Just about any business adviser will tell ya to be very particular about the business you pursue. ‘Target the types of business you want to work with” is usually the advice. Being focused on a particular market will help you refine and hone your expertise in that market.
There are three keys to achieving the right kind of business:
- Serve the people you’ve selected as your target market
- Choose challenging “missions”
- Walk away from the wrong kind of business.
For any new business just starting out, all three of the above listed can be difficult to achieve. For those in business who have been around for a awhile, the paths to business goals may have been lost.
Walking away from the wrong kind of business is probably the most difficult for the new business start up. When I started out I was hungry to build a portfolio of clients and took on a few projects that sucked the life out of me. Looking back – I didn’t make my target fee. I now stick to my financial target and goals. I may get less business prospects and even fewer conversions, the relationships though with those I obtain have been long term and gained repeat challenges — good challenges.
For myself, I do not have tight niche market. I focus on small buisness owners, the micros. For some though focusing on a specific niche can cure many ills. For instance: a web company might decide to focus on the pet industry and develop web sites for grooming, lodging and discipline. Working with a niche can position yourself as knowledgeable in that area.
I once worked for a company that had a high number of builders and related clients. You would think that a like company would steer clear of any services being used by a competitor – not so. I can’t tell you how many times I was summoned to speak to a building contractor because he has heard we did the competitors campaign. A friend of mine works for a production company – 99% of the commercial production he does is for the Auto market, ya those cheesy car commercials. The company is known as the “K-Mart” of Auto commericals. They even branched out and now have a division of folks who will go to a dealer and run a weekend blow out sale !
How do yourself and your own buisness as to the suggestions of how to persue the right kind of buisness?
