Updated: Jan 21, 2020
Because you can't be everything to everyone.
Well first off...what the heck is a niche? Funny you should ask!
A niche is a very specific market within your industry. For example, let's say you are a photographer. You can take photographs for anybody and any business. However, a niche would be if you specifically focused on weddings or food photography. It lets people know what exactly your expertise is and what to come to you for.
On one hand you may believe it would limit you from getting more work. However, now that you can tailor all your communications, packaging and marketing materials towards your niche, you have positioned yourself as an expert in that specific industry. This attracts more clients because they know YOU understand their needs and can tailor services specific to them.
1. Your Business Gains Clarity
If you don't have a niche, and you don't have a target, it means that you don't understand who you are selling to. You don't know their pain points or what kind of experience they expect. There's no strategy and it shows. Even the most beautiful brand, will have a hard time staying above water. And yes. It will require hours of research, decision making and maybe even hiring help. Don't make that face. It all comes back full circle and hard work pays off!
We are not in the era where you can just throw something out there and hope it works. It takes detail, planning and analytics. You can't cut corners here. What are your competitors doing? Better yet, without a niche, how do we even really know who your competitors are?