20 Questions that Will Help You Find Your Niche

There are riches in niches! That’s because you cannot be everything to everybody. Sounds reasonable. But what is missing is the advice that will help you identify your practice niche that everyone says is the secret sauce to making more money.

There are riches in niches! That’s because you cannot be everything to everybody. Sounds reasonable. But what is missing is the advice that will help you identify your practice niche that everyone says is the secret sauce to making more money.

I’ve written previously that my niche was tax purpose valuations for manufacturing and distribution companies. (I practiced what I preach.)

What I would like to do today is present 20 questions that can guide your thought process and give you the best sense of the work you like doing, the clients you enjoy serving, at fees you can live with … and see if that translates into a practice niche for you.

If you have a decent amount of experience under your belt, this exercise should be easy.

About the Work

Look at your past engagements by their purpose (E/G, fair value, etc.):

1. Which ones did you like the most?
2. Which ones were the most intellectually challenging?
3. Which ones made the time fly by?
4. Which ones offer repeat performances or add-on services?
5. Which ones are least commoditized?
6. Which ones are least likely to be made irrelevant by changes in law or regulations?

About the Clients

Some clients (referral sources) we love … some not so much:

1. Which ones offer you the best opportunity to do the work you like most?
2. Which ones are you most willing to go the extra mile for?
3. Which ones do you know personally better than others?
4. Is the geography of the clients important to you?

About the Fees

Many times, the type of work, the kind of client, and the amount of the fee go hand in hand:

1. What work/client offers the highest realization?
2. What work/client offers the most potential for value pricing?
3. What work/client offers the fewest unexpected scope surprises?

Other Considerations

Time and resources also play a role when you think of specializing in a niche:

1. Which industries do you know better than others?
2. Will you need new connections and referral sources?
3. Will you need specialized (expensive) research, databases, or software?
4. Will you need a specialized credential?
5. Are there opportunities to create alternative revenue streams?
6. Is the niche already over-served or mistakenly under-represented?
7. Are you at a point in your life/career where you can/want to make a change?

So What?

Now that you’ve got these 20 questions answered you should have a good idea of what niche you can start to focus your marketing on. This does not have to be a forever choice though. You should revisit these questions every year and refine your niche or take it in a different direction.

I have said this before, and it bears repeating. Most of our BV industry titans got there by specializing in a niche. If you do not believe me, approach a few of them at the next conference you attend and ask them. I doubt any of them will say, “Yeah, I take on most of the work that comes my way.”

And don’t pick a niche solely for the fee potential. Pick it because you like the work. If you don’t like the work, you’ll hate doing it, it will show up in the quality of your client interactions and work product, and you won’t be successful.

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Everyone has a different idea of what a successful practice is. The practice you want is personal because it is based on what “successful” means to you. I help practitioners focus on the strategies, tactics, tools, and tech to build/grow/scale their versions of successful practices. If you want some help with that, e-mail me at rod@rodburkert.com.