EPISODE 7
ARE YOU IN A LUCRATIVE RED-HOT NICHE OR ARE YOU DIGGING FOR GOLD IN A LEAD MINE?

EPISODE DESCRIPTION

Do you ever wonder why few successful businesses steam ahead effortlessly while others continue to struggle, day after day, and never seem to get anywhere?

These business owners try strategy after strategy, year after year, yet they see very little results.

To build a successful business, you need to start at the beginning. 

Seems logical but for many people in business, but they don’t start at the beginning. They skip the vital, first few steps and start somewhere down the road, assuming their business will just miraculously work out.

It doesn’t work this way.

In this episode, we discuss 

– The critically important first few steps of how to find a lucrative red-hot niche.

– How to find established markets with thousands of ready, hungry, and willing to pay customers.

– How to reposition your business from a struggling lead mine to a lucrative gold mine.

EPISODE SUMMARY

00:01:57 - Boulevardier cocktail
00:05:56 – What most business do wrong
00:07:00 – Is my offer correct or am I selling to the wrong customers?
00:08:12 – If you’re niche isn’t right it’s not going to work
00:09:08 – Your goal should be to look for who buys from you the quickest and easiest?
00:10:00 – Find where the money is flowing and customers are spending
00:10:45 – Your job is to sell stuff that people want
00:13:23 – Systemise your business by optimising your niche and targeting your real customers
00:14:15 – What is a Niche?
00:15:50 – A niche example
00:20:08 – Ideal customer versus real customer
00:21:50 – It’s not about if your customers have the money to buy
00:24:33 – You are not your customer
00:30:22 – You must find your real customers
00:32:00 – Mastering your niche, what is your goal?
00:33:45 – How do you research your niche?
00:37:00 – You are seeking the truth about your customers
00:39:00 – Become a specialist in your niche

SUPPORTING EPISODES

EPISODE TRANSCRIPT

Intro – Welcome to the BBQ, Bourbon and Business Podcast Show. Smokin’ hot, full proof life and business strategies made fun. Learn to make time your friend and build a business while enjoying the things you love. No bollocks just straight to the core advice from the real world. Please join your hosts Luke and Helena.


H – Hello, everyone and welcome to the barbecue bourbon and business podcast show. My name is Helena and joining me today is my very good friend and business partner Luke. Hi, Luke.


L – Good evening. Welcome. Great to have you back.


H – So, building a business should be fun. So in between some good bourbons. In sharing a few backyard barbecue tips, we are sharing practical, no nonsense strategies to help you stop trading time for money. turn your business into a valuable asset and build a smart business engine that gives you the freedom to enjoy the things you love, like sipping on good bourbon and a low and slow barbecue with family and friends.


Now in the last episode, we discussed step one of the seven steps to building a smart business engine that not only gives you time and money freedom but also increases the value of your business. Step one was all about coming to terms with your self-sabotaging traits and limiting beliefs that negatively impact your business and personal brand. And we learned a lot about ourselves and what our more on reading is.


So hopefully, we’ve all taken the time to battle those demons and are ready to move on to step two, which is optimising your niche. It doesn’t matter if you’ve just started out in business or if you’ve been in business for a while because this step sets the trajectory of the success of your business. You want to make sure that you are not mining in a lead mind and looking for gold.


(00:01:57 – Boulevardier Cocktail)



But before we begin, let’s do our favourite part of the night and pour ourselves a drink. Do you have yourself a drink there Luke?


I’m mixing, mixing things up. I’ve got a cocktail. It’s got an orange peel garnish and everything. Now, this is the boulevardier cocktail.


Have you heard of a Negroni before Luke?


L – But what the hell is that?


H – Well this is a boulevardier. I don’t even know if I’m pronouncing it right! This is like a Negroni because it uses the same stuff. But instead of having gin, it’s got bourbon.


Mine us equal part Eagle Rare, some sweet, fortified wine which is Ross vermouth, and some Campari. It’s super easy to make this cocktail.


All you have to do is get a big, big jar or, or whatever, put lots of ice in it and do equal parts. If you do 30 mls of bourbon, you do 30 mls of Rosso vermouth, and you do 30 mls of Campari, and then you just stir. And you keep stirring, and you keep stirring. And then when you think you finished you stir some more. Because what you want it to do is mix everything together but also dilute it a little bit. Then you strain it into a new glass with new fresh ice and garnish with an orange peel.


