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In Choosing A Client Niche, Forget Averages

Everything you want to know about smoking pipes


In Choosing A Client Niche, Forget Averages

I'm all in favor of researching a nichepeople who are willing to accept those
and using what you find out toconditions.
intelligently select a client niche.Third, can you cost-effectively find
However, if you sell time-intensivethat number of clients in the niche you
services or complex, high-pricedare considering? Perhaps only giving it
products, research could cause you toa try can answer this question
overlook a perfectly viable niche. A keydefinitively, but be sure to examine a
point that might come up in yourwide variety of marketing options for
research is what the average member ofattracting clients. Are there magazines
the niche can afford or would pay.that reach, let's say, aspiring rock
Ignore that average! Here are themusicians holding down well-paying
numbers to think about instead, and why.corporate jobs? Then advertising and
First, how many clients would you havepublicity in those publications can put
per year if you were as busy as youyou in front of the right people. Can
wanted to be? In some industries, thisother professionals refer to you
number is extremely low. A direct-mailindividuals who have more than $2
writer told me that her schedule ismillion in assets or serious issues
completely full with just six clientsgetting over childhood abuse? Are there
per year, since she gets repeat businesslists of second-home owners within 30
from each, and each project might take amiles of you or owners of pre-1990
month or six weeks to complete. If weMustangs that you can rent for promoting
look at professions where clients tendyourself as a caretaker or auto
to have weekly appointments for 45restorer?
minutes to an hour, like musicFinally, let me illustrate this
instruction or psychotherapy, therethree-step mode of thinking with a niche
might be no more than 35-40 clients athat you might be tempted to dismiss as
year when factoring in attrition.obviously impossible to make a living
According to Donald Mitchell, author offrom - artists. Everyone knows the
The 2,000 Percent Squared Solution, thestereotype of the "starving artist."
typical business-to-business company hasWell, that's a stereotype, not a
only 30 clients. And according touniversal truth.
Registered Rep, a magazine forRecently I read an article documenting
investment professionals, wealththat a surprising number of Baby Boomers
managers tend to have a full practicewho have paid their dues in high-paying
with 70 or so clients. Until youcorporate jobs are taking early
actually figure this out, you probablyretirement to finally fulfill their
imagine the number of clients you needartistic leanings. These people have
as way higher than is warranted.plenty of money to spend on artistic
Second, determine whether or not therecoaches, mentors, workshops, etc. and
are enough people or companies in thethe mindset to spend it. The biggest
niche you're thinking of who are willingissue in targeting them as a niche would
to pay what you want to charge. And attherefore be whether or not you could
this point you can see why averages arecost-effectively find or attract 20-30
irrelevant. If the direct-mail writerclients who fall into this category.
needs just six clients a year, thenIt remains true that most artists do not
whether or not the average company inhave much money to spend on their
the field of, for instance, organiccareer. But it is also true that a
supplements is willing to pay her ratesnumber of them do. So long as you can
doesn't matter. She needs only six.identify and attract the ones who do,
Likewise, the psychotherapist who wantsyou can turn that into a viable niche.
to make $150 an hour without acceptingAverages, smaverages!
insurance needs to attract just 35



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