PRACTICAL OBSERVATIONS
Committing to an Unexpected Niche
By Ryan Derousseau
Focusing on those I can help as opposed to those mirroring my experience has proven valuable in building my business.
Even before I earned my marks as a CFP® professional, one thing I knew I needed to successfully operate in this profession was a niche. It’s what nearly all the experts preach. My niche isn’t what I imagined it would be when I first began to build my book of business, however.
Common niche advice centers on focusing on what you know and your own experience. As long as you do, then you should find others like you who need guidance. But as I began uncovering my main area of focus, I found what I knew may help a group far different than a mirror image of myself. I’m better off for finding that out.
I had to start from scratch as I built my book of business in early 2023. I had zero clients or prospects. All I knew was I wanted to focus on the self-employed. I had long been self-employed as an investing, personal finance, and contract writer and wanted to provide the financial guidance I learned through experience to a similar group of people; they just didn’t need to be writers.
But how do you define the self-employed? In my early efforts, it ranged from a consultant making seven figures and a freelance writer to an Etsy shop owner and even some small business entrepreneurs. How do you speak to each of those groups when their needs are so diverse and different? In essence, in my early marketing efforts, I became a master to none. And it resulted in zero clients and about as many prospects.
During these early efforts, however, a group I realized I connected with—and that showed some inkling of wanting my advice—was private practice therapists. I hesitated to focus on private practice owners since in contrast to niche advice, I didn’t know the therapy world. I had experience with therapy from the client perspective, as it helped me make my career switch, but I didn’t know the inner workings of the space.
What could I offer that therapists would find useful? It turns out, quite a lot.
About halfway through 2023, still with zero clients to my name, I decided to go for it and make a switch to focus on private practice owners. In my conversations with prospects, I realized many private practice therapists operate like I did as a solo writer; they just had HIPAA compliance concerns (which were outside the financial planning purview). In essence, for the majority of their business, they and I had few differences in how we operate, pay ourselves, save, and invest.
I could essentially help a version of myself if my doppelganger took a different path in life and became a therapy business owner instead. This shifted my marketing efforts, speeding up my client acquisition and creating footing for my long-term financial planning success. By the end of 2024, I’m projected to have between 50 and 60 subscription planning clients, which is my primary planning business line. It’s a huge improvement over the early days, when my calendar was empty as I sought prospects in the broader niche of self-employment.
Jumping Into a New Niche
One of the interesting parts of developing expertise in an area that isn’t your own is just how quickly it can be done.
From a marketing standpoint, I began to speak to issues private practice owners face on a day-to-day basis. My main focus was LinkedIn at first, as I felt more comfortable on the platform and could search easily for private practice owners across the country.
While LinkedIn remains a tough platform in general, I would connect with private practice owners and then send them a short video introducing myself, speaking to something they posted recently and then offering a way to connect further.
This tactic resulted in three clients in the first half of the year while I operated focusing on therapists—a huge boon to my early efforts.
On the platform, I also connected with others who serve the private practice space, from accountants to coaches and everything in-between. Through these efforts, I built relationships, which got me guest spots on podcasts and webinars. These tools continue to drive new clients. In fact, one webinar I guested on in October 2023 funneled prospects my way more than nine months later.
And these tools bring value beyond the prospects. By highlighting them to other podcasts or webinar outlets, I’m able to immediately stand as someone with expertise in the space.
Now, I’ve become a center of influence for others, as industry insiders seek ways to connect with me.
It Takes Commitment
There’s one other reason I embraced the private practice space: I truly enjoy speaking with therapists about their financial concerns and then finding solutions. If I didn’t enjoy the group at large, I wouldn’t likely have embraced it as much as I have.
But the interesting wrinkle is just how much expertise I have built because I’m an outsider. Unlike someone who may think they know everything about their area of expertise, I come in with an open mind. I ask questions. When someone mentions a term I don’t know, I have the ability to stop the conversation and get more information. I do not hide the fact my background isn’t in therapy.
That’s okay, because I’ve shown a real commitment to the space in many different ways. I’m building trust as I’m increasing my knowledge and understanding of their lifestyle. This only increases my ability to best find the financial solutions or resources my clients need. Plus, I’m connecting folks who wouldn’t have found each other without my presence. This is not only rewarding but extremely valuable to clients and partners alike.
Without that commitment, I would have remained someone with a shallow but broad pool of knowledge. With the commitment, the depth of insight I can bring to the conversation, whether they’re talking about their personal or professional life, endears me to prospects, encourages action from clients, and makes for a better relationship.
I never would have gained that insight without turning my attention to a niche. I’m just surprised it sent me down a path I initially had little experience with in my own life.
Ryan Derousseau is a Fee-Only CERTIFIED FINANCIAL PLANNER™ professional at United Financial Planning Group. He specializes in working with therapists, enabling them to thrive financially while they focus on their clients. You can find more of his thoughts at ThinkingCapFinancial.com.
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