Finding Your Niche So Your Business Will Soar

By Tobi Fairley

Though many people, especially interior designers, seem to be afraid of choosing a niche marketing strategy, many of the most successful businesses in the world understand that narrowing their focus is exactly what made them successful. So instead of worrying about pigeonholing your business, why not decide to make sure your ideal customer can tell that you are exactly the designer for them? Here are my top tips for finding your niche and increasing your profits:

• What do you love? What are you passionate about? If there is an area of the business that you are gaga over, then why not make it your main gig? Whether it's residential, commercial, or even something like kitchen design, or creating great closets, if you do what you love the money will follow and you will be happy in the process.
• What are you good at, and I mean really good? Is there an area of the business where you are the top dog? Maybe you have a keen eye for color, or perhaps you are a whiz at space planning. Maybe you have an amazing knowledge of antiques and collectibles. Determine what your strengths are and build your business around them. Then let a lot of the other things that you aren't so great at go. It won't take long before word will get around that you are the best in town and no one will even notice all the services you aren't offering. Plus, it's much better to be great at a thing or two than mediocre at many.
• Where are your contacts? Who do you know? Like in many businesses, word of mouth and networking can be responsible for the majority of your business. So take a look at your contacts. Do you see any similarities in style, occupation, geographic location? Maybe you should build your niche around your contacts. Know a lot of doctors, for example? Maybe a career in designing medical facilities is in your future. Start analyzing your list and see what your options are. It's a lot easier to sell to people who already know and love you than to those who don't.
• What is your only? Everyone has a highly unique talent, skill set, personality trait, or education? There is something that you bring to the table that few or no others in your location or part of the industry do. So what is it? Are you the "ONLY" interior designer who can design for clients with dogs because you have three of them, know first-hand how to create durable spaces for mom's with multiples, or can bring your accounting degree to the table to help clients stay on budget? Whatever it is, if you can identify your "only" and build a business around it, you will experience success. And remember, the more unusual and uncommon, the more profitable you will be.
• Embrace your signature style. If your style is "whatever the client's style is" you may be doing your business a disservice. I know this approach seems as if it would keep your options open, but you might actually be confusing your potential clients. Most people looking for a designer know what they like when they see it. So why not show people the look you love, so they can recognize if you are a fit. The best part is that working in your style will make you love your work and your authenticity and passion will shine through to the client.
• Buy only what you love, because if it doesn’t sell you may ultimately own it. This advice is especially helpful for those with a retail store. Trying to be all things to all people and buy a broad range of inventory just in case someone is looking for it isn't the best strategy. It can cost you thousands of dollars in lost sales. Buying with a niche approach, only the things you truly love will ensure that you won’t tire of your merchandise and you can feel confident selling it to clients because it will be something that you would put in your own home. That kind of endorsement will go a long way in building trust and sealing the deal. At the end of the day, if it doesn't sell, at least you will be happy to bring it home with you.

Ultimately, don't be too afraid to select the niche that seems right for you now. It doesn't determine your lot in life. You, your business, and your style will evolve and grow over time. You can always change to a related (or even possibly unrelated) niche later if it presents itself. But until that time, use your strengths and passions to be your most successful today.

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Tobi Fairley is a nationally-acclaimed interior designer based in Little Rock, Arkansas. Named by Traditional Home Magazine as one of the Top 20 Young designers in America in 2009, Tobi's work has graced the cover of House Beautiful and been published in Traditional Home, Southern Living, and At Home in Arkansas numerous times. Tobi recently launched her own fabric line and will release several other products lines in 2012. Her DIY design service InBox Interiors and her Design Camps have been wildly successful. Tobi recently launched Tobi Fairley and Associates, a consulting group dedicated to helping firms with the business of design. She also blogs at Tobi's Blog.