What Subject Matter Experts Need to Know About Running a Profitable Business
By definition, a Subject Matter Expert (SME) is a person who is an authority in a particular area or topic. They’re knowledgeable about their topic, they focus on a very specific field, and they’re extremely sought after. If you’re a 1:1 service provider whose expertise lies in a specific niche, then you, our friend, are a Subject Matter Expert!
For example, a general Social Media Manager wouldn’t usually be classified as a SME, but an Instagram Strategy Consultant for veterinarians could be. You can fill in the blanks with your specific niche and ideal client. This isn’t to say one is better than the other, but we do want you to understand the difference between a generalist title versus a SME.
In this post, we’ll be covering 4 things that we think SMEs really need to be aware of about running a profitable business!
You Don’t Have to be Everything to Everyone
You don’t need to serve all of the people in all of the ways around your subject matter. If you’ve chosen to niche down and focus on SEO for recipe writers, that doesn’t also mean that you need to create their graphics or service fashion bloggers.
It’s absolutely possible (and honestly, essential) to focus on one thing within your subject. By trying to wear all of the hats and make everyone happy, you’re just going to quickly fall into a phase of burnout and overwhelm that we really want you to avoid.
Quantity Doesn’t Equal Quality
There are SMEs who educate and SMEs who serve, and we want you to focus on serving. We don’t think enough people are seeing the opportunity that you can go all in on just your service being your subject matter expertise. You don’t have to train around your subject or teach other people how they can do the same thing in order to be successful or see the results that you want.
When you do that, you’re going to reach a broader audience, and while they may seem like the goal, we all know that more doesn’t always equal better. If anything, this means people will now start coming to you for teaching so they can work on solving their own problem versus coming to you so that you can solve their problem for them. There is a way for you to hone in on serving instead of opening the floodgates.
Done-for-You Services are a Hot Commodity
SMEs can offer done-for-you services, done-with-you services, or totally self-paced and hands-off services. However, one thing we’ve noticed within this industry is that the done-for-you niche is wildly underserviced. People love having other people do things for them without them having to lift a finger! They wish they could wave a magic wand and have someone else come in to solve their problem for them.
If you’re having trouble finding clients right now, we encourage you to really consider shifting to a done-for-you model. We can help you get that set up inside The Incubator with solid, streamlined systems and processes, so you don’t get burnt out and end up hating what you offer (because that’s something we see all too often.)
Focus on Serving, Not Marketing
A SMEs largest opportunity is to focus on the service part and not the marketing part of their business. This means asking yourself questions like how can you make your client experience better? How can you get better results for the people you’re already working with?
Talking about what you offer in big, viral ways will only really grow vanity metrics. SMEs thrive in the tight-knit niche community that’s typically referral-based, word-of-mouth, and cyclical (meaning the clients are always coming).
Thriving and finding success as a SME who serves can be a reality if you lean into it the right way. Inside The Incubator, we teach you how to go about these 4 things the right way and more. We’re helping our clients refine their offers into a High-Touch Signature Service™, focus on providing a premium client experience, develop automated and sustainable systems and services, and so much more.
If you aren’t sure whether or not you’d be classified as a SME or need direction on what you should shift in order to step into your role as a SME, our DMs are always open on Instagram @bossproject, or you can apply for The Incubator.
