If your considering setting up a business or reinventing your existing business, the word ‘niche’ should be one to focus on.
A successful practice is often regarded as a business that has a reputation for a high standard of specialism within your profession. This is your niche.
A niche isn’t difficult to define, you can target your efforts in any one of a number of ways: sector, location, technical specialism, type of client.
To successfully establish a niche you must:
1. Be able to build a referral network and extremely targeted marketing plan around the niche.
2. Establish if there is enough of a market to build a partner-sized portfolio.
3. The new established niche should considerably reduce the size of the market you were previously focusing on.
The niche must ‘considerable reduce the size of the market you were previously focusing on’ due too many professionals claiming to specialise in ‘owner-managed businesses’ or ‘high net worth individuals’ and so on. These are not niches. Most of their competitors will also target these. A niche will dig a couple of layers deeper and be even more refined and tailored than their competitiors.
What niche suits you?
Be sure that whatever niche you choose to pursue it is one you are passionate for, knowledgeable in and will enjoy. After all, this will become the subject that occupies your 9-5. You don’t want it to be an area you will grow to hate.
Clients want to work with someone who is enthusiastic and excited to work. If you don’t have the passion for your work, you wont be able to commit the energy in to building a reputation for your business.
It’s easier to gain credibility within a niche if you have a history of experience in the field. There for credibility is gained with time. However, you can promote the production of your credibility by building your network and producing verifiable results.
The more you become associated with specific types of work, the more credible you become.