The Profitable Consultant: Starting, Growing, and Selling Your Expertise

5

Not Just Any Ole Fishing Hole Will Do

Choosing Your Target Market

Choosing who your future clients will be seems like an easy question to answer, but to prevent you from making a very common mistake it requires some upfront work on your part.

A lot of consultants start their practice and just skim over whom they will target by assuming they will sell to “anyone with a pulse.” The more accurately you define your target clients, the better your chances are of finding them. Coming across as the generalist and trying to speak to everyone results in your speaking to no one, thus no one ever hears you.

Consider the following three variables when choosing your target market.

1. Specialist versus generalist (why generalists generally lose): When it comes to being the very best at something, rarity and exclusivity play a significant role. Basically, the more specialized you become the more profitable your practice will be. This isn't a new concept. More than 2,500 years ago Confucius saw the folly in trying to be too many things, when he said, “The person who chases two rabbits catches neither.”

We've all heard the old mantra, “You can't be all things to all people.” The most successful and profitable consultants I've worked with are all specialists. Think about some of the professionals you know, such as doctors or lawyers. From purely a monetary perspective, in almost every single category of life or business, specialists significantly earn more than generalists at every turn. Being ...