Working with a large number of clients from various walks of life doesn’t always make for a successful practice. Instead, it’s often better to focus your business on a small, well defined group of clients.

Once you have decided to focus on a specific market, says Sara Gilbert, founder of Strategist in Montreal, follow these tips to help make your strategy a success:

> Show a genuine interest
Joining a charity or association is a great way to meet new prospects — but only if you truly care about the cause.

Many advisors choose to be involved in hobbies such as golf, wine or art, says Gilbert, because they see those interests as a way to meet high-net worth individuals.

If you truly enjoy one of those hobbies, your involvement can be an excellent way to network, she says. However, if you don’t share that interest, it’s best to find a different cause or association to get involved in, as people will see through your plan.

> Narrow your search
Focus your niche by using several criteria.

For example, to say that you work with “entrepreneurs” is a good start, Gilbert says, but that might not be specific enough. The needs of a 30-year-old entrepreneur will differ vastly from those of a 50-year-old entrepreneur.

So, you might specify that you work with entrepreneurs who are 50 or older and interested in creating a succession plan.

> List your priorities
Place your criteria for a niche in order of importance, says Gilbert. That way you can better determine whether a client is a good fit for your business — even if he or she doesn’t perfectly match your target market.

For example, she says, the fact that a client is willing to delegate the day-to-day management of his or her investments might be more important than the size of the assets. In that case, you might choose to work with a prospect with a $500,000 account who is interested in working with a portfolio manager than someone with a $1-million account but wants to be more “hands on.”

> Learn to say “no”
In order for your niche marketing strategy to work, you will need to say “no” once in a while.

Turning down business is the hardest part of defining a niche, Gilbert says, because everyone wants more clients, more assets and more revenue. However, building a niche business is about the long-term goals, which means you may have to refer a few prospects to a colleague in the short-term.

This is the second installment in a two-part series on building a niche-market practice.