SPI 337: The Riches Are in the Niches—The Advantage of SMALL

Let me paint a picture for you. Imagine high school me, shortest kid in my grade (under five feet tall)…playing basketball. Yeah, it didn't go so well. Not a lot of balls were passed to me. But when we'd play soccer, on the other hand . . . I was the star. Slippery, fast, quick. Because I was small. Today I'm going to translate the story of high school me to business: Why being small and slick in a crowded industry can be an advantage for breaking through. Today I'm going to tell you exactly why and how so you can crush it in the space you're in.

Whenever I talk to beginning students, I ask a lot of questions. A big question is, “I know you have all the steps to get started, why haven't you yet?” The responses are usually very similar, and I get it—it's hard to fit one more thing into your life. But if it's a priority, you will do it! You just have to make it a priority and you will make that time.

So you have to make your business a priority. You also have to accept that you will make mistakes—it's just part of the process of becoming an entrepreneur. Finally, and this is what I want to talk about today, you have to realize that you have an advantage by starting now, even if you're in a very competitive space. The riches are in the niches, and the more niche you go, the truer this becomes. Today I'm going to tell you about five major advantages you have by going more niche and starting small. It's just you and me today: Press play and let's talk about all things niche!

If this hit home for you, if it pumped you up and got you going—I want to hear from you. Hit me up on Twitter or Instagram and tell me about it. You truly have something special that the big brands don't, and I'd love to see you take action on it.

Next week on the show, we're talking to someone who can help you with your book's marketing. We've talked about this in the past, but never quite like this. This is going to be a good one, so make sure you subscribe. I know you have a book in you; maybe you have one out there already. Writing's hard, but it's all for nothing if you can't sell and promote your book, so tune in next week to learn exactly how to do that!

I've been doing a bunch of live webinars and free trainings recently, and I'd love to see you at the next one! If you want to see when the next training is, and also where I'm speaking next, go to SmartPassiveIncome.com/live. If you're looking for help on starting a podcast, how to do affiliate marketing, or even if you're starting a business from scratch, that's where to go. See you there!

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You'll Learn

• Five huge advantages you have by starting small and niche.
• What shopping for shoes at the mall can tell you about niching down.
• Why it's easier to get a bird's-eye perspective when you're starting a new business.
• The Four Ps that are fundamental to understanding potential target markets.
• How connecting personally with my audience was critical when I thought I was done for.
• Why companies pay top dollar to work with brands and businesses that have niche audiences.
• Why you have to fully let go in order to grow, and why that's important when starting a new business.
• Why starting a small and niche business can ease your overhead costs.
• Why specialization is an amazing competitive advantage, and more!

Resources

Note: Some of the resources below may be affiliate links, meaning I receive a commission (at no extra cost to you) if you use that link to make a purchase.

• Will It Fly? by Pat Flynn [Amazon affiliate link]
• Smart from Scratch
• 1•2•3 Affiliate Marketing
• KingSumo
• Session 320 of The Smart Passive Income Podcast
• Let Go by Pat Flynn [Amazon affiliate link]
• Episode 1030 of AskPat
• AskPat on iTunes
• SmartPassiveIncome.com/live