Episode 2: How to Build a Niche

you are about to step into the barrel Solomon podcast show no fluff talking about greatness talking about wealth talking about how to become the number one man or woman in your space let's roll nobody was falling for real Jewish businessman welcome ladies and gentlemen to the barrel Solomon show how are you doing everybody so excited without my beautiful people here with me I love you guys dearly you cannot imagine today we're discussing an extremely interesting topic for any businessperson any sales person anybody working within an organization by the way hang on before I get to that by the way what is that we're gonna be talking about today is how to build a niche by the way I want to throw this out there this show is not just for business owners this show is not just for people who you know who are sole proprietors entrepreneurs this is for anybody that is in sales anybody that is an accountant in a company a CFO a see of a CEO Oh somebody that wants to help the company that they're in grow because that's ultimately what the end of the day is you know we want to contract here today and I said to everybody all right great all right guys we're still all employed because we got money in the business we have more contracts if there's no contracts I don't care if you're the janitor the CFO the CEO or the secretary or the salesperson whoever it is you got to make sure that there's dollars coming into your company and you got to make sure that it is secure so you in turn could have security for yourself and your family and your dreams and your goals and your community all right so let's hop right into it how to build a niche first of all you have to understand why to build a niche let me tell you how powerful it is when I first started this company we had one product which was 2-minute corporate videos would go into companies and we would do these two minute you know video synopsis of the company and it was great and it was fun but the problem was I literally had to go into companies and sell sell sell sell sell finally I got the contract and we did a you know a deal for 7,500 bucks 10 grand 15 grand 20 grand but the problem was is I never had anything else to do with that company and the next company that I would work with was so different from the first company that had no relationship to each other and it wasn't able to build momentum I remember Elias one time he was calling a guy one of our clients shout-out to Stevens i'ts and Stevens from from what companies do from krystal krystal Technol I remember Elias called him on the phone one of my sales person here and he says you guys are like vampires I can't believe that you're calling me right now this is crazy meaning I can't believe that you're actually picked up the phone and you have to call me one by one it was almost like a cold call which had a different we'll do it we'll do it a different episode I completely am against cold calling you should never do it it's called it's called cold calling for a reason because it is cold all right ladies gentlemen thank you for watching I appreciate it please put your comments in the your questions in the comments area I will not leave today without answering all of your questions by the way you could find this episode on YouTube you could find us on Instagram you could find us on stitcher you could find this on iTunes you could find this on Spotify Beryl Solomon is invading your life wherever you like to consume content all right why build the niche you want to build a niche because you want to become the expert in your field let me give an example that I always use you would never want to go to your dentist and he tells you hey by the way not only do I do root canals but I could also change the tires on your car when I'm done you don't want to go to a guy who does everything because he's a jack-of-all-trades it doesn't specifying one thing when you go to your dentist and when you get a root canal from him you want to make sure that he is the best root canal dentist on planet earth grace can I ask you could you fix I see that we're slanted on Facebook live over here could you pick up that leg the leg all the way on the right on your right and put something underneath it cool yes because it looks like my office is on a looks like my office is on a slant there you go no you're gonna need something a little bit bigger yes I'm seeing myself on Facebook I look really handsome alright great next reason you need a little bit more you need about you needed like maybe the charger over there that's on the table so why you want to build a niche is you want to build a niche because you want to become the expert in the field you want to become the trusted use right there the white the white thing yeah you want to become the trusted source in your industry you want to become the guy or the girl that everybody knows this is what he does best this is what she does best when you become that person people will automatically trust you and you begin building a brand you know we we went to all types of different industries which I'm gonna get into next much better next how to build a niche is at first you have to go you have to go why you have no choice but to go wide again when I first started this company we would do everything and anybody we did crazy industries we did everything from manufacturing to golf courses to real estate to payment systems to you cannot imagine how many different industries how many different niches we went into and we tasted and tested every industry out there and what happened was after a while is you start to see what works so though some industries that we fell flat on our face and we tried and it had virtually no results but then we did some industries that we saw how incredibly successful the results were once we saw those industries that we were strong in we said to ourselves wow we have to get more into this industry because we have success here and what happens is what happens is once you're starting to see what works you begin to be able to talk to the people that are also in that industry so you could literally call the competitor of the person you just didn't say hey I just did the guy down the street we did a phenomenal job for him here's the success that we had for him and at that point you don't have to sell anymore it becomes something that becomes obvious to them it becomes something that they realize and they understand