E199: Expanding Into A New Niche

Are you ready to try something different? Moving into a new niche can provide a ready market for your business expansion.

If you need more work look to complimentary niches.

  1. New Markets / Niches
    1. Different project types / different trades that require similar skills & resources
    2. Different Owner/Client types that require similar skills
    3. Look around to determine what fits best with your situation
  2. Do Your Homework
    1. Before deciding where to stick your toes – research
    2. Find people to discuss it with  – find a mentor in that market
    3. Talk to others like code officials / A/E firms / suppliers
  3. Make A Plan
    1. Determine the how and why
    2. See what’s needed for success
    3. Plan how to get what you need – training / help / new resources

Getting into a new niche/market can be very rewarding if done properly.

Take-Action Items:

  1. If you are not currently looking to expand just save this to your toolbox for future

  2. If you are looking – start doing your homework

  3. Get the help and skills you need to prepare

  4. Make a plan



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