We’re “niching down”… whatever the heck that means

When starting out business in the beginning, my attitude was to take on as many opportunities as possible and learn as much as I possibly could. One of my goals for 2018 was to say “yes” to every opportunity that came my way (within reason, of course).

‘If somebody offers you an amazing opportunity but you are not sure you can do it, say yes – then learn how to do it later!’

Richard Branson

And that has been my exact attitude since the beginning. For those of you who don’t know, my education and background are in Accounting and International Business. “Then why are you doing social media management?” you might ask.

Good question.

When I left my full-time accounting position in November 2017, I knew I needed to make this “freelance thing” work. While looking for new accounting clients, I saw so many businesses asking for social media managers! I wouldn’t call myself a social media expert in the slightest but I enjoyed doing it for my personal account and was very eager to learn how to do it for others as well. With the “yes” mentality, it was a great way to bridge the income gap whilst getting started; thus, MDK developed into two branches: accounting and social media management.

The social media side of MDK started booming, so much so that we have not been able to meet the demand and had to hire numerous staff members to help keep up. If that’s where the money is, shouldn’t that be the direction your business heads in?

Not so fast, buddy…

What about this fancy “niching” topic that business experts keep talking about?

I’ve always been quite hesitant to specialize and niche down. I am a very active person and the thought of doing the same thing every day scares me. I love the idea that my work can have a little bit of numbers and analytical thinking but also some fun, creative tasks. If I narrowed down to one specific thing, wouldn’t I get bored?

If there’s one thing I’ve learned about owning your own business, it’s that it’s NEVER boring. In fact, sometimes I wish every day could be the same. But that’s not the case. Each business, each industry, and each scenario is always different and you’ll always be faced with unique situations.

While this “yes” attitude has been great and I’ve learned a lot, I think it has cost me a great deal of time and energy in the process.

If you started your own business, you’re probably good at figuring things out and able to do anything that someone brings to the table but… is it worth your time (remember time is money) and could someone else who specializes in that field help this prospective client more?

“You can’t be everything to everyone”

When you focus on one specific service/industry, the deeper you’ll be able to dive, the more clients you’ll be able to help, and the better results you’ll be able to attain with a much smaller time investment.

Ultimately, you’ll:

  1. Establish yourself as an expert in the field.
  2. Gain recognition.
  3. Build your brand around your niche so you’re easier to find.
  4. Get better results for clients.
  5. Love what you do!

Number 5 was key for me in making the decision whether to niche or not.

Lately, I’ve been finding that the social media side of my business is causing more stress than what it’s worth to me. It did a great job serving it’s purpose in the beginning of MDK but it’s, ultimately, not what I’m passionate about and not what I want to be an expert in.

One of my favourite aspects of MDK Services is helping people get on top of their finances. Most people come to me completely overwhelmed, stressed, fed up and often in tears because they aren’t sure what they’re doing with their books and it’s keeping them awake at night. I love helping these individuals with the part of their business that overwhelms them. Whether it’s doing their monthly bookkeeping for them, getting their books back on track, or training them how to do it themselves going forward, it starts a fire in my heart and I love it.

I was in Tanzania last month helping a non-profit organization get their books in order and train them on how to do their accounting going forward. While I was there, it hit me like a brick…THIS is what MDK was intended to do and where our energy should be going toward.

Tanzania January 2019

“Okay, Morgan, where are you going with this?”

From March 2019, the social media aspect of MDK Services will officially come to an end. We’ll be focusing all our energy on helping families, small business owners, and digital nomads, get a handle on their finances and accounting going forward.

I still love seeing peoples’ businesses/brands grow through social media and support the cause of putting your business on social platforms, but it’s time to narrow down and really focus on where our skills lie.  

It’s a big step for us but one we’re really excited about! If you have any questions, feel free to send me an email or comment below. And if you’re looking for help with your accounting, we’d love to connect!

Thank you for your continuous support as we grow and expand. We couldn’t do it without you!