Riches In Niches

Reflection on Your Niche - Part 2

Last week we talked about the need for viewing your year in review. This week, I’d like to take a moment to examine the review process, specifically who you should involve in the review process with you.

Nichepreneurs™ suffer from what I like to call the Bane of the Lone Wolf.  We’re on our own a lot: it’s our judgement, our decisions and our actions that make up our careers. That’s a lot of pressure -- and it’s also incredibly difficult to remain objective when it’s our judgement, decisions, and actions under the microscope.

This is why every Nichepreneur™ needs a team of trusted friends and colleagues that they can turn to. Giving up the camaraderie and support that you had in an office setting might not seem like such a big deal -- but there are times when the insights and wisdom others can bring to the table can be very valuable. 

You need to be proactive about recruiting colleagues and peers to serve as your support mechanism. Reach out to people both inside and outside of your industry: often, a wildly different perspective can help you see things that would never otherwise would have seen. 

Places to find objective -- or nearly objective! -- support: 

• Mastermind Groups
• Networking Groups
• Chambers of Commerce
• Professional Associations
• Neighborhood Groups
  
• Family
• Friends 

This is by no means an exhaustive list, but it’s a good place to start. Form a small, trusted circle, who can help you look back at your first year in operation and assess it in a critical, constructive fashion.

Reflection on Your Niche

It’s that time of year again. Time has gone zooming by, we’re about to flip the last page on the calendar, and bid the old year adieu.

If this is your first year as a Nichepreneur™, you might find yourself astonished at how quickly time has gone by. There’s nothing like pursuing your dreams to make the hours fly: there’s so much to do and only a limited amount of time in which to do it.

Still, it is essential to take the time to review and reflect on the events of the previous year. It’s too easy to get caught up in forward motion, going, going, going -- until you discover, suddenly, that you’ve gone off track.

Reviewing and reflecting on an annual or semi-annual basis allows the Nichepreneur™ to accomplish three things:

1. Assess progress: Are you moving toward your goals? Is your practice shaping up the way you’d like it to? How does your company compare this year to where it was a year ago?

2. Identify weak areas: Could you have used more media exposure? Did you invest too heavily in equipment, a building, promotional materials? Are you swamped with work and need to hire an employee -- or were your plans too ambitious, and it’s really time to let someone go?

3. Begin the budget process: If you’ve got extra funds to invest before the end of the year, use this reflection period to consider the best use of the money. It might be prudent to consult with your tax advisor on the specifics, but you can begin researching on your own.

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