Hey there, Solopreneurs~

How’s it going, everyone? Welcome to the ✨very first✨ edition of K.I.S.S., the newsletter built by business owners for business owners.

(And, of course - Aspiring business owners are especially welcome!)

The purpose of this newsletter is to break down high-level business concepts into easily understandable chunks of knowledge. No need to dive into Reddit or YouTube holes anymore!

Today’s Concept: Finding Your Niche

Our first concept is one that had me by the throat for quite a long time: Niching.

When you first begin your self-employment journey, perhaps the greatest challenge is determining who you’re going after.

“Rich people,” or “executives.” Maybe even just “people who need [service name].”

But the real money is in the specifics, or so they say!

To figure out how true this is, we’ll be breaking down all of the elements of determining niche. Here’s a quick peek at today’s docket:

• Weekly Resource Recommendation

• Why People Recommend Niching Down

• Service Niching vs. Industry Niching

• Niching Tips For Newbies

• The Top Niching Mistakes

Weekly Resource Recommendation

For our very first weekly resource recommendation, I’m sharing my best-kept secret: Deya’s YouTube Channel.

I watch this girl relentlessly, and there are actually portions of this newsletter inspired by her videos!

This one is particularly relevant to today’s theme: The Best & Worst Freelancing Niches for 2024

Why People Recommend Niching Down

“Why should I even care about this in the first place?” Great question!

A niche is effectively just a small segment of a smaller market.

For instance, a broad market might be singles, and the submarket might be singles who use dating apps. But, the niche of a dating app might be something like: “Single women in their twenties who are tired of waiting on men to make the first move.”

More Specific = More Memorable = More Credible
(… = More Money)

The goal of a niche is to have your ideal customer take a look at what you have to offer and think, “Wow - It’s like they made this for me specifically.”

Now, I totally understand this hang-up:

“If I niche into a narrow market, won’t that limit my potential clients/customers?”

The answer to that, unfortunately, is yes.

BUT! The flip side of this is that you no longer seem generic, run-of-the-mill, or replaceable. The people inside of your niche, no matter how tiny, will henceforth know you as the go-to guy for whatever it is you’re pedaling.

Service Niching vs. Industry Niching

Now, it’s important to clarify that there are two different types of niching one can partake in.

What we just discussed is industry niching. But, there’s also service niching, which is a bit different.

If you’re a service-based business, like a writer, it’s important that you don’t just limit who you’re after but also what you do.

Take me, for instance. I could say: I’m a freelance writer.

Or, I can say: I’m a content writer who specializes in blog posts, newsletters, and social content.

If you’ve been at it for a while, you might’ve niched down your services without even realizing it. As we learn what we do and do not like to partake in, we kind of whittle away a niche subconsciously.

Niching Tips For Newbies

Let’s say you haven’t been in the game for a while. You have zero frame of reference, and you need to start fresh. Here are some tips for finding a niche that isn’t total bullsh*t.

• Choose a blue-ocean skill. This is something with a high demand and little supply.

• Target clients that actually have money to give.

• Don’t pick a niche that’s easy to learn; otherwise, your clients will just do it themselves.

• Make sure your niche targets a huge pain point for your ideal client.

• Choose something you actually enjoy, and can see yourself continuing for quite a while.

(If you want a more in-depth breakdown of these tips, check out my LinkedIn post on the topic.)

The Top Niching Mistakes

Last, but certainly not least: Let’s break down the three most common niching mistakes.

1. You Don’t Consider The Market’s Demands

Let’s say you’ve always been passionate about baking and baked goods, and you run a graphic design business.

When you start out, you tell yourself, “I want to be the graphic designer for bakeries.” At first, you think this is a great idea.

… Then, you don’t make any money. Because there aren’t enough bakeries that need a graphic designer right now.

If you choose a niche of people who don’t have money to give, don’t have a need for your service, or are generally way too sparse, you’re going to be SOL.

2. You Pick A Niche Too Fast

When you’re first starting out, don’t immediately decide you’re the expert in a certain service or market. People will see right through you.

Choosing a niche is something that you do over time, in slow phases.

You can’t just wake up and decide to be the “top crypto portfolio manager” if you’ve never even worked with someone in that market before.

3. You Only Care About The $$$

I get it! Business is business, and fun is fun.

There’s nothing wrong with (in fact, I encourage) choosing a profitable niche.

But, it’s equally as important to pick a niche that you actually like.

Sustainability is the name of the game. If you can’t actually keep up with the demands that a certain niche brings, then you’re setting yourself up for failure!

That’s All, Folks 👋

That’s all for this week’s edition - I hope you enjoyed reading it as much as I enjoyed writing it.

Choosing a niche can be daunting, but in the words of Deya (today’s resource):
“You don’t find your niche; your niche finds you.”

If you have any further questions about today’s topic, or any general insights/inquiries, don’t be afraid to shoot me a message on LinkedIn or simply reply to this email!

Until next time - Remember to keep things simple!