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Whether it’s from the media or new clients, I receive the same question all the time: what is the biggest mistake entrepreneurs make? Without hesitation, I can assure you it’s this: not going niche.
Why You Should Go Niche In Your HR Consulting Business
In the world of HR, a Generalist skill set is highly prized. But being a Generalist does not translate well (if at all) into the entrepreneurial world. Your buyers are looking for experts, for SPECIALISTS to fix their specific problems, not someone who has done a little bit of everything.
And that’s a hard thing to embrace and consider especially when you are trying to launch, build and grow your business. Highly creative and intelligent entrepreneurs may find this especially problematic as they tend to have a broad range of experience and are good at so many things. However, if you want your business to be successful, you MUST select a niche market and/or service. Here are 5 questions to get you started.
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5 Questions to Help You Select a Niche Business Market
- What types of consumers are my competitors ignoring? Consumer markets that are being ignored are a great way to swoop in, build relationships and gain new customers.
- What products or services are my competitors not providing? Again, understanding what is not being done and how your services can help consumers in a way that your competition hasn’t considered is a great way to build a business.
- What obvious problems can I solve that my competition is not? Think about pain points in your target customers business. What are areas that cause them stress or frustration that you can help with?
- What is easy for me that is difficult for my competitors? This is an important consideration especially if you are a small business versus a large organization that is slow to move, react and change to unique and customized customer situations and needs.
- What is unique about me that I can leverage into a competitive edge? Sit down and make a list. If you are having trouble, ask a trusted friend to help you brainstorm on what’s unique about what you and your business is doing or can do for your target market.
In our upcoming class, How to Launch a Successful HR Business, we delve deeply into helping you construct a niche market that is profitable, sustainable and matches your skill set. If you’re ready to claim the power in your business, register now.