One of the least understood assets you have is the intellectual property that lives in your business and mind. When we as advisors help our business owner clients not only understand, but also monetize their intellectual property we provide a great service they rarely get anywhere else.
I’ve come to believe that all businesses are niche businesses. Larger businesses have larger niches and smaller businesses such as financial advisory businesses should be micro-niche or multiple micro-niche businesses.
The first challenge I find is that most financial services businesses have not identified niches they want to work with. If they have identified a niche, the niche is much too large. The second problem that happens come from firms who have identified niches, but have allowed themselves to drift outside their niche to service people they have not identified as their best and most valuable clients.