Warning: The topic in this blog is a controversial viewpoint but it’s mine and there it is. It’s based on my and my clients’ experiences. So go ahead and have a glass of wine (or tequila) to relax you while you read this if you need to.
What’s the fastest way to go broke in your practice? To target broke people as your ideal client. Who would be crazy enough to do that, you ask? Well, you may be doing it without even knowing it.
Shortlisting Your Targets
As a Market Demand Expert, the first step of my work together with a client is to short list a whole bunch of possible industries we can research. I insist on targeting groups of people who self-gather (ie. have associations and conferences) and the only people who gather are people who share the same industry or interest. For example, a new client recently made this list of potential targets to pursue: massage therapists, coaches, environmental tech companies and dentists. Then we go out and research them for viability.
Show Me The Money
No matter how politically correct you want to be, each industry has an average earnings range. Sure, there are those outliers who buck the industry and make a lot of money but if you’re targeting the industry as a whole, you need to be looking at the averages. Luckily when you Google ‘industry salary comparators’ there are lots of tools to help you determine the average earnings of people in that industry. Size of business also can dictate being broke in an industry or not. If a business has 10 employees, they are more likely to have more revenue than a solopreneur.
When Your Heart Decides
Some business owners I meet deliberately shy away from targeting business in high earning industries such as doctors or lawyers. They presume things. They make excuses. Sometimes it’s because their own self-worth and money-story gets in the way. Other times, it’s a confidence thing of getting in front of and hanging out with this crowd. Whatever it is, I guarantee that when you target broke people, you will very quickly go broke yourself. Even if your heart is bleeding for the underdog industries, be very careful about picking them. These are the people you will be spending all your time first courting, then working with. They will influence your own outlook on life and business. They will be paying you. They will be referring you to others like them.
Who Are These Broke Industries?
In my experience, typically any service-based industry that is spiritual or body based (massage, reflexology etc) are businesses that are not making 7 figures (to say the least). Any industry that involves creating the product or service with human power (not brain power) is limited by what that body can produce in a 24-hour day. Those industries that are making the big bucks are management consulting, training, technology, healthcare and marketing. These are not coincidences. Every study in the last 2 years shows these industries are on the rise and in demand.
Who Is Supposed To Help Them?
If nobody helped people in the Broke Industries make more money, how are they supposed to stay in business, you ask? I asked myself that same hard question many times. What I observed was that most of them are either ok with being broke or have another way to supplement their living. The whole point of this article is that if YOU’RE not ok being broke, target an industry that has a high income. If you are one of the many millions of people who don’t need or want a lot of money because of your own set of beliefs then it could be a match made in heaven! I don’t judge, I just guide those who want more.
So when you’re picking which ideal target to pursue, make sure you really check into their industry earnings and be certain that you’re not targeting a broke one. You don’t want to base a marketing plan and pour months if not years of blood, sweat and tears into going broke with them.
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4 comments on “When You Niche In Broke People, You Go Broke”
Great article – excellent advice!
As someone who works with women and money, I’m sure you’ve seen this before Margaret!
Fabulous article, as always! It took me a long time to learn this – but it eventually sunk in!! Thanks for the reminder, Chala!!
Thanks Nikki, it’s a hard one for a lot of people!