Focusing on a specific market niche creates a cycle where you become an expert, charge higher prices, improve operations, and enjoy the work more. The narrower your target, the better you perform across the board.
That's such a great point. And as you say, we work with folks all the time that are— they're so resistant to, well, I don't want to turn anyone away, right? Right. But instead, what we find though is that when you really focus in on a niche or niche, however you want to say it, you can command a higher premium because now you're an expert in a particular area. And just as you say, now you can build processes that are specific to serving that type of customer with that type of problem, which allows you to get more efficient, which allows you to have further expertise, which actually allows you to charge even more. So, it's like a virtuous cycle that really raises all tides, or the tide raises all ships when you make that focus and you make that commitment. And oftentimes too, we find that just as you say, they actually enjoy it more because they can build that expertise.
How Can You Maximize Your Business Value Before Selling? with Randy Katz Video
