Did you ever hear the phrase, “You can’t be all things to all people?” That is especially true if you’re an entrepreneur. Why? Because if you try to “do it all” you will not only spread yourself too thin, but you may even negatively impact your business’s bottom line – something that as a virtual accountant I am well-versed in! It can also impact your firm’s reputation. That’s a hard thing to overcome!

How can establishing a niche for your business help you be more profitable? Here are some ways:business growth

  1. You will define your target market and know who you are trying to reach.
  2. You will focus your marketing efforts and spend your marketing dollars trying to reach your target market.
  3. Being an expert in a niche market offers you immediate credibility and recognition.
  4. You might attract higher-paying clients because they will be drawn to your dedication to a particular field i.e., real estate investors, physicians, consignment shops or professional photographers.
  5. You can command higher dollars as an “expert” than can a “general” business professional. Clients will pay more for your experience and expertise.
  6. You set your firm apart from the competitors when you establish a niche.
  7. Your clients will appreciate working with an entrepreneur who truly “gets” what he or she does.

What’s your niche?

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