Wedging yourself in as a specialist in a niche market makes it easier to expand later. It’s a lot of work to try and own a huge market. It’s less work to own a small segment of that big market and absolutely become the best for that small group. Expanding out almost happens on its own if you can do start small.
You can charge double or triple what others charge when you’re the only solution to a specific problem in your industry. For example, my agency charges 40-70k for storytelling in b2b tech simply because finding people who specialize in doing this in b2b tech is really hard. We’ve built our own process for doing it and we’re really good at it and we sell the crap out of it.
It’s easier to build a brand when your niche is really small and specific. The more broad you are in who you help, the harder it will be to stand out. The easiest path to building a great reputation is to get really specific and build a niche that you exist to serve.
If you sell a product or service to everyone, you need to spend a ton on marketing to reach EVERYONE. If you sell those same products to all-natural moms in the third trimester, then guess what, your market might be smaller but you don’t have to spend nearly as much on acquiring those customers. Remember, I built a huge business and did NO marketing for 10 years, all because I had a niche and was the go-to resource.