Finding your NicheMar 17, 2022
Finding your Trade Business' niche, that main area that you're good at, that you love to do and makes money is the key to a profitable business that you will WANT to work in (most days!)
You can Download the Worksheet here to help as you are going through.
Lets start with what you love to do (or what you don't hate doing... whatever works).
1. List out all of your services that you provide
2. Then rank them in order of preference
3. Try to then add some passion ideas that you may not have on your services provided just yet, but you would be really interested in doing. You might be surprised that the passion ideas will actually make you more money than what you're providing now if you are genuinely interested in doing them.
Secondly, lets look at what your customers are wanting
Go through the list above and decide the level of customer demand for each of your services (the worksheet is really handy for recording this). For the ones you already provide you can generally have a gut feel for this without doing too much research. For the passion projects you are considering including you may need to do a bit more research into them to see if they are needed by a local customer base.
Have a look at equipment you need for each of those services.
Do some need large, expensive equipment whilst others only need labour and sundries? Have a think about whether the jobs you hate include big capital expenses or not. Because if you hate doing a style of job, and the equipment cost is really high, you may find focusing on other job styles more profitable in the long run.
What do you offer compared to others?
Are there any job types that you're known within your community for? That you're better than the competition at or the competition don't offer? These may be gold mines to promote even further. Being seen as the 'expert' or 'specialist' in an area can increase your conversion without any extra effort required.
Finally profit and loss the job types you currently do, and do some estimates for the passion projects.
Find which ones make you the most money on site. You actually might find that whilst large projects give you a larger lump sum profit, the smaller jobs when added up for a whole day may give you more money in your back pocket with less hassles.
When you find your 'top' job styles, it's then important to learn to say no to the jobs that no longer fit your profile. This can be really hard for entrepreneurs as we want to help EVERYONE.
If the job type that you don't want to add to your lineup anymore involves expensive equipment, sell it. Then you won't be tempted to do 'just this one' which then turns you back to where you were.
Spend the money you get from selling the equipment on improving processes in the work areas that you DO want to spend time on.
Develop a script so that when a customer does call up requesting a job type you have an answer ready to go to quickly and unemotionally explain that that is a service you unfortunately no longer provide. If you are confident in your delivery the majority of customers won't even bat an eyelid and will find someone else to fill that need.
By niching your trade business you will be less stressed trying to iron out the (inevitable) problems with a wide range of job types and can focus on streamlining just a few
Good luck finding your niche! And remember if you need any extra help with your trade business I'm available for a Zoom Call to work through it with you.
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