Q: What Niche should I Sub Specialise In?
A : Only you can answer this. But let me give you some common pointers to selecting your Niche.
Will I Enjoy The Medicine?
The most important thing is that this is something you should enjoy and be suited to. Simply speaking, you’re going to have to master this niche. You’re going to have to study and learn all about it. And you’re going to have to live and breathe for the next 3 to 5 years at a minimum. So make sure you have an aptitude for it, and you are going enjoy practicing in this niche.
Will I Enjoy Dealing with my Typical Patient?
Next, think about the people you are going to be serving. Are you going to enjoy dealing with and treating the patients that this private medicine niche is going to bring to you? It is said that we all get the practice and patients we deserve, so make sure you will enjoy dealing with the sorts of problems and the sorts of people that your new niche will bring to you.
Is It Commercially Viable?
- Firstly, are they going to be a significant number of paying patients within your local area?
- Secondly, how much of capital is required to get started? Can you afford it? For example a laser clinic will require several hundred thousand dollars worth of equipment to commence. Maybe better to start a cosmetic injectables clinic, and add lasers a couple of years down the track when you have the cash flow and patient base.
- Thirdly, what is the level of competition? Some competition is inevitable, too much can affect your commercial viability.
Is this something I can Legally Perform?
Is this subspecialty of medicine something that your fellow doctors, the medical board and wider society would consider inappropriate for a doctor with your level of training to perform? For example plastic surgery is a wonderfully lucrative subspecialty,but unless you’re a qualified plastic surgeon, in most countries you will be unable to perform this service. Don’t risk your career by pushing boundaries too far.
Is this something I can Ethically Perform?
Make sure this is not dodgy medicine, even if it is legally acceptable. If it is something that is based on poor science and / or poor ethics, regardless of how lucrative it, just walk away
I already have a medical niche, that I enjoy and am expert in? Should I continue with this niche?
The simplest way to answer this is to put your current medical niche through the same checklist and scrutiny as a complete novice would with a new niche. You know you already enjoy it, and I assume it is ethically and legally viable .
But also check whether or not it is commercially viable, and come to your final conclusion after that. Just because you enjoy something does not mean it will be commercially viable.
A sure guarantee of ceasing to enjoy it comes when you try and implement a business based upon this and fail to make money. At this point it becomes a chore and you have the worst of all worlds.
I still have absolutely no idea of what niche to pick!
If you’re still struggling, the best thing to do is to go to our article “10 Proven Niches” – covering in detail 10 niches that have stood the test of time. Put each niche to your individual test. See if any of these established proven profitable niches suits you in terms of your personal aptitudes and commercial viability.
For much greater detail , check these posts:
Why A Niche?
Selecting My Niche
Optimise My Niche Design 1
Optimize Ny Niche Design 2
“10 Proven Niches”