How to reach entrepreneurial burnout fast!

Early in my entrepreneurial career, I heard all the buzz about picking a niche and developing a business around that niche. But I tell you, in that first year I was excited to just have prospects. I didn’t turn down much and many of those clients are still clients today. But after a while, I realized I was being pulled in so many different directions. I had clients in multiple industries and many of them needed a service or services that others did not. I was at the point of creating custom solutions for each client. After years of providing these time-intensive solutions, I reached the point of burnout. It was then that I decided I had to make some changes and decided to start the process of what I call ‘niching down’.

Specialize VS Generalize

There are many benefits to being a specialist as opposed to a generalist. When you specialize in an industry or field you can concentrate on learning all there is to know about that specific topic. For instance, if you are a photographer and you specialize in wedding photography you can learn all the ‘tricks of the trade’ for wedding photography. But if you haven’t picked a specialty, being asked to photograph a wedding might make you uncomfortable. And for good reason! It’s hard to become an expert in wedding photography if you are also offering, infant, family, and senior class sessions.

It can also be a larger financial burden if you aren’t specializing in a niche. Think about the different equipment, props, and software required for each type of photography. The props used for infants are vastly different from brides and grooms. If you provide services to all markets, then your overhead will be higher (and your storage space a lot bigger). Just something else to think about.

In determining your niche, I would look at both the services you want to provide and the market you want to serve. For me, I concentrated on the services first. Let’s face it, we are the ones working in our business every day and if we are offering services that we don’t enjoy doing then we are doing ourselves and our clients a disservice. Think about the services you offer and determine the ones that bring you the most satisfaction. Think about how you can offer just those services and eliminate others.

It’s also a good idea to look at the profitability of each service. Make sure you have some with high-profit margins. You might have to get creative. Maybe the perfect service isn’t even one you currently offer. It could be a combination of current services or a new service you create based on feedback from your current market.

Once the services are isolated then you can go about determining the new target market. Back to the photography example, maybe you decide you enjoy wedding sessions the most. Now your target market moves from anyone with a smile to brides and grooms. Based on this new market you can develop a clear and concise marketing message. Can you see how the act of creating a niche defines your target market? (Just make sure your new target market isn’t too narrow. In order to be successful, you need consumers to be interested in your offer.)

6 Questions To Ask To Define Your Niche

1. What market(s) do you currently serve?

2. What problem(s) have been created in your business because you haven’t defined your niche?

3. What services do you enjoy doing the most? Or what products bring you the most joy in creating.

4. What are the profit margins for each service or product?

5. What problem does your product or service solve?

6. Define your new target market.

Having a defined niche saves time and energy and can help you grow your business in a way that creates a business AND life you love. If you haven’t defined your niche and you found yourself shaking your head during this article, I challenge you to start today!

If this article was helpful, check out the article on setting boundaries in your business.

~ Christi is a successful business owner who enjoys traveling and making a mess in the kitchen with her husband and two daughters.

The article is for informational purposes only and should not be construed as business, accounting, tax or legal advice. Details are subject to change without notice.