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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