It’s almost impossible to fight the urge when starting out in business.
You are desperate for your first customers or clients, which makes it extremely difficult to just… say… ‘no’ to a client request.
Here are 7 reasons to stop being a jack-of-all-trades and start specializing in doing one thing better than anyone else:
1️. It will increase the value of your business.
When you sell one thing you can differentiate yourself by pouring all of your marketing spend into setting your one product apart, which will boost your company’s value.
2️. It will make you referrable.
It’s easy to refer a company that does one thing better than anyone else. With a generic supplier, you end up pitching your offering vaguely and it turns utterly forgettable so they struggle to ever introduce you. Make it easy!
3. You can create a brand
It’s hard enough for a start-up to become one household name and virtually impossible to create two without gobs of equity-diluting outside money.
4️. You’ll be findable on Google.
When you search ‘Helmet Camera’, GoPro is featured in almost every listing despite there being hundreds of camera manufacturers.
5️. Nobody cheered for Goliath.
Small companies with the courage to make a single bet get a bump in popularity because we’re naturally inclined to want the underdog, who’s willing to bet it all to win.
6️. Every staff member will be able to deliver.
When you do one thing, you can train your staff to execute, unlike when you offer dozens or hundreds of products and services that could go well beyond the competence level of your junior staff.
7️. It will make you more attractive to a buyer.
The more your specialise in a single product, the more you will be attractive to an acquirer when the time comes to sell your business. Acquirers buy things they cannot easily replicate themselves.