Niche (n) a. A situation or activity specially suited to a person's interests, abilities, or nature.
b. A special area of demand for a product or service.
Niching (tr.v.)
To place in a niche.
As a Virtual Assistant (VA), you know about filling a niche because you are already doing it simply by being a VA. You cater to administrative, technical, creative, and financial needs of your clients by assisting them virtually. This itself is a niche.
If you’re like many entrepreneurs when first starting in business, you took every job that came along. You did it from a place of necessity. Even if you thought yours was exception, no company can meet every need of every client throughout life of a business. There is no doubt, however, that this approach serves us well in beginning!
If you are an exceptional entrepreneur who has developed a reputation of excellence in everything you do, eventually you will need to make important decisions about future of your company because you have more business than you are able to manage. What a dilemma! You are no longer in a place where you must accept work because it provides revenue. Your hard work has brought you to where you have opportunity to pick-and-choose your clients from this point forward.
This is perfect time not only to increase your fees, but also to decide on specific industry or industries and type(s) of clients you most want to serve. This is known as niching.
By narrowing your focus, you: • have opportunity to work with people in industry of your choice. • have inside exposure to different aspects/news of industry from perspective/experience of your clients. • can position yourself as VA expert within your industry and use this to market your services, e.g. “We cater to ____ industry and are first and only ones to do so. We are best equipped to meet your needs because we know industry from inside out!” • will have passion and tenacity on those days when you question your sanity and wonder if you truly have what it takes to be a VA. You will be serving an industry you love and that will carry you to your next new client/task. • keep your focus on those clients/markets that most interest you and will continue to interest you over life of your business. • are maintaining a concentrated marketing/advertising focus instead of diluting your efforts by trying to meet every need of every client in every field. • increase your ability to get an hourly rate that is higher than a VA business with no niche focus. If you have insider knowledge of a specific industry, your expertise is more valuable and therefore, you can charge more for your services.
Initially, you may think that you risk losing business because you are niching yourself too narrowly. However, if your focus is catering to a specific industry and all your marketing efforts are placed there, you will soon reap rewards of clients who come only from your chosen industry. . .an industry you love and want to cater to anyway! You will have more business than you’ll be able to manage and can soon raise your rates again!