I get asked all the time how to find your target market. More specifically, most people want to know what the most lucrative target market is.
Some might answer by saying that the big money is in corporate. Others might tell you to open up an exclusive boutique-type company. Everyone has a different opinion on this … start small, start big, target VIP’s, target groups ... the list goes on and on and on.
Here's my answer ...
I genuinely believe that you’ll make the most money doing what you are best at.
Here's another question I get asked ... why does one person make a lot of money in a particular niche while another does not?
Mostly because that person absolutely loves what they do and they’re naturally good at it. They have a passion for it that comes from deep inside of them. They are persistent and determined and never ever give up their dream. No matter what.
Listen, here’s how you’ll know you’re in the right niche …
You love what you do so much that you would do it for free. It doesn’t feel like work because you enjoy it so much. Plus you find the work really easy. Of course it’s easy to you, it’s your gift. You were born to do it. It’s like playing the piano. Everyone can learn to play, but only a few are naturals and really good at it.
Years ago, before we started up Triangle Concierge, my husband Ron and I decided to start a business. We were both tired of working for corporate America and wanted to start our own little company. So we started to think about what we could do. Back then, Ron’s mother worked in a bakery in Hoboken NJ making Hoboken’s famous bread. Using her recipe, we thought we could open up a bread business, install a brick oven and make the bread. So we went to my father, who was an entrepreneur, and asked him what he thought about our idea. His answer was this …
"What do you know about baking bread?" He asked me.
"Well nothing" I replied.
"Now tell me what you do know."
"I'm actually a great meeting planner" (I was in the meeting/event industry for 15 years).
He then leveled me a look and said simply … "do what you know."
A few months later we opened up our first business ... Meeting Planning Plus.
So do what you know. What industry are you coming out of? Can you offer your new company services back to that industry? When you first thought of opening up a business, where did your thoughts instinctively go? Go there now. Trust your instincts as they are usually right. Don't let your brain talk you out of something your heart is telling you to do. Do some market research and find out what the needs are in your area.
Then be willing to change. Go where your intuition takes you. We started out as Meeting Planners. We ended up as International Concierge and Front Line Staff Trainers. So it goes without saying here that somewhere along the way we were willing to change. When we hit the proverbial wall and the sales stopped, we didn’t just pack up our toys and go home. We looked at our operation and kept what was working and tossed the rest. We changed our name, redesigned our services, and tried again (and again and again, but that's another story). Never give up.
So how do you find your niche?
Look into your heart for the answer. It knows the way you should go. Trust that feeling and go!
You totally GOT this!
Katharine C. Giovanni