One of my favorite content creators is this guy. His name is Alex Hormozi and he's an incredibly successful entrepreneur in the fitness and fitness licensing industry who now is mostly dedicated to coaching business owners on how to scale their business.
source: LinkedIn
He's also an incredible content creator. He puts out consistent, hard-hitting pieces of well-produced, valuable and inspirational content and I love listening to his work.
A piece of advice that Alex often gives in his interviews is about not spreading yourself too thin. You know, adding more and more services and products to your offering to the point where you can't excel at anything.
Let's say you have a production business. You're good at recording interviews and you have good microphones, cameras and lighting. A client asks you if you also do photogarphy and you say yes. So you buy more backdrops, invest in flashes and lenses. Another client asks if you'd be able to put some of those photos on a billboard, and you say yes. You then invest in a large format printer (or a few) hire technicians, installers, drivers and pretty soon you're running a highly complex business operation with huge overhead costs and low profit margins. And because you're kind of average at the services you offer, you find trouble growing your client base.
You don't spend enough time on any of the activities you do to actually get really good at any of them. You don't deeply understand every detail of the work that goes into every service, you don't understand every detail in pricing and suppliers. Your business's bandwidth is limited and when you offer too many services, you're limiting your ability to become excellent in any of them. The result is you end up struggling to scale and probably frustrated with all the operational complexity.
The same applies if you're trying to do 6 different side hustles at the same time or 6 different business processes you're trying to implement. The more things you try to do, the less likely you are to be successful in any one thing.
I know. It's tempting to say yes when a large client asks you to provide another service for a nice fee. It's a bit like that beautiful girl in the red dress isn't it?
but don't let it distract you. Focus and get good at a small number of things.
Another way of saying this is the way Verne Harnish says it:
Riches are in the niches
I've written other articles in the power of limiting the amount of products or services your business offers:
Focus on your most profitable products
Come by and leave your thoughts. I love insightful dialogue in the comments section.
Images in this post were created using @peakd's new AI image generator which has multiple image creation engines for only a few cents.
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Sometimes less is more. It can be hard to really niche down, because you are afraid you will miss out on some business.
Like the lady in the red dress? 💃
Yeah, it can sometimes be difficult. But it can also be incredibly rewarding.
I think many humans don’t really know what they are doing. I see many using the throw the spaghetti at the wall and see what sticks method.
I know I’m guilty of it.
It’s hard, especially when starting to have the confidence/experience to know what the niche is.
I completely agree with the post though. I just wonder what you are meant to do if you don’t know your niche yet.
It's OK if you're still looking for your niche. There's no problem in trying a few things in order to discover new business opportunities. If I'm doing something that works though, my advice to myself is to keep finding ways of doing it better if I want to scale.
So basically we should strive to master something rather than try to be decent at many things? Seems like a logical advice. But I am not sure how I should apply that with art. I like drawing ships and trees probably the most.
But if I would only focus on drawing ships and trees it would probably get boring quite soon?
If you're looking at drawing ships and trees as a business venture? are you making a profit from this line of business? If so, you should definitely niche down and get really good at it, find new techniques, and ways to make it the absolute best product to solve the needs of your customers. If you're doing it for fun, feel free to draw different things.
These are great by the way.
Thank you very much.
I have been making art since 2017. And only have sold 5 pieces:
As you can see each art piece I sold is different so I don't really have a single niche that sells well.
This is also what good restaurants do, if you see a restaurant with a big menu, then most likely they are not good at cooking... Big chefs always suggest a small menu and do that dishes well
It probably helps keep lower inventory, speeds up training and of course allows the restaurant to get really good at what they make.
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