You can twist the orange peel so the orange essence comes out with that beautiful smell. You can even rub it onto the rim of your glass. It’s amazing. It’s beautiful.


L – Very fancy for this show.


H – I know we’re getting a little bit fancy. I felt like a little bit something a little bit different.


L – Well, you have to taste that in front of everyone.


H – (Takes a sip) I’m tasting it right now. If you haven’t tried it before. I will pop the recipe on our website, you should all have a go. It’s super easy. You don’t need any fancy equipment. You don’t need to know anything about making cocktails. It’s super easy to do.
You just need lots of ice and something big to mix itat in.


You can even make quite a few at a time. It’s really cool to have at barbecues because you can make quite a lot at the same time. I’ll pop the boulevardier recipe on our website, which is bbqbourbonbusiness.com for anyone who wants to try it out. Don’t forget, if you make it, please upload a photo to social media and tag us in it @bbqbourbonbuisness we’d love to see what you’re cooking and drinking


The best tip I can give you is the quality of what you use will depend on how good your cocktail turns out. So keep that in mind. Speaking of drinks, let’s pour ourselves a drink, sit back and relax and enjoy this next episode. In this episode, we are talking about step two, which is optimising your niche in that right Luke?


(00:05:56 – What most business do wrong)



L – That’s right. If we take a basic business equation in any business, you have a niche, an offer, your resonating message, which is marketing, and then you have a result. Does this stuff you are doing is it working or isn’t working. That’s a business equation.


And the niche, which is what we’re talking about today, is often very confusing for people. So here’s what most people do in this business equation. They focus on the offer. I have a product, I have a service, and I’m trying to sell it, that’s the offer. It’s not necessarily what the customer wants. In fact, most times it isn’t. And so they have their product or their service that they think is lovely and marvellous. And they spend time energy, effort, money, they focus on sales and marketing, trying to get leads, they have websites, social media campaigns, digital marketing agencies, all these people roaring around doing this stuff.


They’re trying to get 100,000 subscribers on YouTube and be famous on Instagram, they put product development packages, they do sales presentations, and try and build a list, etc, etc, etc. And they’re focused on selling the stuff.


And what they’re doing is busy spinning their tails round and round, and they wear themselves out. They’re getting nowhere fast with lots of effort.


(00:07:00 – Is my offer correct or am I selling to the wrong customers?)



Why? because they are selling something, in this equation, from their perspective. Their great idea, how they’re going to sell it and how they’re going to price it. Then they just try to sell it to anyone who is going to buy it. They pay no attention to this very important piece called your niche.


Your niche is who wants to buy your stuff. And they have no analytics to see if the process, methodology or output of what they’re doing is actually working. In other words, is my offer actually correct or am I selling to the right people? Is the way I’m marketing correct? Is it working? And if it’s not why now?


So instead, they just keep doing the same stuff each day hoping their businesses will just get better. Now, does this sound familiar to you listening out there? Most people do this.


(00:08:12 – If you’re niche isn’t right it’s not going to work)



H – We hear business owners saying “I’m not selling enough because I don’t have the right product” because one person has asked them for one random thing. And then they end up with this huge list of products or they think they’re not selling enough because they need to do reels or they need to do stories, or they need to be on every social media platform you can think of. But that’s not the point, right? No matter what your product is, no matter how many people you get in front of if it’s not the right niche, it’s not going to work.


L – Yeah, that’s key what you’re there. This is where people get confused. When you’re on Instagram marketing, you’re not selling your product and service. Right? You are selling your resonating message.


People couldn’t give a rat’s ass what your products are about. All they care about is what are they going to do for them? Is it going to change their lives or fix their problems? That’s called a resonating message. But the message only resonates if you’re talking to the right people.


(00:09:08 – You’re goal should be to look for who buys from you the quickest and easiest?)

 

What should your goal be? Your goal should be to look for who buys from you the quickest and the easiest. This is why there’s a sequential process of what we are talking about. The first step is fixing the brain. Step two is who buys from you the quickest and easiest? This is your starting point.


There are two activities here that most people do in business.


