Virginia's Growth Alliance provides advice to entrepreneurs and helps guide them to the right resources.
Are you struggling to grow your business? Feel like you work all the time and can never get ahead? If so, you probably feel like you need to add more services or go after a wider range of customers. Hold on, though! That may be the worst thing you could do.
By narrowing your target market, it's easier to zero in on who your best customers would be. When you focus on these customers - whether through demographics or a certain industry sector - you'll find that they also notice you more. Remember the saying "by speaking to everyone you're speaking to no one." Figure out who you want to speak to and then find your voice.
Choosing a narrower niche will usually make your services or products more desirable to clients than those of generalists. Nobody can be an expert in everything, and specializing makes it easier for you to become an expert. By becoming known as an authority in your niche, you'll be able to command higher fees for your work.
If you're already in business, look at all of your clients or the products you sell and determine where you're making the most money. Chances are a small percentage of clients or products is bringing in the most money; that's a natural place to focus your energies. On the flip side, it's common for clients who pay the least for services to also be the most demanding; every business owner can tell you which of their customers fit that description. Do everything you can to move as far away from these customers as possible, focus on your profitable customers, and get ready for revenues to start rising.