Episode 138 on the Business Bites Podcast
This week we are continuing the discussion about scaling up your business.
According to Blaine Korte, founder of Fidu Legal and this week’s guest, niching down is critical to your business. It doesn’t mean that you aren’t reaching other people who may want to work with you, it’s just that your messaging isn’t targeting them right now.
As in all aspects of business, when you niche down, you need to know your value. This will affect your pricing and your client experience. Not everyone you work with will fit within the parameters you may have set for your services (see Fidu’s pricing chart below), but knowing your value allows you to make adjustments so each client gets the same customer experience as others, but you are maintaining your pricing as well.
Once you have a working model set in place, you can use it to open up other brands and niches or even expand within your current niche.
One thing to remember is that a niched market doesn’t equal a small market. There is always someone looking for what you offer and by simplifying your messaging, you can find them.