The first one, are you trying to find gold in the lead mine? Which is what most people do. They have the product and service, and they just try and sell it to anyone in the hopes someone buys. That’s just like trying to find gold in a lead mine.


What you should be doing is spending that time and energy and effort trying to find your gold mine. Because if you find the gold mine you will find gold. It’s a logical process, but just people just don’t do this.


(00:10:00 – Find where the money is flowing and customers are spending)



So what you want to do is you want to follow where the money is flowing. You want to go where customers are spending money easy. If you listen and follow the cash, of course, you’re going to be led straight to the gold mine. What do you want to do is you want to shift your business there.


What you don’t want to do, which what most people try and do is, they have an idea or a service that try and pull an entire market too. You can’t pull a market to your idea. It’s impossible. It’s too hard you’re going to spend your life wasting your money.


H – You’re battling to educate people to make them believe to buy your product, which is a losing battle.


(00:10:45 – Your job is to sell stuff that people want)



L – Your job is not to educate people Your job is to sell stuff that people want. Right? That’s the trick of it. That’s finding where the money is easily flowing. If you want to make money in business just find out what people want and give it to them. It’s that simple.


You need to go where the cash is flowing. Now, most people think, if there’s no competition, I’ve got this great idea. No one else is doing this. That’s where I need to be.


Well, that’s a problem. That’s not a lucrative niche. Why? Because businesses go to where the cash is flowing. No smart business owner is going to try and fish in a pond that’s got no fish. No smart person is going to try and find gold in a lead mine. Right? Smart businesses go to where the cash is flowing and they adapt the solutions to where the money’s flowing. That’s what you need to be doing in your business.


So, here’s the common mistake most people make in business, they try and sell the products or services to the wrong customer. So, you can’t sell meat to a vegetarian. And it doesn’t matter how fancy your sales pitch is or if the cow has been blessed by the Pope. How many times practice and perfect your sales pitch. A vegetarian is just not going to buy your meat. Rather spend your time finding meat lovers, which is your gold mine, and sell to them.


Stop wasting time and energy trying to sell to the wrong people.



Now, so many businesses are taught to build a business you need to get out there and sell, sell, sell, sell, sell. And the sales managers know they get all these daily sales targets and then they have these sales teams to get on the phone and close the sales. And here’s all these tricks and magic things to cram people in the corner put all these pressure tactics. How many people do they have to burn through each day to meet your targets? How stupid is this? Think about what you’re doing to your brand by pestering people to try and buy your products and services by forcing closing sales. And how many salespeople really want to be on the phone all day pestering people and pressurising people to buy?


(00:13:23 – Systemise your business by optimising your niche and targeting your real customers)



What should you be doing? Well, what I’ve said before that the first step is optimising your business and building your business engine to optimise your niche by targeting your real customers.


You want to find the customers who will buy from you the quickest and easiest. The first thing you want to do is market research on your target market, your real customers, again, underlined real customers. This will help you determine whether you’re truly in a red hot niche or not.


The hotter the niche, the more cash is flowing easily, and the better your chances of turning your business into a profitable and successful business.



(00:14:15 – What is a Niche?)



So, let’s begin at basics. What exactly is a niche? People get very confused with this. And niches are just a bunch of people. And they all have similar pains and desires. That’s what classifies them as a niche.


If you take that clump of people, who have similar pains and desires, and you break that large niche down into clusters, or what like to call hot pots. Where the water’s boiling and the money is bubbling. Each hot pot has deeper pains and desires.


Now, if you’ve had a business that’s been running for many years, this is actually a very easy process for you to do. What you need to go back over your analysis, your history of sales, and look at your customer profiles. Out of all these people who were buying from you the quickest and the easiest? I promise you, you will pick up a trend.


If you’re brand new to business and starting out, then what you should be doing is, as you go and sell to people make a record of who is buying from you. What is their customer profile? After several months to a year, you will start to pick up a trend. This is what I call your real customers, not your ideal customers


(00:15:50 – A niche example)



Let me give you an example of what I’m saying to put this into context because again, this can be quite confusing.


So let’s take a niche of sick men right sick. Now sick men is a very broad niche. But it’s still a niche of men. You have fat men, you have skinny men, healthy men, whatever and out of the men you get sick man, that’s a niche. But sick man is a huge broad niche.


