Build a moat
Warren Buffet, chairman and CEO of Berkshire Hathaway with a net worth of $95 billion, coined the term “moat” to describe a company’s competitive advantage.
A moat is a deep, wide ditch surrounding a castle, typically filled with water and intended as the first line of defense against an attack.
Image via David C. Baker
In the business world, a company with a wide moat makes it difficult for others to attack its market share.
Amazon’s moat is its convenience. It’s nearly impossible to compete with Amazon Prime on shipping. Facebook’s moat is its network. They have 2.6 billion users.
What’s your moat as a therapist? If someone moved to your area and opened up a private practice, would your business be threatened? What about competition from on-demand therapy apps?
The easiest way to build a moat is to build your personal brand. No one else can be you.
In other words, build your reputation online. This isn't about becoming an influencer. It's about putting signal out. Start a newsletter, share your ideas on social media, write blog posts, speak on panels, and be interviewed on podcasts.
Having a moat may not be top of mind for you right now. We're still in a pandemic. But as Hayden Dawes told us, building a personal brand is a long game. What if you want to write a book some day?
Remember: The more you put yourself out there, the more likely you are to become a lighthouse for your ideal clients.