99 PROBLEMS BUT A NICHE AIN’T ONE
When I started my business just shy of ten years ago, I honestly was NOT prepared for the countless problems, pitfalls, fires, and pain points that seemed to pop up every day. Back then, I was operating a new business as a new business owner with a middle class and employee mindset. Let’s just say I was more focused on the stress and where my next dollar was coming from instead of building my machine and the perfect avatar. Little did I realize, all of those problems were a blessing in disguise.
I just needed a mindset shift to see it; hopefully, that’s what this article and story can help you with today.
There’s a saying in the business community that goes something along the lines of “the amount of money you earn is a direct correlation to the number and size of problems that you solve.” I want you to repeatedly re-read that line until you come to the same realization that I did back in the day. The issues you are currently experiencing both within your business and outside of your business are assets. Leverage those assets correctly, specify your niche, and those problems turn into profits!
LET’S FACE IT; BUSINESS IS HARD, AND IT’S CERTAINLY NOT FOR THE WEAK.
It takes passion, strength, grit, vision, and commitment (just to name a few) to wake up every day and hit that repeat button. One of the few business constants is that problems will continue to arise, no matter the size of success you achieve. That’s right, no matter how hard you work or how much money you earn, something is always bound to come up! Knowing this, you’ve got two options for moving forward, quit or solve. The fact that you are even reading this tells me that leaving is NOT an option, so let’s discuss problem-solving within your business and your client base.
If you are struggling with the day to day marketing, sales, operations, and management, chances are, you’ve got your hands full!
The quickest way to mitigate the majority of problems that arise is to remove yourself from the specific areas you are not good at or don’t like. That’s right; you need to hire and fire fast and learn to delegate those tasks that are causing issues and pain points within your business. Delegation leads to fewer problems, and fewer problems create the time necessary for you to focus on what you enjoy and do best, leading to more significant profits.
Remember, the objective here isn’t eliminating problems from the equation; unfortunately, that’s never going to happen! It’s developing an action plan through delegation to mitigate and adequately address and solve problems as swiftly and efficiently as possible. Congratulations, by delegating many problems, you are solving a single, more extensive problem. If you stand by that old saying above like I do, that means your revenue and bank account just grew!
Now that we have a complete understanding of how to view and leverage problems, coupled with an action plan for problem-solving, it’s time to niche-down within our client base and service offering to grow even further.
Another one of my favorite business sayings is “the riches are in the niches.” Here’s the one statement you need right now that will help you to make that saying a reality for you and your business:
Apply the right solution, to the right problem, to the right client, and at the right time.
In the beginning, most of us think that we need to sell many things for many people to have a successful business. I’m here to tell you that’s not true. When you break down the business models of just about any significant product or service-based business you currently enjoy and use, chances are they follow this formula to a tee.
If you had asked me who my ideal client was ten years ago, I would have said, “any city that manages roadways.” Wow, no wonder I struggled to grow my business for the first six years!
It’s incredible what can happen within your business once you fully understand who your ideal client is, what large problem they have, when it needs to be solved, and why you are the right fit to do it.
Let’s play off of JAY-Z one more time for fun, and if you don’t know this song for some reason, then I feel bad for you, son!
“If you’re having business problems, I feel bad for you son,
I got ninety-nine problems, but a niche ain’t one… hit me”
-JAY-Z (and James Golden)