Back when I first decided to start offering HR services in 2013, I decided to build on my prior in-house experience which had been focused in a niche space, working in #technology and #lifesciences businesses. I had built a strong network in these sectors, developed an understanding of the specific #HR/#People challenges and needs of founders and managers in that space and 💥most importantly💥 - I enjoyed the work and was excited about the potential of these industries, & which were growing rapidly.
All businesses employing people could require HR support, but by focusing on a #niche market that I knew well, this helped stand out from competitors and build a very strong referral network and reputation.
Service providers with a niche focus, especially in early stages can:
📍have a laser focus on the type of the client they support and specific needs and trends
📍get up to speed quickly with new similar clients, understanding sector terminology, shared characteristics
📍propose targeted, tested solutions tailored to those clients common needs
📍#network effectively, gain trust & loyalty, target referrals and build a reputation to stand out from competitors
📍most effectively target any spend and time investment on #marketing, #networking and events
So as a consultant or service provider it's really worthwhile at the outset thinking about:
💡what sector or niche experience and skills do I have that makes me unique?
💡who do I know in that space and who do they know and how can I stand out?
💡what about that excites me and am I passionate about?
✔️And of course, what your service offering will be and how you will help clients. ✔️
This might sound fairly obvious but it's really worth putting time and focus into this early on.
It doesn't mean you can't work with clients in other sectors too (in fact I'd encourage this early on, when you have capacity, as it helps develop wider knowledge and understanding) - I did this if opportunities presented themselves to me, but focused any targeting and marketing activities on the identified niche. This also meant later on, we could also be more selective about opportunities as we grew.
Every business journey is different but these are some tips and learning that worked for me in profitably growing my HR services business to exit.
⁉️I'd love to hear thoughts or questions below!⁉️
Next up I'll cover #Networking - please make sure to connect with me or follow to see the posts and if you find the content helpful I'd appreciate a Like or Share 🙏
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