Aug 6
To Build a Thriving Niche Practice, Learn When to Say No by Joe Elsasser - ThinkAdvisor
What You Need to Know
- The defining challenge of a niche practice is saying no to less-than-ideal clients.
- An inquiry from a near-fit prospect can signal an opportunity to expand to a parallel niche — or a trap.
- When adding a new focus area, you must be able to continue providing the same level of service you do now.
If you’ve built a niche practice or are working on one, you know that there are a few things you need to consider to be successful. Build specific services for the specific clients you want. Develop ways to communicate that value to your ideal audience. And equip your clients and other centers of influence to echo your value so they refer you to other like-minded and similarly situated people.
But what really defines a niche practice and will regularly present challenges to advisors is saying no to people who are not your ideal client, even if they represent substantial potential revenue.
