Knowledge and Insight > Plan for the Future

Building A Niche Advisory Business: It Takes 3 Years For People To Know, Like, And Trust

Michael Kitces | Nerd's Eye View, August 2014

Summary:Starting a niche business can be very difficult. It’s hard to be a specialist for a particular type of clientele or need that they face from day 1; it takes time to learn the issues and the pain points, and acquire the knowledge and expertise. And even once you have the knowledge and expertise to provide the solutions, there’s still the simple challenge of actually finding clients to whom you can deliver those solutions! After all, it’s not enough to just know how to solve the problems of your target clientele; ultimately, people do business with people they know, like, and trust… which means even after getting the expertise, you still have to become known, liked, and trusted.

Of course, the reality is that in today's marketplace, starting any new advisory firm is a slow-building phenomenon, especially as it becomes harder and harder for advisors to differentiate themselves."