Challenges of Specializing in Finance Niches

Challenges of Specializing in Finance Niches

1. Worried about turning business or work down

As a junior professional in a firm it makes sense to be a generalist. After all, you want to get booked on as many jobs as possible. However as your charge out rate rises, you need to be able to justify your higher price. This is why it becomes easier to be assigned to work or pick up work as a specialist or ‘Go-To Expert’.

As a specialist in a specific area, your marketing will be optimised to attract the right sort of clients – the ones that you really want to work with and find rewarding in more than just the fiscal sense. What would you do if somebody else approached you?

You would decide if you had the capacity to take them on, or not. You don’t have to turn them away; you just don’t market to them.

Many professionals worry that if they adopt a niche then they will alienate their existing clients who don’t belong within that niche.