Niche your services to grow and watch the amazing opportunities that blossom!
So, I bought this miter saw. Before I even bought my house, I bought a miter saw.
I had no where to put it, so I sent it to my sister’s house.
There was a TikTok about putting a wood frame around an old mirror. And the person used a miter saw to cut those angled edges on the corners.
I had an old mirror. And I was chomping at the bit to start my first house project…you know, before I had a house.
And that’s how my sister ended up with a miter saw. 🤷🏻♀️
Yep, it’s still at her house.
Nope, I haven’t put a wood frame around my old mirror. And no, I’ve never used my miter saw.
I was just sitting here looking at the mirror. And that made me think of the old days in my business. Back when a client would ask something like, “can you guys run ads for us?”
Saying “Yes” Cost Me More
And because I wanted to grow my revenue, I would say, “sure, we can do that. We are a marketing firm. Of course we can run ads.”
One client would want ads. Exactly one. But I figured most of my clients needed ads. So, surely I could sell running more ads.
And the idea of the possible revenue generation would lead to my investment in tools and training and systems that usually ended up supporting just one client.
Which meant, most of the time, I was losing money on those services.
Turns out, that’s not a very profitable way to run a business. And it’s not a happy one either. I’m a learner, but spending 100% of my time learning how to do a new thing for a client every day, isn’t rewarding because you don’t get great at anything. And I’ve never liked being average at stuff.
Being just average also means, people won’t pay a premium for what you provide because it’s just pretty good. And maybe they like you. Don’t underestimate being likable.
My point is this. We often talk niching. Most of the time we’re talking about serving a specific industry or group of people. And that is important!
But there’s another way to niche that can also grow your profits. And it’s niching your product or service offering.
Figuring Out What Products/Services to Eliminate
I think there are 3️⃣ ways to figure out which products or services to eliminate. And I like combining financial data with Profit First Key Performance Indicators with The Pumpkin Plan strategy, specifically speaking to your clients through client wish list interviews to help you narrow the list of products and services that you offer.
The key there is having conversations with your people!
In this week’s video I talk about how I evaluate my products and services to keep things niched and systematized, which leads to keeping things profitable. And I also discuss what kind of return on investment I expect when I offer a new product or service.
If you’re not sure which products or services are profitable for your business. Or you’re thinking about narrowing your products and services so you can be more profitable, this is a sure fire way to pick the right ones and eliminate what’s not working for you. It worked for me, and I think it can work for you too.
Check out the video above, leave a comment in the comments section to let me know if it works for you too.
Here’s to growing a more profitable business so you can do more life! 🌟
P.S. If you haven’t gotten your books in order yet, that should be your first step! Consider signing up for Stapf Financial’s Book Keeping Workshop.
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