Building a niche is really important. I’ll give you five reasons why…
You can watch the video here.
Specialists always make more money than generalists. We see this in every industry. The brain surgeon earns more money than the general practitioner.
A niche allows you to specialise in a particular industry or type of work. You can get deeper into it and learn so much more. The deeper you go, the more knowledge and experience you get, the more value you will be able to give to your clients.
It saves you a ton of time. For example, if you decide to do any type of tax planning, tax compliance for clients, then as part of your CPD training, you need to go on many tax courses. You need to learn about inheritance tax, estate planning, corporation taxes, personal taxes. There are so many things to learn and we are so busy trying to keep up to date with our CPD. But if you specialise in one, you only have to learn about that one area.
As you specialise and learn more, you become the best. You become the expert. You will win more clients from a wider area because people want to work with the best.
When you specialise and become the expert of your niche, you can charge much higher prices.
These are the 5 reasons for building a niche. Now here’s how you do it…
I ran my own accounting firm in the 90s, but from 2002 I started teaching accountants in the UK. I taught all sorts of things. I was a generalist. Then, in 2010, I decided to become the world’s leading expert on implementing value pricing for the accounting profession.
I wrote my first book in 2011 and I now get hired to speak at the biggest conferences around the world.
I made that decision. One of the first things I did was change my LinkedIn profile to say I was an expert in value pricing.
If you tell people you are the expert, you will attract many more clients.
The next strategy is to find out where your ideal clients tend to go. What conferences do they go to? What websites do they use? What social media platforms, what Facebook Groups?
Find where they hang out and mix with them. Share content, share ideas, help them. If you do that, people will start to see you as an expert.
If you tell people you are the expert, you need to be able to prove it. You need to make content. That could be blog posts or videos. You could teach on stage. You could do webinars.
When you create good high-quality content with all of your specific niche knowledge, people will be queuing up to work with you. And they will pay higher prices.
If you found this valuable and would like to learn more about value pricing, I run a free live online training session every month with a topic chosen by you. Attend live and you can ask me any questions you have. Click here to register and I will send you an invitation to the next session.
Wishing you every success on your pricing journey
Chartered Accountant, Public Speaker and Author of Amazon No.1 Best Seller “Effective Pricing for Accountants”
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