Put all your eggs in one basket!
This question came in from last week’s webinar, “How to Start Niching When You Don’t Know Where to Start.”
“I like the idea, but I don’t want to put all my eggs in one basket.”
…
I appreciate the sentiment: I’ve been there.
Now consider it this way:
All your eggs across many baskets is a diversification strategy to balance the risk of poor performance across a portfolio.
If one sector tanks (or evaporates), diversification will protect you from losing everything.
Diversification is an investing strategy.
Not a business strategy.
Here’s how it’s different:
Putting all your eggs in one basket, aka niching, specializing, focusing, etc, does the following:
Revenue becomes easier because niching deepens expertise, expertise drives value, value drives prices, and prices drive revenue.
Prices get easier to establish because the value you create for clients becomes increasingly similar across the client base. The seller spends less time testing and determining prices.
Systems get more efficient; they produce more consistent results and fewer errors, saving time.
Marketing gets more effective because the message is more targeted, specific, and placed where the buyer hangs out.
Sales get easier because the offer is an amazing solution specifically designed for the buyer’s problem.
…
When you “put all your eggs in one basket,”
Revenue, pricing, systems, marketing, and sales get better, easier, and faster.
Diversification is a wise investing strategy.
Niching is a wise business strategy.
…
Niching might seem scary or risky, but the alternative is high hours, high stress, and low-paying clients with dumpster fire books.
Put all your eggs in one basket.
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