Hashim was the second accountant in the group who came at me with a generic pitch. What’s interesting is that he already had a niche that was a very specific one who had big pain around taxation that he wasn’t talking about in his pitch. Once we went through the exercise of figuring out the most expensive problem he solved for a specific group, his hidden niche was revealed. Now, the work is to figure out if that is the most profitable niche or if there’s a better one he should be concentrating on. Although a lot of business owners go through this exercise of honing their elevator pitch with me, I feel that they’re just pacifying me by agreeing because I have the microphone in my hand. Then as soon as they’re out of sight and networking again, they default back to their generic elevator pitch. This is because most of them are terrified of niching too finely or niching at all. They’re worried about missing out on every person they don’t target with their elevator pitch. I had the feeling that Hashim also felt the same way. I hope I’m wrong. Well, what I have to say is that after decades of doing this, I have seen that niching down only grows your business faster. Truly researching the market potential of a niche is the only way out of that fear of scarcity.
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