Avoid these SMMA niches at all costs

Summary

In this insightful video, Charlie outlines specific niches to avoid for business growth, comparing them to a race where you start far behind. He discusses challenges in niches like veterinary practices, law firms, and dentistry, where demand for new customers or business proposals is low. Charlie also warns against the e-commerce niche due to its scalability issues and high client turnover. He emphasizes the importance of sticking with a niche long-term, as the 'best' niche is often the one you've mastered over time, despite initial struggles.

Takeaways

• 🚫 Avoid Niches: Charlie explains that certain business niches are more challenging and should be avoided for easier success.
• 🏥 Veterinary Practices: Veterinary practices are difficult to market to because they typically do not need more customers, but rather more staff.
• 📚 Law Firms: Law firms are tough to reach via cold methods, as many lawyers do not check their emails frequently and may not be seeking new business proposals.
• 🦷 Dentists: The dental niche is hard to penetrate due to receptionists acting as gatekeepers, making it difficult to reach the decision-makers.
• 🛍️ E-commerce: E-commerce is the most difficult niche due to high scalability, but also the risk of clients taking marketing in-house once they scale.
• 💼 Freelance Pay Per Hour Niches: Helping individuals like personal trainers or therapists who charge per hour is limiting because their time is capped, making scalability difficult.
• 🔑 Key to Success: Sticking with a niche for an extended period makes it easier as you understand its dynamics and can solve problems more effectively.
• 📈 Emotional Trough: There's an emotional dip when starting a niche due to high expectations not aligning with the reality of the challenges faced.
• 🌱 Growth Over Time: Niches get easier with time as you learn and adapt, leading to an exponential increase in comfort and success.
• 🔄 Avoid Niche Hopping: The tendency to switch niches due to initial difficulties can be detrimental; persistence often leads to breakthroughs.
• ⏳ Time Investment: The best niche is often the one you've invested time in learning and mastering, rather than constantly chasing new opportunities.

Q & A

What is the main purpose of the video?

The main purpose of the video is to explain the niches that one should avoid when starting a business or considering entering a particular market, as some niches are significantly harder to succeed in.

What does Charlie do to help people make fun acquisition easy?

Charlie shares his experience and knowledge through videos, providing insights and advice on how to avoid difficult niches and suggesting strategies for successful market entry.

Why does Charlie mention starting a business in a difficult niche is like being 200 meters behind in a 100-meter race?

This analogy is used to illustrate the significant headstart that competitors in more favorable niches have, making it much harder for newcomers in difficult niches to catch up and succeed.

What is the issue with veterinary practices as a niche according to Charlie?

The issue with veterinary practices is that they typically do not need more customers; they often need more staff to handle the existing demand for their services.

Why are law firms considered a difficult niche to work with?

Law firms are considered difficult because many successful lawyers do not actively seek new business proposals and may not check their emails regularly, making it hard to establish contact and offer services.

What is Charlie's view on the dental niche?

Charlie advises against the dental niche because dentists are hard to contact through cold methods due to the presence of receptionists and gatekeepers, making it challenging to reach the decision-makers.

Why is the e-commerce niche considered the hardest according to the video?

The e-commerce niche is considered the hardest because it is highly scalable, which means businesses can grow rapidly but often take their marketing in-house once they reach a certain scale, leading to agencies losing their biggest clients.

What is the problem with freelance pay per hour niches?

Freelance pay per hour niches are problematic because they are capped by the number of hours in a day that can be worked, making it impossible to scale the business without increasing the value of the freelancer's time.

What does Charlie suggest about the relationship between the time spent in a niche and its perceived difficulty?

Charlie suggests that the longer one stays in a niche, the better it becomes as they understand its dynamics and solve problems, leading to an exponential improvement in the niche's effectiveness.

What is the best niche according to Charlie's perspective?

According to Charlie, the best niche is not a specific industry but rather the one that an individual sticks with for a long time, gaining deep understanding and expertise, which leads to success.

What advice does Charlie give about niche hopping?

Charlie advises against niche hopping, as it is better to stick with a niche through the initial challenges and learn its dynamics, which will eventually lead to greater success and satisfaction.