They say: “the riches are in the niches.”
Thing is, the people who make this declaration rarely discuss the art of identifying and developing a niche. This isn’t as simple as spotting an untouched spot in the market and then announcing that you own it.
Instead, you should think of your business as a fishing net…
Imagine you just moved to town, heard there was a stocked lake just down the road, and headed over with your trusty net.
I’ll bet I pull a whole bunch of trout and catfish, you say to yourself…
But then the catfish keep finding their way through the holes in the net.
There’s good news, though – that net of yours seems to be perfectly sized to score a bunch of largemouth bass, and they’re all finding their way into it.
But I was supposed to be “the catfish guy,” you think…
Unfortunately, that’s not what the conditions of your environment are bringing to you. You can either keep swinging and missing at the catfish, or you can embrace the opportunity of accumulating a whole bunch of bass.
Your call.
This is how niche development typically plays out in gym ownership. You throw your hat in the ring as a service provider prepared to help anyone and everyone, and eventually begin to spot trends in the people walking through your door. The market effectively tells you where your strengths lie.
If you want to “find” a niche, you should do so simply by showing up every day, putting your best foot forward, and paying attention to the signs in front of you. Eventually you’ll spot the opportunity, and can then double-down on the niche.
-Pete
PS: Here are four ways to get more BFU in your life: