In order to build a Highly Chilled business, you must develop a market niche that’s an inch wide and a mile deep.

P.S. You can read up on #1 here.

Be Realistic, Like Andrew

Niche markets: In 2004, I was working with Andrew. At some stage, we were discussing the challenges he was having with marketing one of his IT services. I asked him to consider if there was enough of a market for this specific offering. Andrew said, “Good question. I might sell the world’s best buggy whips, but the market for buggy whips just isn’t that buoyant anymore.”

Andrew had a great insight. He ended up ditching this particular service and focusing his energy on two other core services. His business never looked back.

However, in today’s world, with the ever-increasing globalisation of commerce and traffic, it may actually be possible to build a Highly Chilled small business selling the best buggy whips in the world.

Better Yet: Be Specific, Like Sebastiaan

I have a brother named Sebastiaan who is doing just that. He is building a Highly Chilled small business selling services into a market that are so niche, so narrowly defined, that there are probably less than 10 businesses in the entire world that offer what he offers – and even fewer that are as good as he is. This is his website.

What’s more, there is only a tiny number of customers for his product in most countries of the world.

Mining Deep Narrow Holes in your niche market

Sebastiaan has developed a market niche that’s only a tenth of an inch wide, but its depth goes right through to the core of the earth. He has even built special little shovels, a tenth of an inch wide, to ensure his business doesn’t stray outside that niche.

Sebastiaan’s team have arguably become the best “buggy whip makers” on the planet, and because of that, their customers come to him from all corners of the world to have their super-specialised projects completed. These people know they have only one shot at getting it 100% right and Sebastiaan’s business simply offers the best chance at that shot.

Highly Chilled business owners know they have to stand out from the crowd, so they develop a clearly defined niche, mine it as deep as it goes and intentionally develop an iron habit, never to stray outside it.

Your Homework (The Chilled Kind)

Here’s a short exercise you could carry out to start the process of making this habit your own.

Ask yourself: What am I really, really good at? What am I SO good at that I can be the best in my world at doing that one specific thing?

Practice Highly Chilled habit #2: Consider focusing your offer to your customers on “that thing”.

Are you a small business owner in need of a chill pill? Explore Highly Chilled habit #3: Be on top of the numbers. Coming soon on this blog.