2. Your micro-niche must respond to an actual need of actual clients. “If you build it they will come” thinking is a design for failure.
3. The internal micro-niche champion must be able to maintain perspective and objectivity.
4. Someone in the firm must be held accountable for all activity related to building the niche.
5. You must provide a premium client experience with the product or service you offer in order to satisfy the customer’s expectations relative to your premium pricing.
6. A successful micro-niche will require a unique infrastructure and staff dedicated to the “brand” and the related customer experience.
7. You need a genuine expert with all of the appropriate credentials and knowledge. But you also need a good manager to run the micro-niche business and ensure client satisfaction.
8. Everyone connected with the micro-niche or boutique business must have clear responsibilities and must be held accountable for fulfilling those responsibilities.
9. You must build within the firm micro-niche-specific branding, messaging, customer experience standards, processes, procedures and management.
10. A micro-niche or boutique business within the firm, which will generate premium revenue, warrants unique and premium marketing.The challenge in many firms will be to bridle enthusiasm until all of these tools in the micro-niche builder’s toolbox have been used to build the foundation and the frame for everything else you do related to the new boutique business. If you can do these things well, you will be on your way to starting a new micro-niche boutique business within your firm.