4 Recommendations for Developing a New Niche
Once you’ve established a fairly successful business, there’s no reason to simply settle and avoid growth. True success comes when you’ve done everything you can do to make your business work. Oftentimes, this means branching off into a new niche or adding some additional revenue stream to compliment your existing value offering.
Not every business is conducive to a new product, service, or niche; however, you may be surprised to learn that there are a variety of simple ways to grow in new directions.
1. Develop Content
There’s a huge demand for valuable content in almost every industry. Whether this comes in the form of authoring a book, developing a premium membership site, or selling informational studies and reports, you may be able to profit from creating content that’s natural to your brand. This is also a good way to direct traffic to your core product offering.
One of the top trends right now involves the creation of eBooks. These produce passive streams of income that simultaneously position your business as a thought leader in the industry.
2. Utilize the Knowledge You’ve Acquired
When you first launch a business, you’re forced to use whatever skills and knowledge you have to make it work – even if it’s extremely limited. Then, a few years after you launch, you’ve got your feet wet and understand a whole lot more about the industry. Leverage this acquired knowledge to your advantage.
Take David and Mike Appel as an example. These two brothers are the founders of Related Garments, an underwear company that creates stylish matching socks and underwear for men. Ten years ago, they probably would have laughed if you told them they’d be in the business of selling premium underwear.
David was working in the fashion industry pioneering some big brands with folks like Jessica Simpson and Robert Geller. Somewhere along the way he realized there was a market for stylish underwear. He then used his existing knowledge to pivot.
Have you acquired knowledge that can be used to pivot?
3. Become a Coach or Consultant
One of the more natural spinoffs for a successful entrepreneur or business is to venture into the world of coaching and consulting. Once you’ve mastered your industry, it may be more profitable to actually teach people how to do the same.
This is something Inspired Life Media Group has begun doing over the past few years. “Complementary brands occasionally tap us for information on how we accomplish various goals,” Lisa Nicole Bell says. “When time and work flow permits, we supplement our revenue by privately working with select clients.”
4. Expand into a New Territory
Sometimes you don’t even have to develop a new product or service. Simply expanding into a new territory may be enough to nudge your business in the right direction.
“The idea here is to market and sell your existing products and services to new customers,” says business writer Don Sadler. “These new customers can be in different segments or niches or different locations from where you currently operate.”
Blaze a New Trail
If you sit down and speak with a bunch of seasoned entrepreneurs and business owners, you’ll learn that they all have one thing in common: They never settle. As soon as you start getting comfortable, you’ll realize that you’re not as stable as you previously thought. While a new niche may not be right for you, it’s at least something that should be considered. You never know where the market will turn next and it’s important to be prepared.