How to Expand Your Niche

When I talk to advisors about niching, the conversation is usually about narrowing the niche to become more specialized. However, there may be times when it makes sense to expand your niche. For example, you may have dominated your market and need to expand just to continue growing your business.

When you are ready to expand your niche, start by looking at markets that share a similar problem to your existing niche. For example, if you work with widows, you could expand into divorcees since both groups share the problem of being solely responsible for their household finances for the first time. Or if you work with tech employees, you could expand into biotech and pharma employees who share the problem of managing their equity compensation.

When it’s time to expand, the key is to find a new market that shares the same problem as your existing niche.