Longtime friend-of-the-show and “three-peat” guest Geraldine Carter returns to go deep on the trials, tribulations, and benefits of niching down on a target market.
Talking Points
- Going all in and telling everyone where you’re headed is key to getting traction
- If starting from scratch, think about what gets you excited and what kind of work you enjoy doing
- Don’t be afraid to be transparent with existing clients when transitioning to a new niche
- Managing cash flow is crucial during the transition period
- Not getting traction feels uncomfortable but should be serially solved, while not fitting into a niche is a feeling of discomfort that doesn’t go away
- Niching down has many advantages, including having your own set of people and having more control over your calendar
- ACFA can sell certain kinds of financial advisory products and services, but it’s more common for certified financial planners and financial advisors
Quotable Quotes
- 04:27 “They know down deep inside where they wanna be, but they just haven’t given themselves time and space or permission to let that idea surface as a possible business model.”
- 21:50 “Once you dive into your niche, you realize just how much there is to learn.”
- 24:01 “It’s almost like a process of elimination where they need to know what wrong feels like in order to know what Right feels like.”
- 26:32 “Who do you like working with? What gets you excited? What are the things that you think about when you can’t help thinking about them?”
- 31:49 “It’s not the curfuffle that you imagine it’s going to be in your mind.”
- 35:19 “There are a lot of pieces, there are a lot of moving parts, and it includes you having a good product, you talking about that product, but also not just talking, but speaking compellingly about the product.”
- 41:15 “CPAs do have it easy in a way, and it’s fair that they are in a profession that is in some ways legally required to purchase the service of.”
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