they need and it's not it's not a luxury but rather it's a necessity we got off a call this morning we sold the guy a $13,000 package within five minutes really because he realized that it's not a necessity it's not it's not a luxury it's a necessity this is something that he needs you buy a car you need gasoline it's it's not it's not it's not a luxury and when you start building yourself a niche when you start going deep into a vertical you start building a brand a reputation very very powerful we're building one right now and I'll tell you what it is in a second so once you see what works then you develop a unique product if you're gonna build the new you have to understand that it's very small its first of all if for people out there that don't know the Nisha's let me explain it to you and when you go wide it means you do everything you do every type of every type of business I'll just gonna put it simple you go to a you go to a buffet a buffet that has all types of food chances are the food at that place not going to be very great but if you go to a Chinese buffet it's a niche and a certain type of Industry and a certain type of food that they're certain they're serving one thing and they're doing it the best so a niche means that you go into an industry you go you find an industry you find the turkey a certain type of business and you say this is the vertical that we're going to go into maybe it's your servicing accounting firms maybe you're servicing golf courses maybe yours maybe you're servicing schools whatever it is but you want to find that specific niche it's a very very narrow vertical in the market and you focus there and you keep on hitting that market and that vertical over and over and over and over so the next step is you have to develop a product guys please ask your questions on Facebook and on Instagram we there's an internment we're gonna get to in a second you know let's take it go ahead yes Instagram so what do you recommend works independently or out of the company offices they focus and move it so great question who asked it it was the Dahlia thank you for asking the question I appreciate it personally if you have the choice I would work in a company environment one of the requisites prerequisites from working on wealthy commercials is you must work in our physical office I don't like freelancers I don't like when people work outside because it's a certain magic that happens when you're inside of an office there's an energy people are motivating each other you're jamming it out it's an awesome experience but if you don't have that luxury if you don't have that possibility what I suggest is you got to have somebody there that's mentoring you constantly somebody there that's on that's giving you that that inspiration when you need it my personal favorite as everybody knows is Grant Cardone you got to get yourself over to real sales coach or virtual sales coach and you got to you got to listen to this guy every time you feel down when I feel down I've clicked on go on YouTube I watch a video by Grant Cardone i watch I listen to a podcast by Grant Cardone if I'm that going for you I want to be that guy I want to be your older brother I want to be big be your older brother and I want to help you I want to help you grow in your in your life so if you're feel if you're alone click on 12:30 I'm on doing Facebook lives in Instagram lives everyday 12:30 let me be there with you let me help you out but if it's that's what you got to do you got to find a mentor find something that's putting out content at scale that you could listen to and you could follow that's gonna be there with you in your struggle and in your groin great question thank you for asking I'm taking questions guys please ask them alright next step to developing an itch is you have to develop a unique product you if anybody says to me hey barrel you know a great businesses I don't know selling toothpicks or selling white medical gloves or selling whatever I would say thank you very much but no thank you I have a friend he's in the glove business he sells gloves his name is Evan Carl's if you're watching this right now Evan I love you buddy he developed in the ish within his family business where he didn't he was selling medical gloves wasn't having success but then he started selling hypoallergenic medical gloves for people that are allergic to latex so he could smell it to hospitals and he found a niche in each product you have to develop a nice product we developed a nice product for an industry which is the eldercare industry it's a it's a it's a in the United States and in Canada when people get to a certain age they put them in these in these wonderful facilities that help them with their daily routines their daily lives and their the way that they market it is that they go into hospitals or they go into you know rehab centers and they'll actually try to get those clients to come into their facilities and the way that they were doing it was with brochures so we said hey this is a 21st century let's work with this industry and instead of putting it in regular brochures we're gonna take these things which are video brochures and when you go into the hospitals you open it up like this and when you're showing it to patients your video starts playing on the inside you guys see that on Instagram on Facebook so something you walk into the into the hospitals with it's very powerful it's very unique it's very new it's very it's very cutting-edge and we developed a niche in this market where we are quickly becoming with God's help the largest elder care nursing facility video production company on planet Earth that's just what that's just what's happening we signed 15 contracts today yesterday yesterday when I used to have to fight for every little deal that I got you don't understand how long it took for me to convince the 15 that we signed yesterday it happened in a matter of it happened in a matter of 10 minutes why because all of his competitors have that already we're working with all his competitors they know that it works I had referrals from his buddies that have used us we have a unique product I'm not selling what everybody else is selling everybody else is selling brochures pamphlets websites or videos we're selling the whole turnkey process we're selling a unique product all right the next thing you got to do to develop a niche and guys please ask your questions you have the