Business Coaching Lesson to Niche Down to Where the Cash is Flowing
In this business coaching lesson, I share a foundation flaw most business owners miss and therefore struggle, year after year.
Do you ever wonder what the few successful businesses do to steam ahead, effortlessly while others continuously struggle, day to day, and never seem to get anywhere?
These business owners try strategy after strategy, year after year, yet they see very little growth.
So What’s This Flaw?
The answer is these business owners and entrepreneurs have not correctly positioned their business in a red-hot niche.
This video explains Step 1 of 13 Steps in the 7 Week Business Transformation Program. You can see the remaining steps and how this highly successful business coaching program can transform your Brisbane business here.
To build a successful business, you need to start at the beginning. It seems logical, but for many people in business, they don’t start at the beginning. They skip this vital, first step and begin somewhere down the road.
Fifteen years later, they are still struggling with low sales and poor cash flow, regardless of how hard they work. They can’t seem to attract new customers, get to that next level, and they hover just off broke for most of their business careers.
I have been scratch building businesses since I was 23 years old. I have also been a business coach and mentor for over 12 years now, and I see the same, common everyday mistakes over and over again, preventing increased sales and business growth.
How Does This Happen?
If there are no buyers for your idea, you will never make any money. If you have a business right now that is struggling to get new customers; the chances are you are not positioned correctly inside a lucrative red-hot niche.
How Do You Fix This Problem?
You follow the 3 Step Process below.
1: Find Where the Cash Is Flowing and Tap Into It!
Remember these two golden rules:
1. NEVER create an idea and THEN try to find a market to sell it to.
2. Rather find where customers are ALREADY spending cash easily.
Why? Because a competitor has already found the SWEET SPOT where the cash is flowing!
2: Find Established Markets That Already Have Willing, Ready to Pay Customers!
The sweet spot or the lucrative red-hot niche is where the cash is already flowing. This is where customers are buying easily. If customers are already spending cash somewhere in a niche or sweet spot, that is where you want to be.
A competitor has already discovered the idea, the concept, the product or the service. They have done all the work. Customers are already there, exchanging cash, so it’s far easier to move your product, service, or idea and shift-and-sift it into that lucrative red-hot niche.
3: Use the Shift-and-Sift Method to Move Your Idea/Business Into the Sweet Spot
If you have zero or very little competition, the chances are this is not a lucrative niche. Why, because successful businesses go to where the cash is.
So, if you have an idea that no one has thought of or a concept that no one has proven, this is just too risky because the cash is not yet flowing. Does this make sense?
If you have a business right now that is not making you the money you want; it may be time to take a serious look at whether you are correctly positioned inside a lucrative red-hot niche. Are you slightly off? Maybe, even way off? You may need to adjust your niche and offer. I refer to this as the Shift-and-Sift method. Why am I stressing this? I believe this is the single biggest reason why people never make decent money in business. They do not know how to position themselves inside a lucrative, red-hot niche correctly.
Examples of How to Shift and Sift Into Lucrative Red-Hot Niches
The basic rule here is to simply follow where the money is naturally flowing. Customers spend money where they feel comfortable. They spend their money on what they want to buy, not what you want to sell them.
You want to shift your business or idea right here where customers are transacting easily.
In this video below, I breakdown the golden opportunities of red-hot niches and how businesses shift into them. I share with you 2 real-life examples – one of the Paddock Bakery, on the Gold Coast, just 1 hour south of Brisbane and Tony the Photographer.
As part of the shift and sift process, there are 3 potential opportunities to follow the cash trails:
- Sub-niches (or branches stemming from the broad niche you are currently in)
- Competitor weaknesses (causing customers frustrations)
- Trends (emerging from the current niche you are in)
Your goal in building a successful business is to “Shift and sift” into these sweet spots or lucrative red-hot niches. Do this, and you will immediately see an increase in sales, cash flow and business growth.
But if There’s Lots of Competition, How Do I Compete?
This is the next logical question. If I move my business into a red-hot niche where there is lots of competition, surely I will make less money as there is more competition.
Yes, you are right. That is why you need Step 2 – Create Your Competitive Edge and Stand Out in the Crowd.
It is no good having the best-looking house in the worst neighbourhood. That is a very bad investment of your time and money.
Just as Step 1 is a 3 step process to shifting your idea or business into the sweet spots, Step 2 is a 3 step process to creating your X-factor, so you stand out in your red-hot niche and become the business customers want to buy from.
You can learn all about Step 2 and the rest of the 13 Steps in the 7 Week Business Transformation program here.
Find Out How Our Personalised Business Coaching Lessons Can Help You Niche Down Your Business
Trying to survive in business can be exhausting, especially if you are always trying to solve the problems yourself. Are you frustrated, confused, and not sure what to do next? This is not how the picture of your business should look.
I understand this completely. I have been doing this for most of my adult life, and many times I have had to deal with struggles and pain alone.
Being a small business owner doesn’t have to be a lonely ride.
- Do you want to take your traditional brick and mortar business online so it can compete in today’s digital world?
- Do you want to Increase efficiency in your business with a proven structured process?
- Want to unshackle yourself from the daily grind and get your business working for you?
- Are you ready to transform your business and do things smarter and easier?
- Do you want more time and money freedom?
If so, we should have a chat.
In the meantime, have a look at some real results from our previous clients. Many of them are small business owners who were struggling with similar issues as you are right now.
I wish you all the best.