Really? I hear you cry…
Yes, really. Instead of selling more things to a few customers, concentrate on selling a few things to a lot of customers.
What you’re after is “an inch wide, mile deep” niche.
In other words, you’re after a very specific product/service that a defined group of people care deeply about, enough to put their hand in their pocket.
For example, the entrepreneurial mother specialises in getting Business Owners out, that’s all.
The problem is, it can be hard to find niches and/or new ways to keep the business growing.
You need to always be on the lookout for ideas and opportunities.
There are many ways of doing that, using Google Trends and Google Alerts for example.
Some other sources of inspiration include:
* hobbies, and those of family or friends
* personal interests and problems
* magazines and newspapers
* TV shows, especially current affairs or niche channels
You can fall into the reverse i.e. “the inch deep, mile wide” trap innocently enough: you do great work and a customer wants more of you. But it’s a trap that will eventually choke off your growth. The way out is to focus on selling less stuff to more people.
- how reliant is your business on any one person or group?
- when is the Right Time to Sell? step 2 – how is business generated?
- When is the right time to Sell your business?
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