We have this cultural idea that anything can happen if you just try hard enough.
If you just invest the right time and money, your business will take off. This is not always the case.
When you sink a lot of time and money into an idea, moving on from that idea can feel like a huge loss.
For many, finding the right niche and changing your business can be the path to finally breaking through the wall and finding success in your business.
Creating a Sub Niche
You can’t be everything to everyone, but you can be everything to someone.
The larger niche you’re working on now could very well hold the audience you’re going for already. In order to appeal to that audience, you need to target them and speak their language, which may alienate the larger group.
However, a percentage of highly targeted, highly converting customers trumps the whole group of low converting, disengaged ones.
When you want to narrow down your niche and create a sub-niche, take some time to validate that market. Go through your data and find your high converting audience, and research how you can become even more appealing to them.
When you target everyone, you hit everyone, but you’re speaking to no one.
Finding a new Market
If the market, customer conditions or technology have changed, it may be time for you to change too. Sometimes a tweak is not enough, and you need a total overhaul for your business to survive.
While it’s true no successful business stays the same forever, you need to be especially thoughtful when switching your business entirely.
If you already have a larger audience and market, a general transition may benefit you. Slowly switch your product lines, content and ensure you are communicating with your customers throughout.
If your business never really caught on, you’re in the clear to start completely fresh. Choose your new niche, and validate the market.
Choosing your Niche
Make sure you are choosing your niche based on solving a problem, and not on a product. A product is not a niche. A product is not a market.
Sure you can fill up a dropshipping store with dog costumes from Oberlo and make a few hundred dollars. But when that trend is out, your business dries up.
When your niche fills a need, your business is evergreen. Examine the why behind your business idea, and listen to your audience.
When you know the problem you’re solving, be crystal clear on who you want to work with, or who you want to sell to. Choose something you’re passionate about with good earning potential. Find your balance between passion and profit.
The time you spent on your previous idea was a learning experience. You’re not starting over, you’re starting new with more tools in your tool belt than you had before. You may have gotten your first experiences with setting up paid ads, themes, and remarketing strategies. You’re probably a pro at using the Shopify software as well.
Stubbornly pushing through will only cost even more time and money. When speaking to those who have decided to change their niche, I notice that the biggest problem they face is not how to make the change. It’s how to let go.