So let’s break that big niche down of sick men into what I call clusters or pots. I’ve got three categories,


We have men with headaches. That’s one pot or cluster.
We have men with gout. That’s another cluster.
Then we have men with penial disorders right.


Those three clusters of sick men, men with headaches have got a pain and problems scale so do men with gout and men with penial disorder.


What is their desired outcome to get their problem fixed?


A dude with a headache he’s got a pain problem scale of three and his desired outcome to fix his headache is 4. The dude with gout maybe his pain problem is a bit more severe so his pain scale goes up a bit and his desire to get that throbbing toe fixed is a bit more than a headache because it’s really really painful. I wouldn’t know haha It’s something someone told me. I wouldn’t really know I know have gout hahaha


H – Because we’re both living very healthy lifestyles!


L – The final pot is men with penial disorders. Now if you’re a man right, you got a netball team coming over and a big party and your woldo is flopping around and things are not working out. Now that’s a big problem and on the scale that may be an 8.


H – That would be a 10 for most guys! That’s like we really big problem that needs to get fixed. I can’t take you seriously every time you say penial disorder.


L – What is the desired outcome to get his floppy Joe fixed by Saturday night? That’s a massive ten right? What you do now is look at how’s the money flowing in this.


Dude with a headache he’s got an ok pain problem. So then the money flow problem is just ok. Dude with gout he’s got a barbecue on Saturday we got to get this gout problem fixed quickly money flow and the desire to get that fixed is flowing better there. And of course, we go to old mate with the penal disorder with the netball team rocking up. That’s like a massive urgency to get his problem fixed. The money is definitely flowing there.

Out of these clusters or pots, you are going to get a thing I like to call a hot pot.
What is the thing that bubbles the most? Where would you focus your attention if you were a doctor? You’d go to where the money’s naturally flowing which is floppy joe.


I know this is funny and a joke but it demonstrates a very clear point. It’s their want versus need. There’s never any money in anyone’s need. People need lots of things in life but they don’t necessarily pay for them. They buy what they want, because they have the desired outcome, to serve a purpose or even their life. So, the money is always in the want it.


(00:20:08 – Ideal customer versus real customer)



I spoke earlier about the ideal versus real customers. I think this is where most marketing companies don’t know what the hell they’re doing. They all ask when you go to a marketing meeting who’s your ideal customer?


And the truth is, you could say it’s granny with purple hair, green teeth, five handbags, six poodles and a jaguar that’s your ideal customer. How do you know that person is going to pay you money? Because I promise you if you ask any person in business, I mean I’ve been in business for 25 years, where you start out in all your big plans, you’ll end up somewhere completely different than when you started out. Ask any person in business. They’re going to tell you a story of how they started here with that and then landed over here.


The people who are buying from them the quickest and easiest have nothing to do with the ideal customers. that just marketing rubbish. The real money is in who is paying you the quickest and easiest.


That’s your goal in marketing. Seek those people out, talk to those people, create a resonating message with your real customers, forget about your ideal customers. Because chances are, it’s all just madness. And just think about what I’m saying. If you gear all your marketing towards your ideal customers who completely couldn’t care less about your product. Well, then where’s your business, where’s all your fancy marketing? It just doesn’t work. This is really important what I’m telling you, you got to find your niche first. You got to find the gold. Find your gold mine and get out of the lead mine.


(00:21:50 – It’s not about if your customers have the money to buy)



H – We’re not talking about how much people are willing to spend. You can’t look at a niche and say “those people don’t have the money.” We’re talking about how much of a desire do they want to solve their problem because they are willing to spend the money. We’ve talked about this before, you will have young girls who are barely making any money in the job that they’re doing. But they’ll still go get lip injections, and they’ll still go get this done. And they’re nails done because that’s a desire for them. They don’t have enough money to do it, but they’re willing to pay for it. And that’s what we’re talking about when we’re talking about like money, desire, and that willingness to spend, not how much they have, or if they can buy, it’s how much they want to buy. And that’s an important thing that people get stuck on a lot is “I can’t go to that niche because they don’t have the money.” That’s not That’s not the idea of what we’re talking about.


