Carving out a niche market isn't a one-man show, says advisor

Carving out a niche market isn't a one-man show, says advisor

Carving out a niche market isn

“It’s taken a long time,” he says. “It’s a team effort, not a one-man show. When you have a niche market it takes all kinds of people to help you get there.”

Not only this, but each group comes with its own set of unique problems. Dentists, for example, have every issue of a small business including recruiting and retaining quality staff, standing out from the intense competition (there's a dentist in every mall and on every street corner, as Lakhani points out), not to mention the typical accounting and financing issues.

“They (dentists) need help way more than anybody else does,” he says. “A good dentist is generally not a good manager.”

As for that high suicide rate rumour…?

“In my experience, it’s absurd and not true,” he says. “I don’t know where it comes from.”

If you want to specialize in a niche market, Lakhani recommends taking a good look at your current book to establish if a bulk of your clients are working in a specific industry. If so, make sure you like the industry and the clients, and then find out everything you can on how to serve them holistically. “Become an expert (in that area) because there is a lot more going on if you go after specific markets,” Lakhani says.

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