| If you expect to succeed as a professional solution | | | | Leveraging your past can be a natural way to focus |
| provider - coach, consultant, etc., you first have to | | | | your practice and become the go-to person in your |
| last. Just last long enough and you'll be the only | | | | industry. |
| person who got started when you did, who is still | | | | Another idea - monitize your passion. |
| around. | | | | I know a very successful business coach who is a |
| After all, 80-90% of the folks who got into coaching | | | | nut for vintage sports cars. He has one that he |
| or insurance or whatever when you did, will fail and | | | | brings out of the garage only on sunny weekends. |
| leave the business and it will all be yours. | | | | When he isn't at a vintage sports car rally he is sitting |
| So while you are busy outlasting the others - there is | | | | at a sidewalk cafe on Amsterdam Ave. in New York |
| one thing you must do if you want to ever develop | | | | City - happily basking in the glow of his vintage MG |
| a sustainable business. | | | | TD sitting at the curb. |
| You have to identify a client type for whom you are | | | | He loves to hang out at the car shows, talking with |
| ideally suited. And it is not a complicated process! | | | | owners of restorers and body shop owners who |
| There are two most likely causes of failure - before | | | | specialize in vintage sports cars. He has created quite |
| you last long enough to convince the world of your | | | | a niche since there are several thousand such |
| brilliance. Ironically these two issues are also the two | | | | companies across the US and they all seem to know |
| keys to your ultimate success. | | | | or know of each other. |
| The first is a lack of capital. You run out of money | | | | He has spoken (the first non-industry speaker) at |
| before you generate regular revenues sufficient to | | | | their trade association and has helped business |
| support yourself. | | | | owners find buyers for their companies at no charge |
| And since most people have limited savings, it is the | | | | - he knows everybody. |
| lack of an income stream that causes the greatest | | | | He owns his niche, monitizing his passion for vintage |
| trouble for most people. So, don't quit your day job - | | | | sports cars. He regularly visits clubs in a 100 mile |
| too soon. | | | | radius of his home (nice networking with the top |
| Instead, figure out what is leveragable about the job | | | | down), attends meets, contributes articles to their |
| or profession you already have. What is relevant to | | | | magazines, and knows the landscape better than any |
| the development of your target audience. Use this as | | | | of his competitors ever will. |
| an opportunity to develop a teachable point of view | | | | What are you passionate about? I am sure there is |
| - and generate current revenues while you build the | | | | an association or professional society of them. If you |
| framework of your marketing. | | | | don't believe me go to the library and check out the |
| A friend of mine was a successful chef for over ten | | | | Gales Encyclopedia of Associations. |
| years. But he was tired of the long hours away from | | | | You could limit your practice to one single niche, you'd |
| his family, no time for vacations and when | | | | become the expert, the insider - you'd have all the |
| everybody was relaxing during the holidays, he was | | | | business you could handle. |
| working harder than ever. | | | | That is if you can demonstrate that you understand |
| He loved the restaurant business, he had learned a | | | | their unique challenges and articulate the bankable |
| lot - knew successful chefs all over the country and | | | | benefits they can expect from your services. |
| was respected by purveyors throughout the industry. | | | | There is another benefit of identifying your niche. All |
| While he still put in a full schedule at the restaurant | | | | of your friends and relatives will be relieved. In fact if |
| he became a well trained business coach. And for 18 | | | | you told them that you specialize in say, restaurant |
| months he coached restaurant supply companies who | | | | owners with multiple locations, they will hit the |
| were challenged when it came to dealing with their | | | | streets drumming up business for you. |
| customers, mostly chefs. | | | | They will be relieved, no sales pitch, and they will |
| By the time he hung up his apron for good and | | | | begin to find prospects for you, tell you about their |
| opened his coaching business formally - he had food | | | | restaurant owner friends and tell them about you. |
| service industry clients in several states. | | | | Let them know what you do, describe your value |
| I've heard dozens and dozens of struggling | | | | proposition, your benefit statement. They will |
| professionals complain that they have not been able | | | | become your raving fan club. |
| to find their niche - as if it required a magic wand. | | | | Their recommendations - based on their credibility, |
| Finding your niche is a two fold process one of which | | | | their prestige, and their lack of financial connection, |
| I will address here. The other part, creating a benefit | | | | will be a powerful force in driving business your way. |
| statement around what valuable service - something | | | | It may not cause the phone to start ringing off the |
| people will pay for, will be in the article entitles, | | | | wall but it will turn a universe of cold calls into warm |
| Develop Your Benefit Statement and Enlist a Cadre | | | | receptions - when you cross paths with these ideal |
| of Fans to Promote You, which is posted on our web | | | | prospects. |
| site. | | | | These prestige recommendations - people who will |
| Here are a couple of suggestions to help you identify | | | | see you become someone they respect has asked |
| for yourself who your ideal prospects are. | | | | them to, will put you in the frame when they are |
| Leverage your past. Like my friend the chef, who | | | | ready to buy the services you offer. |
| built a business around the elements of his past | | | | So, first identify the types of folks you want to |
| profession that he had the greatest proficiency in | | | | specialize in - do business with. |
| and the part he enjoyed the most. All the stuff he | | | | Don't worry about whether of not they need your |
| loved but with none of the long hours. On holidays he | | | | services today. Take my word for it - they do, if not |
| is a customer instead. | | | | now tomorrow - whether they know it or not. |
| What was the most enjoyable part of what you | | | | No matter the niche, no matter your profession - |
| were doing before you started doing what you are | | | | they will need your services directly or indirectly. |
| doing now? You know the industry, you know who | | | | Directly - they have a problem and need your help. |
| the players are, and you know the problems and | | | | Indirectly - they have a friend like them who has |
| opportunities faced by your previous contemporaries. | | | | issues you are uniquely equipped to address. |
| Plus you know the political landscape, who's friends | | | | Determining your special niche is one of the most |
| with whom etc. I know a Dentist who is now a | | | | important things you can do. Make the decision based |
| consultant specializing in practice development for | | | | on who you are and who you want to be proud to |
| Dentists. I know a pharmacist who is a insurance | | | | have helped, when you look back on this in ten |
| professional specializing with retail pharmacies. You | | | | years. |
| get the idea. | | | | |