Wednesday, July 13, 2005

"Specialize, Don't Generalize"

Many business owners make the mistake of taking on a large and diverse workload of anything that comes their way. While this may help you make profits in the short-term the long-term implications can be disastrous. You must understand that the world is not your target market. Too often do businesses not focus on a niche for fear of losing a sale and waste time trying to sell everything to everyone. This will result in one of two things, burnout or bankruptcy.

You don't want your business to be good in many services, you want it to be great in one. If a client is looking at perspective companies to do business with which do you think looks better, the one that does the job among others, or the one who does nothing but that job. Specialization portrays you as an expert in the field and that gives customers confidence in you. Specialists command a higher pay rate and tend to have less competition.

Find your niche and ask yourself these five questions to determine your target market:
1) Who is your customer?
2) What does this customer need and want?
3) Where will the customer expect to find you?
4) Why will the customer choose you?
5) When is the customer likely to have this need?

Answer these and you can take your business to the next level.


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