L – That’s a huge, huge point you’re talking about. A lot of people get caught up in “well, this niche doesn’t have money”. Take iPhones as an example, you get these clowns who sleep outside a store for three weeks because of the new iPhone 15 or whatever is coming out. The dude doesn’t even have money he lives in his mother’s basement. But that doesn’t matter, they find one and a half grand to buy this new thing and they camp on a doorstep.


It’s not your job to worry about if your customers have money or not. That’s not your problem. Your goal is just to give them what they want. Because if you don’t give them that trust me, they’ll find someone who will.


They’ll find someone who wants to sell them what they’re looking for. Your goal is to find people who want to buy stuff and give them the stuff. That’s the secret of business. That’s where the money’s flowing. If you’ve got a problem with their process, you should become a monk cause that’s the truth.


H – True, right? Yeah, it is if you’re after a serious business that wants to make money because it’s what you have to do. You’re a business you have to make a profit and you still have to make money. It’s not just about a charitable idea.


L – People are going to spend the money where ever the hell they want.


(00:24:33 – You are not your customer)



The final piece is you are not your customer. Don’t think on behalf of a customer because you’re going to get it wrong. To find out what your customers want to pay for and just give it to them. Right? This is understanding how money flows. This is understanding niching.


Let me give you some real-life examples now of how we help people. I’ll give you an example, my own business, of how people have been in business for many years and didn’t know what their niche was.


The first one is Tony, the photographer. When I was doing live workshops and business clubs I met Tony. He’s an incredibly talented photographer, but he’d been going for eight years and never made any real money.


So I said to him, who is your niche? What’s your story? And of course, he says, I take photographs. Fine, let’s do this process of breaking down your big, broad niche of photography. Let’s see who are your clusters or pots.


So here are some examples of what we wrote down school photos, family photos, food photography, pet photography, weddings, 21st, women’s boudoir.


You can see photography broken down into those six clusters or pots immediately start to shine and they’re all going to have different messages. A person who wants a school photo is very different to someone who wants a 21st. A woman’s boudoir someone is different to taking photos of someone’s dog or food. I hope this is really making sense.


If you apply what I’ve just said, you know, what is their pain score for all of those pots or clusters? What is the desired level to get something done? And as a result of that, what is the money flow?


So here’s what happened. Tony told me was that he struggled for eight years and just wasn’t making any money. After this exercise what he discovered was woman’s boudoir, the glamour shots, that had an easy money flow.


When he would say to families, mainly mums, would you like a family photo? They would always have an excuse. One of the kids is sick, the husband away and the kids are brats. There was always a story. It just wasn’t a priority. In other words, the desire was just not there.


However, when he said would you like a boudoir series of you looking beautiful in lingerie and whatever. Suddenly, the money appeared. There was no problems or excuses, and it was three times the price of family photos. This is what you call listening to where the money flows.


Woman’s boudoir was a hot, hot, pot. He didn’t have to sell. As soon as he said you’re going to look 20 years younger, he sold. And then what happened? These ladies would take these beautiful photos of them back home and show the husband and the kids and it was lovely for five minutes. And they would say, what about us? And then Tony would get a phone call saying look, we better do the family photographs now.


This is what you call understanding niching and understanding of money flows.


Now, let me give you a real-life example of my own business. When I started selling and designing computer software as a kid. Gary and I and made no money because we were trying to sell in a non-lucrative niche. We were digging big time in a lead mine trying to find gold. An absolute disaster. But we started listening to where the money was flowing.


While we were trying to sell the software people saying “thanks guys but do you sell computers? We would like to buy a monitor.”


We weren’t even trying to sell the stuff they’re would just ask us. This is what you call where the money is naturally flowing.


We shifted our entire business and created retail stores to sell computer hardware which was a massive shift from writing computer programmes.


Computers as like sick men. It’s a massive niche. I applied this process when I eventually started figuring things out. You can take computers and break them down plots or clusters like this. Gamers, bargain hunters, large businesses, small businesses, home businesses and families. Those are all people buying computers, but their needs and desires are all different. If you’re marketing to families, it’s very different to marketing to the IT manager of a big company. Does this make sense?


(00:30:22 – You must find your real customers)



This is where you can’t have ideal customers and start marketing. You must find your real customers. What I found, after two years of being in business and over 18 months of living hell, I found the money was naturally flowing to families.


