This article was written by Kevin Dennis, editor of WeddingIQ.
Choosing a niche can elevate your brand to the next level—just ask any successful business owner. Niches allow you to focus your talents on a corner of the market, effectively increasing overall brand recognition as well as carving out your role as an expert in your field
However, in some cases, it’s wise to think outside your niche and look for ways to expand your services while still sticking to what sets you apart in the market.
Do clients ask about services you don’t offer? Are creative partners hinting at something they’d love help with? Take a hard look at your market to see if there is room for that service and whether it fits in with your current offerings.
Don’t jump ahead without doing your due diligence—dig into your market and get a better understanding of who may consider this new venture of yours as a competing gesture. Ask yourself if this move may affect your existing industry relationships and whether the risk is worth it.
At the same time, you’ll need to evaluate your company internally. Expanding your business will only be successful if your company is already secure and running smoothly. As a business owner, you need to prepare to invest some money up front knowing it will be worth it down the road. If your brand is still a work in progress, give it some time to flesh out and become established before considering growth opportunities.
Next, consider how your new venture will fit into your brand. I’m a firm believer that new services should develop within your existing brand. If you try to add new businesses for every service, your brand will become watered down and confusing for prospective clients. Keep it simple and stick to the same marketing styles, colors, tone of voice, and overall branding techniques.
When it comes down to it, client experience is priority and a consistent brand is a major factor for happy returning clients. After I started my career as a DJ, Fantasy Sound naturally developed into a drapery and lighting company, maintaining a consistent brand throughout. On the other hand, when I acquired WeddingIQ, an educational hub for wedding professionals, it came with a brand that made sense to continue—it was a living thing that readers had grown to love.
In both cases, I’m fortunate to have had help from advisors—insight from others is a valuable resource when making major business decisions. Trust your gut, but also consider perspectives that others can offer. Don’t be afraid to reach out and ask for advice from trusted business associates.
Lastly, give it three years before you consider discontinuing a new venture. It can take time to make a profit, so don’t panic if you’re losing money after a year. However, if you’re not seeing a return at three years, it may be time to look into other options. Don’t fret, though—consider it a learning experience and use your knowledge to make your next endeavor a success.
Kevin Dennis is the editor of WeddingIQ and the owner of Fantasy Sound Event Services, a full-service event company based in Livermore, California. Dennis is the past president for Silicon Valley NACE, and national vice president for WIPA.