After a long tiring day at a well-established law consultancy firm, Faris Shah thought of starting his consultancy venture. However, he was unsure if he could make money out of it, certainly not as much as he was currently earning at the firm. He had the required experience and could rope in his share of clients at the firm; what concerned him more was picking his specific niche.
You don’t need to study for years until you reap the rewards. It is choosing the right niche market, giving you 90% leverage over other similar consultancy businesses. You might be wondering what a niche is? Allow me to introduce you to this beautiful formula of successful consultants.
What Is A Niche?
A niche is simply a group of like-minded professionals with similar interests and needs. Think of a small pond packed with starving fish, and you have the bait specific to their needs; they will like what you have to offer the best. This, in essence, is a niche.
Why A Niche Market?
Unless you are a massive corporation with bottomless pockets, they make millions per month, and niche marketing is the way to go because you don’t have to compete with companies with massive marketing budgets. Plus, it is easy to find potential clients in niche consulting markets.
“The only way to outdo, to outperform the competition is to offer something unique and something better than they have.” -Tim Soulo
Working within a niche is more effective as a consultancy business provides your expert opinion to your clients. Therefore, choosing the right niche becomes all the more critical for a flourishing business, and to help you identify your niche, reach out to me by scheduling a call today!