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How do you develop a niche business?

Dear Colleague,

Recently, an attendee to one of my educational programs asked how to create a niche business. The participant was struggling between two businesses, both of which he has talents to be in. The problem was that neither business was thriving and he felt spread out too thin.

Here are a few thoughts I shared with him and I will share with you. The task is not nearly as daunting as it might seem. It is just that a few decisions need to be made.

First, are you solely committed to this business? In other words, is this your only focus? I have found that in order to succeed at a certain endeavor, it must consume your every move and it is difficult to serve two masters. The challenge is that we usually have other passions or mostly we fear the uncertainty of losing some income or benefits when we make a choice to leave a job. So if you want to make it in remodeling, or underwater basket weaving, or any other endeavor for that matter, you must dedicate your time and attention to it.

As I spoke of in my seminar, we all must work to our strengths. There are ways to find this out. The ability to build rapport with folks and having a creative mind is a gift that is not in everyone. Some folks are more technical and organizational in nature. Spending concentrated time emphasizing your best traits will bring rewards. You may need help with a business plan or marketing strategies. It is OK to ask for help in these areas. There are folks out there that will gladly barter with you if you just continue to ask.

Take time to really examine your niche market. Who do you want to work for and who wants what you have to offer? The answer to this question can come easily enough if you just analyze it.

Here are some tips.

Take a list of all the projects you completed in the last 5 years. Establish a rating scale and rate each project. Set up about 5 parameters. a.) type and size of project b.) complexity of project - like time, structural and design difficulty c.) income level of customer and their ability to gladly pay you d.) your performance on the project - like time frame, ease of work and profitability e.) your personal satisfaction level with the project. Give each one a number from 1 to 10. Ten would be the best of all worlds and One is that you wouldn't touch this project again if a gun was held to your head. Do this with every job. Develop your own grading system to get a real picture. After you have done this with each project, and I mean each and every project, average out the numbers of each project. Group all of the 1 to 4's. Group all of the 5 to 7's and all of the 8 to 10's. Begin to look for commonalties in each of the groups. When you see a prospective client that is in the 1 to 4 category, don't do this job. When you see 8 - 10's come in, focus on those. Save the 5 to 7's to see what could have been done differently to get them to an 8 - 10.

From the 8,9,10's develop your demographics. Know where these people live, who they work for, what their education is, what is their income level and what caused them to want your product or service. What made them call you? This will give you information for future marketing efforts. Now, call 20 of your top clients and ask...What was most important to you before the job started and what was most important to you as the job progressed and now what is most important to you as the project has been completed? The answers to these questions are now your copy material for your next marketing piece. I mean the exact words they use like, prompt, quality minded, fair, understanding or whatever. Also ask them for three referrals while you have them on the phone and tell them you will send them to dinner when their friend's job is sold.

This process takes a little time. Are you willing to make the effort? It will give you a true reflection of what you do for people, not some illusion in your mind of what you "think" you do for folks.

I would be very curious to see your questionnaire and your rating system. Send it to me and I will send you a free copy of my new book, 101 Power Strategies; Tools to Promote Yourself as the Contractor of Choice.

As I also taught in my seminar, there must be a fit. Each of you is right for a certain segment of the market. I don't know what that segment is right now, but a little homework will allow it to surface. Years ago, I did this and came up with a market that our company has been placed in for years. I also did this personally when I began to do insurance restoration work. And I have done this for my consulting and training business.

One more thing. I believe that the greatest influence is that grey matter between our ears. We all must continue to be thankful for what we have and to have an abundance mentality. In other words, if we focus on what we don't have, that is what we will get all day long. Focus on the possibilities and the prospects for the future. There is plenty of room for your talents if you will just focus on who you can help the most with your strengths.

I hope this helps. This coaching session is gratis. It will keep you busy for a little while and be an eye opener.

August 23, 2001

Paul Montelongo

"America's Construction Industry Motivator"

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