Having a niche is particularly important for small businesses. While it is fascinating to cast a broad net and become a catch-all provider, you jeopardize growing yourself too thin and being a jack-of-all-trades but a master of none. If your company is in the saturated market, you may also be grappling with powerful corporations that have support to spare while you are essentially bootstrapped, striving to get the most bang for each of your dollar.
We talked to Omar Visram, CEO and founder of Enkel BackOffice Solutions, a Vancouver-headquartered company that practices in day-to-day bookkeeping services for SMBs, to learn about their progress with the niche clienteles and their idea in being specialized.
Organic connections drive referrals
Among the Enkel’s niches is the brewery industry. According to the national overview by Beer Canada, the figures of breweries went up 16% per capita and 17.6% nationwide back in 2017. In various ways, Canada gives the ideal state for breweries, from the unusual Maritime malts which are in Newfoundland, diffusing a strawberry nuttiness to the spruce branches in Halifax and a few of the most premium barley strains of the world.
Enkel’s investment into brewery accounting was nothing but an organic process. Omar understood that the brewery industry was a niche some bookkeeping firms catered to. After working closely on a local brewery to overhaul their financial processes, it became clear there was a demand in this industry for a sound bookkeeping solution. Omar then took the opportunity to give brewery owners better bookkeeping methods and financial data.
Passion leads the way to profit
It is one thing to produce a product inspired by passion, but it’s another to turn a passion into a profitable business. A made-to-order brewhouse can require a six-figure price tag, at the very least. Then there is the licenses, raw ingredients, labor and marketing, all constituents that influence a brewery’s bottom line. “To say that our brewery clients love what they do is an understatement,” Omar summarizes. “They are artists dedicated to their product. I am invested and immersed in our community where I want local businesses to succeed, and I can do something about it.”
Getting to know a brewery’s specific pain points helps the Enkel team to produce a very accurate and the tailored service. From the costs of distribution and marketing to saloon versus wholesale profits, Enkel benefits brewers make sense of the figures, while freeing them to do what they love doing the best: brewing.
“I am invested and immersed in our community, where I want local businesses to succeed, and I can do something about it.”
— Omar Visram, CEO & Founder, Enkel BackOffice Solutions
Success: A continuous cycle of learning, unlearning and relearning
The continuous uncertainty and unbreakable spirit of the entrepreneurial adventure are one Omar knows quite well. To establish his own business, he had to resign from his dream job. To run a business; he had to begin from scratch, but he says it’s not about having everything done right immediately.
“Sure, we could have focused on specific verticals sooner, but by letting the process happen organically, we found out what our strengths and weaknesses were without having to commit all our resources. Just always keep an open mind,” he said.
As far as success is concerned, he tells his younger self and other accounting companies to leverage knowledge, technology, and people. Never stop the process of learning, because the problematic stuff has yet to come. Use the technology to accouche better products in less time; it’s about the product and not the hours you put in. Find your people because they will gain and magnify your dreams.