate their niche, while others can’t seem to make it work.
Why is that?
It’s not random. It’s about getting a few key things right. Plus some luck.
Focusing on a niche can be good or bad for your business depending on what you offer, where you are in the industry life cycle and what stage of business you’re in.
Here are a few reasons that make a niche actually work [I share my firm’s example below]:
🎯 You Can Reach Most Buyers
If you can’t connect with most of the buyers in your niche, it’s game over. But if your market is accessible and you can get in front of the right buyers, you’ve got a solid shot.
🎯 You Can Deliver Long-Term Value
A niche is gold if you’ve got a service that your clients need over and over. Maybe it’s saving them money every single month or solving a problem they’ll always have. If you’re just doing one-and-done projects, it gets tougher.
🎯 It’s Too Small for the Big Players
My consulting firm used to work with academics who wanted to launch businesses. Specifically, I helped universities turn professors’ research into commercial ideas. That market? Way too small for big consulting firms but perfect for mine.
So, how do you know if your niche is big enough to thrive?
A good rule of thumb. If you’re targeting mid-sized companies, aim for a total addressable market (TAM) of at least 1,000 firms. Combine that with a strong offer and low competition, and you’re in business.
I actually dive into this in a free 60-min training:
👉 “How to Pick Underserved Markets for Your Consulting Business.”
If you’re curious, just let me know in the comments, and I’ll send you the details.
✍ So, what’s your experience with niches? Are you crushing it, or are there challenges?
Ready to add $100k-$500k revenue to your consulting business in 12 months or less without burning out? Schedule a call and let me show you how.
Image credit: Dalle-3
