The full question is, if I niche down to something specific, either industry, location, or even technology-wise, won’t I be leaving a ton of opportunities and money on the table?
The short answer is “yes”.
Let me explain this a bit more though with an example in this episode why you will actually make more with less.
When you niche down, you become an expert, unique, and everyone knows exactly what is it that you do. They actually listen to you and respect the experience and expertise you have.
You may get less leads into your business, but when you niche down and the leads know exactly what they are getting from you.
Because of this, they are more qualified because they already have a problem that they understand you can solve for them.
As a generalist, they will look at you as a jack of all trades. People who are generalists often have to compete with other generalists on price.
When you are the expert, you can set your own price. Because you can set your own price and can prove with past results you’ve gotten with other clients, the leads will know the results without having to ask you. They respect those results, trust you because of the results you have received for previous clients and will pay for those same results.
Specialize and Find your niche
More episodes in this topic:
What's the best way to pivot if you are serving a new niche?
How did you specialize your business?
Why should I niche or specialize?
How do I choose the niche?
How to say “no”?
How do I find out if the niche has value?
How to do research and land that first client?
How to you manage your existing clients when you start specializing?
Should I niche down to a specific industry in my local area?
Is my niche too narrow?
Aren’t I leaving money on the table?
What sort of freelance work is available for an individual web developer?
How to start out as a freelance translator?
What do I need to do to ramp up my freelance business after having been in the game for a few years?
How do I go from one-off projects to retainers for all future projects? And is it a good idea?
Can I do web, software development and digital marketing as a freelancer at the same time?
When niching down, should I target the type of work or the type of customer?
How to get over the fear of niching down?
How to stay being a generalist but test the waters to specialize your business?
What is a Niche?
How do you go about breaking into a niche (Part 1)?
How do you go about breaking into a niche (Part 2)?
Best of Season 3 - Get out of the comfort zone
Best of Season 3 - Building Relationships
S06 E12 - Undercharging, Targeting the Wrong Audience, and What You Should Do About It with Alex McClafferty
S03 Bonus - Tom McFarlin on Blogging, Balancing Work and Family, and Building a Business that Lasts
S09 E11 - Differentiation, Reputation, and Pivoting From the Top-Down with Peep Laja
S01 E11 - Kai Davis helping freelancers get more clients with outreach