7 Ways to Niche Down as an Entrepreneur
How can someone like me create a category of my own?
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Dear Friend, Subscriber, And Category Pirate,
Category design strategy isn’t reserved for multibillion-dollar companies or startups.
Anyone can do it, at any stage of their life.
Some of our favorite category designers are solopreneurs, small business owners, and advisors who have found a way to get themselves out of “the comparison game” and into a category of one (ourselves included).
There’s Korean entertainment, and there are vegan food blogs. But there's only one “Korean Vegan.”
There are designer clothes, and there are clothing subscription services. But Rent The Runway is the first designer clothing rental service.
You can eat sushi. You can eat a burrito. Or you can eat a Sushirrito: the world’s first sushi burrito.
As a result, these entrepreneurs and companies have no (or little) competition.
The secret to “not having competition” is not picking a niche with no competition.
If you’re trying to fix your competition problem by searching for a niche with no competition, what you probably won’t find is opportunity. Instead, you’ll likely find a dead, deserted category. There’s a reason no competition is there anymore: everyone left (including the customers)!
How you create a category for yourself as a small “e” entrepreneur (solopreneurs, small business owners, consultants, advisors, freelancers, etc.) is not just about getting more specific about your offering.
Here are 7 questions to help you become known for a niche you own:
1. WHAT do you do… that you are uniquely known for?
Be super specific. It’s not what your category or company or product is known for, but rather what is the super-specific-I-never-thought-of-that-but-it-makes-complete-sense moment that you are known for.
2. WHO do you do it for… who are surprisingly willing to pay large premiums?