So our resonating message and what we were trying to do was naturally going to families. That was easy money. I eventually my entire business around my hot pot, which is families. That became my entire business. Once I found my niche, my gold and got rid of the lead mine, I created my resonating message based on my niche.


This is when marketing falls on its head, you have to follow this process to get an accurate resonating message. And that business went from 800 bucks to 12 million dollars in five years. Because of this process, I’m telling you right now the first step is optimising your niche. Right finding out who truly wants to buy from you is the quickest and easiest. Your real customers forget about all your ideal customer rubbish.


(00:32:00 – Mastering your niche, what is your goal?)



Mastering your niche, What is your goal?


Your goal is to find the desire of your niche. You should start this right away. Doesn’t matter if you’ve been in business 15 years because markets change. Things change ways faster now than they did 20 years ago. You really must be on top of this, of the movements and profiles of your niche. Become an observer of where the money is flowing.


What you should never do is niche jump all over the place. Rather shift and sift. Listen to who you’re selling to, what are they resonating with and what are they asking for.


Who’s buying from you the quickest and easiest and shift as opposed to quickly jumping brand new shiny thing? And the way you do this is through research. You don’t guess you are not your customer?


H – That’s a big point Luke, not guessing. You’ve been in business for a while and you think you know who your niche is. You’re used to what you think your ideal customer is. Do the research. Don’t guess. You need to ask why your customers came to you. Why they didn’t go to the competition, why did they come to you and why they choose you?


(00:33:45 – How do you research your niche?)



L – Correct. Don’t assume because if you assume I promise you will get it wrong.


How do you do research? Well, here are some tips. First of all, look at your top competitor websites. Your top competitors are all the people who know what they’re doing. They’ve spent years and hundreds of millions of dollars figuring things out. So go and check out what they’re doing.


H – What if you can’t find competitors.


L – That means you’re in a non-lucrative niche. If you got some fancy thing like sunglasses penguins or something. And you think it’s marvellous because your grandmother told you but you don’t have competition, that’s a disaster niche. You need to shift your business.
You need lots of competition that means money is flowing.


The next thing is to look up is Amazon bestseller books. But why the best sellers? Because that means people are buying the topics. Right? That means these are hot things that you should be looking at.


Check out forums, Facebook and Google. What are the trends? What are the hot things? What are people asking about? What are people saying? These are all the problems no one is doing anything about it. What are all the frustrations that you can supply solutions for?


These are hot niches but competition is making mistakes. These have gaps that you can plug in red hot niches.


And the biggest one you can do is go and ask your database. Many clients have been going for 10 years and they’ve never once done a survey. What are your customers really want? How do they show up? All the things you should know. They don’t know. Why? Because they guess on behalf of their customer.


H – But you know what, this is a big thing for people. They get stuck in this niche and they like to think they know their niche. To be honest even with our own business we’ve shifted and sifted, like you said, too many different areas and hot pots until we find the right one. It’s not a one-time thing. You have to do it. You have to progress, you have to change, niches change. And we talked in the last episode as well, if you haven’t listened to it, please go back to it, buying factors for customers change and what their needs are change. It evolves, it changes. So you need to do the same.


L – The thing that you need to think about and understand about this is, business is a process. It’s a sequential process. This is what most people just don’t get. They just know.


They think let me fix my website. Let me change the price. Let me put a new Facebook advert out, that’s not going to fix your problem. It’s a sequence. Everything has to line up.


Find your gold mine. Find who really wants to buy your stuff, and you’ll see your business is totally transformed. It’s not a magic thing. It’s just a logical thing. It’s how money flows.


(00:37:00 – You are seeking the truth about your customers)



So, what do you really want to be doing? You are trying to find answers, you are seeking the truth about your customers, your real customers. I’ve said this word many times for this podcast. And I’m emphasising because this is the secret to your success.


Find out from your real customers, the ones who are buying from you the quickest and easiest, what are their deepest problems, their fears, their pains, their frustrations? What are their frustrations, they want to spend money, but your competition is letting them down. For whatever reason.


That was one of my big breakthroughs. Selling computers in retail environment, back in the 90s, my competition was not open on the weekends. They were selling from garages and my customers with families wanted to shop predominately on Sundays and weekends. Because that was family time.


