Katie McManus (business strategist and money-mindset coach) delivers a short YouTube monologue aimed at ADHD business owners on how to pick a profitable niche. She outlines the top three costly mistakes when choosing a niche: (1) making the niche too vague, (2) targeting a demographic instead of a problem+goal, and (3) expanding services by constantly saying "yes, and" (leading to scope creep). She uses population and capacity examples to show the importance of narrowing focus, contrasts demographics vs. problem-focused niches, and ends with a call-to-action to register for a 12-day email series called "12 days to stop being a Weenie" that walks through a plan to reach six figures.
The top three things that people get wrong when they're picking a niche for their business. And getting these things wrong can be costly to the tune of hundreds of thousands of dollars, if not millions, depending on how big you want your business to ultimately be. And hi, I help ADHD business owners make more money and less time with your distractions by teaching you how to pick a profitable niche, design an offer that people actually want to buy, and learn how to market and sell your services without wanting to vomit. I'm Katie McManus, business strategist and money mindset coach. The first problem that people run into when they're picking a niche that costs them serious money is they make their niche super vague. Usually they do this because they're afraid that if they pick a niche that's too specific, that they're going to scare away potential clients. But here's the thing. You actually want to scare people away. There are approximately 332 million people living in the United States alone. You, as a solopreneur, as a small business owner, cannot serve them all. Okay? So you need to find a way to scare a bunch of them away. I mean, come on, not even Target, which most people love, can actually cater to everyone. And they have billions of resources at their disposal and a huge workforce. Okay, you are one person. Okay, narrow it down because I don't know about you. If I were to run my coaching business with only one on one clients, which I've done in the past, I really would only be able to serve at max 30 people a year. And assuming that I work for the next 30 years until I'm 75, 30 times 30, that would be 900 people. Okay? That is a small microcosm of the whole US population. And that's not even acknowledging that I have clients all over the world. Okay? So you have to narrow it down. The second issue that people run into when they pick their niche is that they choose a demographic. They don't actually choose a problem that they solve. Hear me out for a second. So let's assume that you are a man and you are 46 years old. If you were to hear a commercial that was like, if you're a man between the ages of 40 and 50, this is for you. Would you give a fuck? Probably not. Just because people are a certain age and a gender doesn't mean that they have anything in common. And it doesn't mean that what you have is actually going to interest them. You have to get specific about the problem. So maybe, yes, your clients are men between the ages of 40 and 50. But the problem that they've had is that they have always dreamt of writing a book and they've never felt confident enough to do it, but they're getting older and they kind of figure it's now or never. Your niche is the problem and the goal. It's not the demographic. And the third problem is that you borrow from improv. You. Yes. And your niche all day long and how this typically goes is you're in the conversation with someone and you're telling them exactly what you do, and they're like, oh, you know, I kind of have a problem with that. But what I really have a problem with this is this other thing that's kind of related to that. Oh, like, I really need someone to help with that. And you go, oh, no, no, no, I. I can help with that too. And you do this over and over and over and over again until you get to the point where your little niche is now a massive niche and you do a gazillion different things and even you're confused about how you're useful to people. So remember this. Yes. And is an amazing improv tool. It is not for your business strategy deal. Now, figuring out your profitable niche is just one of the foundational building blocks to creating a Strategy to hit six figures in 2024. If you want the rest of the block for this plan, then I want you to go to the link in my bio and click on the 12 days to stop being a Weenie. This is my holiday gift to my whole community, and every single day, I'm delivering an email to your inbox with a simple, short, sweet, to the point lesson about what you need to figure out so that you can develop this strategy to hit six figures in the next 12 months. And yes, it is a ripoff of the 12 Days of Christmas. But I promise no birds will be sent to you. So go ahead and register for that now. And keep an eye on your inbox, because every morning for the next 11 days, I will be sending you a critical thing that you need to figure out in your business to be able to hit six figures next year. And like and follow if you want more content like this.
