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Salt Lake City Bookkeeping Blog

Service Based Business: Stick To Your Niche Service Or Expand?

Posted by Matt Roberge on Apr 19, 2013 7:00:00 AM

If you are a service business you will eventually hit the crossroads of a tough question; stick to your niche service or expand into other services?  Scaling a service based business is difficult enough as it is.  As an entrepreneur you will eventually hit a limit as to the amount of business you can handle on your own.  Most business owners instinctively want to expand and grow without asking a very important question: are you truly ready to grown your small business?  I've seen some service based businesses successfully scale their current service.  I have also seen businesses successfully expand into offering other types of services and gain more market share.  However, I have seen businesses (and more of them) fail at both growing their current service and/or expanding into other types of services.  Before you expand into offering other types of services here are a few things to think about.  

Do What You Are Best At

There is a lot of value in focusing on what you are best at rather than doing a few things that you are good at.  By focusing on what you do best you will benefit in several ways.  First, success will come naturally when you focus on your niche service.  You will also have the ability to become an industry expert in one service in the eyes of your business network.  Lastly, you will have the opportunity to emerge as a thought leader in your niche service.  All of these are good things that will lead to a more successful business and career.   

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Topics: Sales Advice, Business Sales, Grow Your Business, Scaling A Service Business, Service Business, Niche Market