Stick to a niche to get rich but don’t put all your eggs in one basket.

 

Q: You talk a lot about focusing on a niche market, should I stick to only one market?

A: No, However, you should master one before branching out.

 

  1. Focusing on a niche is important
    1. We want to be the preferred provider so we need to be the best
    2. Focusing on a niche allows us to gain knowledge that other don’t have
    3. Our crews and teams have efficiencies that others struggle to obtain
  2. There is a downside that we need to protect against
    1. Market conditions change and your work could dry up
    2. New technologies or materials could make advances
    3. Your clients may not have enough work for you to grow
  3. Master your niche and then expand and repeat
    1. First focus on growing and mastering your current niche
    2. Expand your client base in that niche
    3. Then look to branch into other niche markets
      1. The question came from Peter who does light commercial plumbing and after our discussion, he started looking to branch into restaurant work
    4. Find a niche the requires complementary skills and grow from there, preferably with you current clients
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