There’s a red-hot niche that constant competition we’re just not capitalising on. There was a frustration I saw and was the first one in our province to open on the weekend. And the business started to go absolutely nuts.


In fact, my resonating message eventually became “Atomic computers. The family computer store. Open seven days a week” A simple thing like that. I didn’t make it up after drinking 12 bourbons. It’s because I listened to the resonating messages my customers were asking for. I wasn’t too clever and thinking I had the answers.


Most businesses do this. So you’re seeking the truth, the truth of what are their desired outcomes, their pains and problems.


(00:39:00 – Become a specialist in your niche)



To finish this off, the point of step two is understanding where the money is flowing in your niche. You cannot chase two rabbits at once. Because what’s going to happen? You’re going to catch now. That’s the same thing you can’t go on after two niches. You need to become a specialist.


Think about this. If you love steak, would you go to a specialist steakhouse that does wagyu high grade dry aged meat cabinets, blah blah, blah or would you go to the Chinese takeaway down the road that does duck eggs and fried toast and lemonade and they do steak on Friday night for two bucks. Where would you go for a steak?


Of course, you go to the specialist and what happens when you go to the specialist, you pay so much more money. And if you’re a specialist, you stand out easier, then trying to sell everything to everyone. And of course, if you’re specialists, it’s way easier to market and sell.


So to end this off, just a summary or niching. You start with your large niche. And then you niche that down into smaller pots or clusters. And you want to become really obsessed with your customers, deepest pains, problems, frustrations, and most powerful desires. You follow the money. And then what you do is you shift and sift your business to your hot pot. The clump of customers for buying from you the quickest and easiest.


The simple thing is you just need to know your customers better than your competition.



If you want to see a full masterclass of this of all the seven steps compiled with real life case studies and examples and sequences. I’ve got a free masterclass. It’s 90 minutes. It’s my life story of all the stuff on how you can build an incredible business and sequence. There’s no fluff. It’s all legit. Click here.


So now I can hear all of you screaming and shouting it’s all well and good getting into red hot niches and there’s lot of competition how do you stand out amongst the noise and competition. We’ll we are going to be breaking that down and discussing it in detail next episode. It’s still part of step 2 optimising your niche because it’s the 2nd part. The first part finding that red hot niche and the next is how do you stand out amongst all of the competition and dominate your niche. It’s a lot simpler then you think. Once again it’s the next logical step.


H – I think the important take way from this is even if you are starting out as a new business or if you’ve been in business for 10 years looking at your niche in depth is a huge thing. You’re niche changes, their desires change, and you need to adjust and adapt to that even if you’ve been in business for 15 years.


If you’ve been in business for a while this would be something that’s easy to find because you have customers and history to look back on. You can’t just ignore your customers and say I want to sell this product and service. It’s about what do your customers want.


It’s something that a lot of people find hard to accept that their niches changes. Would you agree?


L – 100% Particularly people who’ve been in business for a couple of years it’s what you see when the record needle goes around and grooves the record. The needle is graved into one tune and it’s very hard to play another tune. It’s just human nature. It’s why we do mindset as part of step 1 of the sequence.


The take way is the whole ethos of this podcast is that building a business is a sequential process and you’re business will never be perfect. Just be at peace with that. Understand that the steps you are taking, in the right sequence, will eventually build a beautiful business. A business that creates value and allows you to step back and have those 3 F’s. Time Freedom, money freedom and mind freedom.


What’s the point of building a business if you’re stressed to death and you don’t see your kids. What’s the point if your life is a big balls up. Go get a job or decide to build a business worth living for and something you can sell in a couple of years. That’s the point. The choice is yours.


H – Thanks for joining us everyone. I’m almost finished my drink. If you want to know more about niching click over to the 7 Steps: Build a Smart Business Engine to Give You Time and Money Freedom and Build a Valuable Asset free workshop training masterclass.


If you want to see up live and our friendly face or my fancy cocktail, hop on to our YouTube Channel “BBQ Bourbon & Business Podcast Show” to check us out.


If you enjoyed this episode don’t forget to leave us a review, we would really appreciate it. And to make sure you don’t miss any new episodes don’t forget to subscribe to apple podcasts, google podcasts, spotify or wherever you prefer to listen to your podcasts.


Cheers everyone.


*KACHING*

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