When I first launched my video production company, I noticed that a lot of my competitors were offering almost every type of video imaginable. Social media videos, commercials, product videos, ads, TV spots, sales videos, etc.
Naturally, I fell into this trap, too. I thought that by offering more options, I could attract more customers.
But by niching down I completely eliminated the need for advertising. I almost never post on social media. Customers know exactly what I offer and are able to refer me to their network confidently. Now my video business is booked up 3 months in advance.
In the rest of this article I'm going to go into more detail about:
- The benefits of niching down in a new business 🚀
- How this trickles down and benefits your customers 📊
- How niching down allows you to charge higher rates 💰
- Bonus: A super niche side-hustle that's been running profitably for the last 3 years (that pretty much nobody knows about) 😅
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