Episode 1109 – Choosing a Commercial Niche: A Deep Dive Coaching Session
Choosing the Right Niche: A Closer Look
Mike tackles the age-old question of niche selection with Brandon, a cleaning company owner. Brandon wonders whether targeting a broad niche, like office cleaning, would be more profitable than focusing on a specific niche, such as funeral homes, which are abundant in his service area.
Mike’s advice is clear and straightforward. He emphasizes the importance of selecting a niche that aligns with one’s growth goals. He encourages Brandon to aim for the smallest niche possible that still meets his revenue objectives. Using the example of funeral homes, Mike illustrates how to calculate whether a niche is viable by considering its revenue potential and whether it aligns with long-term goals.
The Dream 100 Strategy: Unlocking Business Success
As the conversation continues, Mike introduces the concept of the Dream 100—a strategy focused on targeting a select group of ideal clients who can drive significant revenue growth. He emphasizes the importance of selecting clients with substantial pain points and highlights the value of focusing on clients who are passionate and committed.
Mike shares insights into the Dream 100 approach, emphasizing the need for each client to be worth the investment of time and resources. He stresses the importance of targeting clients with significant pain points, as they are more likely to recognize the value of the services offered.
Streamlining Payroll: A Recipe for Success
In the second half of the podcast, Mike shifts gears to discuss HR issues with Capri, another cleaning company owner. Capri seeks advice on streamlining her payroll process and managing employee reimbursements effectively.
Mike offers practical advice on payroll management, stressing the importance of delegating payroll tasks to qualified professionals. He highlights the benefits of outsourcing payroll processing to accountants and payroll companies, emphasizing the importance of accuracy and efficiency.
In closing, Mike emphasizes the importance of streamlining payroll processes to save time and ensure accuracy. He encourages Capri to focus on building systems that minimize manual labor and streamline administrative tasks. By delegating payroll responsibilities to professionals, Capri can free up time to focus on growing her business and serving her clients effectively.