The Problem with Niches...

A different kind of way to grow your business.  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Issue #45 | July 5th, 2023 Hi, it's Pat! My most-used phrase when teaching entrepreneurship, other than “serve first,” is this: The riches are in the niches. And yes, I pronounce it “nitches” because it rhymes better. But more importantly, we need to talk about what a niche actually can be, because for many entrepreneurs (especially beginners), finding a niche is a huge challenge. Today, I’ll help you dig a little deeper and think about niches in a different kind of way — to help uncover ways to bring you more attention, and ultimately more clients, customers, and/or students. Let’s get unstuck. QUOTE OF THE WEEK “No niche is too small if it’s yours.” – Seth Godin THE STORY A few years ago, Vicky, a student of mine, was just starting her online business. But she had a problem — her niche was too broad. Vicky was a dog trainer, and dog training is a saturated niche online. So much so that it’s often used as an example in online business training (case in point — I’m talking about it right now). Anyway, she was smart and knew that she had to “niche down.” However, when brainstorming different niches to specialize in, she went to the usual choices: - Age: Maybe she could target 20 year olds training their first puppy, or perhaps retirees who didn’t have as much energy. - Gender: Maybe she could become known as the dog trainer specifically for women. - Income level: maybe she could help those who were living the luxurious life, and specialize in high-end dog training for the wealthy. - Location: Maybe she could just become known as the dog trainer specifically for her local area. The problem was, she was already well known in her location, but wanted to expand her work online to reach more people and have a bigger impact. However, every time we went through this exercise, she would say the same thing: “Isn’t this the opposite of expanding my reach?” And this is the niche paradox. Niching down can feel like you’re narrowing your field, but while you narrow your field, you also narrow your focus. Like harnessing the sun’s power in a magnifying glass and focusing that energy onto a single point. I promised her that if she were to nail her niche, she could nail her messaging and get through to more people. So where did we land? Well, she came up with two great ideas, and each would have been successful: - Idea #1: Dog training for the busy, career-focused person who has very little time. - Idea #2: Dog training for people who have “problem dogs” — dogs that could potentially harm someone if not trained properly. Vicky decided to go with idea #2. She had trained problem dogs before, but never really made the decision that she was going to “own” that space, in a sense. But she did and she ended up impacting and changing more lives while no longer competing with other dog trainers. Now she gets invited to collaborate with them instead. Why? Because she has a problem specialty. Specializing in solving a specific problem in a niche is the #1 way to become successful faster in a target market. When you lead with the problem, you lead with the thing that connects with your customer or client on the other end. The conversations are relevant right from the start, and when it comes to selling, offering your solution in the right niche feels like a home run. Your niche is the problem you’re solving. Ramit Sethi, for example, helps people live their own version of a “rich life.” However, his programs aren’t promoted as “how to live a rich life” or “how to become successful.” His programs are: - Find Your Dream Job: If you hate your job, then this will solve that problem for you. Not everyone in his audience hates their job, but it’s a problem a lot of his subscribers have. He helps them find a job they love, from getting in the door to negotiating a higher salary and more. - How to Talk to Anybody: This program was created for those who have trouble having conversations. He knows that learning how to communicate is important to leading a richer life (because relationships), and this program specifically tackles the problem for those who have trouble communicating. He’s got several more, but again, the point here is this: find the problems and solve them. That becomes your niche. You could solve many problems, too. However, when starting out, pick one, focus on it, and you’ll accelerate into a niche much faster — you’ll become more well-known than if you were to tackle every part of that space right away. Let the other people in the space notice your specialty, and allow them to invite you on their podcast or YouTube channel. They’ll recognize that no one understands your problem specialty as much as you do, and then you’re well on your way to growth, collaboration, and ultimately more opportunities. CALL TO ACTION Think about the niche you’re in and ask yourself: are you known for solving any specific problems? If not, try thinking about the different struggles your target audience has on their way to the bigger, ultimate goal you’re helping them achieve. You can still help people get there, but start with the most pressing problem first (or the one that perhaps you have the most resources for and experience with), and build out from there. In many cases, you won’t even want to venture outside of that single problem because the growth and notoriety for owning it will be enough. You got this! SPONSORED BY THE CREATOR NETWORK Grow Your Newsletter Faster Without Working Harder Are you tired of spending hours on social media or relying on algorithms to grow your newsletter audience? Look no further than The Creator Network - the ultimate solution for scaling your growth without all the busy work. At ConvertKit’s Creator Network, we believe that creators should support each other in their growth journeys. That’s why we offer a collaborative approach to newsletter growth, where you can recommend and be recommended by fellow creators in our community. As you work together to attract new subscribers, you’ll see your newsletter audience grow like never before. And the best part? When your fellow creators gain new subscribers, you gain them too! It’s a win-win for everyone. Join The Creator Network today and start growing your newsletter audience the easy and collaborative way! [Grow Your Newsletter]() SPI NEWS AND EVENTS We work hard at SPI to remain unstuck and consistently provide you with the best ways to support your business. Check it out: Join Team SPI — and Pat too! — for our July entrepreneur networking event: next week on July 12th at 11am PT. Grow your connections with likeminded business owners in a fun-filled hour that will leave you inspired and with new perspective. [RSVP here for the event link.]()​ Level up your business with email marketing! Email marketing is an integral part of the business at SPI and directly for Pat Flynn, who has generated over $3 million in online sales. During this live one-hour workshop, Pat will share how you can get the most out of your email marketing efforts by using key strategies that have proven successful time and again. It all goes down Monday, July 24 at 12:00 PM PT. [Automatically register here.]()​ How do you create a profitable passive income business designing, selling, and shipping physical products? In this episode of the podcast, we get an inside look at a print-on-demand business that generates incredible revenue. But that's not all — the best part is that this online store runs on just six hours of work per week! [Listen in on this chat]() as Christina Umerez shares her inspiring story and gives us a framework for following in her footsteps. DAD JOKE OF THE WEEK They say beauty is in the eye of the beholder, so why haven't beekeepers monopolized the fashion industry? Did a cool person forward you this email? [Sign up here for free](. Want to reach over 125,000 entrepreneurs? [Become a sponsor](. [Link to SPI's Website](=) [Link to SPI's Twitter Account]( [Link to SPI's LinkedIn Account]( [Link to Pat Flynn's YouTube Account]() You are receiving this because you signed up for Pat Flynn’s newsletter at [smartpassiveincome.com](=). If you'd like to adjust which emails you receive or update your name and email address, click here: . If you'd like to stop receiving all emails from SPI, click here: . No hard feelings. 10531 4S Commons Drive, Suite 524, San Diego, CA 92127