This blog is for healthcare business consultants looking to build their business.
I’ve always shouted about the benefits of having a niche from the rooftops! After running my consultancy for nearly ten years, I’ve stayed firmly rooted in primary care.
I started by setting up NHS Community Education Provider Networks to build the general practice workforce. These later became Training Hubs. I then moved into supporting primary care networks, which are groups of GP practices and community stakeholders working together to improve services for their populations.
If you’re wondering what a Primary Care Network is, check out this video!
Captions are auto generatedPlay
I’m super niche, right?
The Pros About Having a Niche:
1. People see you as the expert – When you focus on one area, clients naturally trust your expertise more than they would a generalist. This means you can charge premium rates and build solid credibility.
2. You really know your stuff – Working in the same space means you understand all the nitty-gritty challenges, rules, and what works best. You spot things others might miss.
3. You become super efficient – Your methods get really polished because you’re tackling similar problems. Projects get done faster, and you make better profits.
4. Word gets around – In a niche, it’s easier to build a name for yourself. People talk, and referrals start flowing naturally.
5. Money becomes more predictable – Clients stick around longer when you’re the specialist, often leading to ongoing work. It’s more stable than being a jack-of-all-trades.
6. Marketing becomes easier – You know exactly where your clients hang out, what they read, and which events they go to. Makes finding new business much simpler!
But There Are Some Downsides:
1. Smaller pool of clients – A niche market means fewer potential customers, which might limit how much you can grow.
2. Market changes hit harder – When you’re focused on one area, changes in that market can really impact your business.
3. People might pigeonhole you – There could be less room to switch things up because everyone sees you as a one-trick pony.
4. Competition can get fierce – If your niche becomes profitable, bigger companies might muscle in with more resources. And in a small market, even a few competitors can take a big bite of your business.
5. Boredom might creep in – Some consultants find working in the same space repetitive (though healthcare is always changing, if you ask me!)
However……
You can still dominate a niche while having other interests and skills. Whilst at my core, is providing interim leadership and management for the primary care network, my business also
✅ Coaches other consultants, helping them to build their business
✅ Runs a podcast interviewing health and care leaders
✅ Provides consultancy with organisations who want to better understand primary care
✅ Provides sleadership and management training
These different avenues actually make me better at my core business and this variety keeps life interesting and sharpens my skills, which is never a bad thing.
So, should you spread yourself wide or go super specific?
My advice? Start niche, then branch out if you want to. Be strategic but follow your interests, and remember – you can always change direction. It’s your business and your life.
If you are going to diversify, be sure to repeatedly share your expertise.
A Week in the Life of a Healthcare Consultancy CEO
Here is an episode which was initially shared in May 2024 ⬇️