opportunity now please do it next is join trade associations I spoke about this yesterday one of the biggest mistakes that I see people doing is they fly under the radar the worst thing that you could do what's that is that a check pass it all right BAM a bill it's okay guys don't be scared about having bills it's okay if you're in business you have a cash flow cash comes in cash goes out don't be scared of cash flowing out invest in things there's a bill for an investment that we made and I'm very happy to have just received it next join trade associations I spoke about this yesterday a lot of people try to fly under the radar you ever hear that expression you know I told somebody about this product that we're doing and they said you know you should really lay low you shouldn't you should have promoted so much you don't want so many people to find out about it and this person by the way is very close to me I considered him a mentor at one point I said if I stay low-key if I stay below the radar how's anybody supposed to know that he said what people are gonna start copying you I said let them copy me everybody wants the original where the original guys in town and we're taking over this industry you know why because we're gonna go faster we're gonna go bigger and i'm gonna go harder than anybody else that's in here because everyone's trying to fly under the radar where we were specifically not only trying to fly above the radar but we're trying to slash the radar and destroy it so that were the only guys flying in the air so join trade associations get known get your name out there people a lot of you are sitting a lot of you are sitting in your we work you're a one-man show or one-woman show or sitting in your basement eating Froot Loops and your underwear and you're doing nothing flying under the radar you got to get out there you can't be scared to post on Facebook you can't be scared to post on Instagram don't be scared to post on LinkedIn Twitter YouTube posted on your mother's forehead if you have to but get yourself out there don't be a wimp question I have laughing evented Adam thank you for that comment I will let you invent the radar for me thank you buddy I appreciate it guys ask your questions we will not end this live without answering all of your incredible questions all right join charters join trade associations whatever industry is out there most industries have associations so for example if you are in the marketing in the street there's tons of marketing associations if you're in the nursing home in the street there's tons of nursing home associations if you're in the electronics industry tons of associations get out there people go where the money is there's no money in your basement there's no money in your office there's no money sitting at the table with your friends by the way I've been dying to say this well everybody's out there watching soccer or was watching soccer I was making money all right well everyone is wasting their time watching FIFA I was making moolah alright don't waste your time there's no money at the Habs game there's no money at FIFA there's no money in soccer you have to be focused on getting your money right so that you could be somebody one day in your space I know everyone's freaking out I can't believe we just said that you're that's the only way to be somebody once you have money let's be honest people okay let's be honest with ourselves the people that are able to help society the most or the people that have a few bucks fair statement you're gonna be able to help your synagogue you know help your local community center you want to be able to help your local school you need to have money or at least connected to people that have money money makes the world go round it's true I'm sorry it's the world that we live in there's nothing wrong with it money's not evil hate me for saying it don't care want the people that are watching this to be financially successful don't be scared of money it's not a scary thing it's a very very good thing very powerful thing by the way caveat to that whole thing money is powerful so is fire fire could heat up a house fire could also burn the house fair statement money is the same thing if you're using money for the right things it could be the most positive thing in the world and the opposite is also true it's also true but that's one of the things that I want to bring to this community is to not only talk about money because everyone talks about making money but Kimani what to do with it after how to do good with it after how to build a family with it after how to do how to use it for the true intention of what it was supposed to be four questions Instagram and Facebook I am ready to take them position yourself as an authority that is the next step to building a niche when we go into a market we do not say that we're one of the best we do not say that one day we hope to be the best I firmly believe that we actually are the best if you cut me I will believe confidence because I understand that I have built a team here that is so powerful so strong so incredible we have a team of 15 dare I say champions that are at work at this company the best people that I could find I've interviewed hundreds and hundreds and hundreds of people to put together this team we have a powerful company and I believe I really do that we are the very best in our space and that comes to my next point which is keep your prices high I spoke to a competitor this morning which is not really competitor because we're partners with each other and they're selling the exact same product that we're selling for half the price and I called them on the phone I said hey why are you doing that we're charging two to three times what you're charging I don't understand why you are undercutting the market we never had an objection about price nobody ever argued with us about it no one ever told me that my pricing was outrageous we deliver a quality product on time every time what's the issue he said you know what I never thought about it like that I understand that because I came from the commodity industry the come on the metal industry is like that somebody's gonna sell out his own family member for one penny more on the pound of metal but we would in our in our industry we would talk to each other our competitors would talk to each other and we would say to each other hey listen this is what I'm this is what I'm charging don't undercut the market and we all had an agreement amongst ourselves and we said do not undercut the market keep the prices high you ever hear of a little organization called OPEC before maybe you have maybe haven't it's the largest distributor of oil-producing country it's the largest organization of oil-producing countries in the world they control I don't know what it is but it's the vast majority of the world's oil and when they see that prices are low for oil what they do is that I'll have a meeting and they say hey guys turn off your pumps and stop producing so much oil that way we could have a good we could have a shortage in the market which is going to bring up the prices so if you're in a niche you don't have your direct you're not competing with everybody that's why you're in a niche if you want to compete with everybody go sell bland insurance go sell something bland go sell apples but if you are competing for a very specific niche fruit from from Latin America charge what you want keep your prices high do not undercut the market that is why you are in a niche to begin with we pride ourselves in being one of the most expensive in the market if you ask me my heart will tell you that for the product that we deliver we over deliver for the price that we charge and the price we charge is already very strong and we don't go to go cheap we go to go strong because we believe in what we do and we believe that when we charge we charge we are we're justified in it because we because we deliver a very very very quality product a lot of times people tell me can I go she ate on price and I'll say to them if I have to charge one dollar less something will suffer I'd rather not take the contract and I'd rather charge what we want to charge so that we are able to deliver you the maximum product and the maximum quality possible and I'm happy to do the contract questions Instagram Facebook last point that I want to bring out there is if you don't have a nice yet what I suggest is there's something called the 80/20 rule the Instagram line is done in in two minutes I have to get off at 12:55 to have an appointment so if you do have a question please ask it what I suggest is there's something called the 80/20 rule 80% of your revenues come from 20% of your clients look at the clients that are delivering to you the most amount of revenue and see how you could go deeper into that vertical at a guy call me yesterday he said you know what I really want I have a great idea let's start doing real estate videos you'll do videos of apartments for rent I said you know what I was already there I already did that first of all it's an oversaturated market there's too many people in that industry there's too many people taking videos of apartments apartment owners that have 95% capacity don't want to pay for their they don't want to pay for the marketing that we do in general my experience has been that people in the real estate industry are cheap tailhook they pinch pennies everywhere that they can and this is the first place that they pinch pennies as in their marketing I said you know what I'm not interested I'm not doing it I want to go into industries that have big margins fat profit margins they have to be making a lot of money in order to pay me a lot of money question F why that's why Schifrin thank you for your question what do you got right so good question I would like to know the industry that you're in if you could comment that I was in the metal business and that was a business that was thousands of years old it actually speaks about in the Bible about recycling metal thousands and thousands of years old we had companies that were way bigger than us and I looked at our company and I looked at the profit margins and I realized that there's a part of our business that we're making the most money on this is when I was in my family business yeah what's the industry water-purification okay cool so we're gonna get to that so in our industry there were I looked at where we were making the most money and happened to have been on a product it was metal powder or metal sludge when you have metal that's solid like this everybody recycles that but I realized in our company that when metal was in powder form there's certain manufacturing processes that have metal powder or whatever I don't want to get into it but it's harder to recycle nobody wants to take it so I saw an opportunity there to create a niche within a business that it was literally thousands of years old and that became the profit center of our company so to answer your question is do things that people are not willing to do do things that people are not willing to do and find a niche within the water pure so for example the question was by the way for those watching on Instagram or on Facebook that them here or even on YouTube or on Spotify what was the question again I'm just gonna repeat of everybody so how do you help how do you make your company great question how do you make your company stand out that is that is hundreds of years old with companies that have millions of dollars more than you so first is finding a niche with which is your business you said is water-purification find a niche it said the the live video on Instagram on Facebook ended it's ok Instagram I'm still here with us it's all good finding niche within the water purification sector for example working with hospitals working with schools working with whatever what or municipalities whatever the niche market there's niches within your market that exist don't just go to try to do water purification for everybody in anybody but rather find a market that needs you and repeat it client after client after client so if you have a great client that's University for example go to the University down the street down the block down the or in the same city and say hey we just did this for McGill and walk to Concordia and say hey we would like to do your water purification also so you neasha phi which is a word that i just made up neasha phi yourself within that market within that segment great question thank you guys for asking I appreciate it god bless you if you have any other questions on Instagram before we end my promise to you ladies and gentlemen as I will answer every single question that you guys ask on these lives only not end them even if you're here till 1 o'clock in the morning I love you god bless and let's make our careers and our businesses great again