Questions

A year ago I started my first startup, an online marketing agency. I do a lot of things (web development, email marketing, social media, seo, ppc and content marketing). I have sold most of my clients web design, seo and ppc (which are my specialities) and now it is time to hire someone else because I have a lot of work. The questions is, in the future should I offer all these services or should I specialize in one or two fields and stop offering all the other services?

Your question is a good one - and one that quite a few entrepreneurs struggle with.

The (very) short answer is...Specialize.

Specializing will (usually) help you make MUCH more money per sale.

People (aka potential customers) typically perceive products and services from a specialist to be more valuable than from a generalist. And that means they will usually pay more for it.

You can also run leaner when you specialize (therefore business expenses can be kept lower).

But alas (yes I just said "alas" and yes there's a "but") there is not a simple answer to what YOU should do.

Choosing your products / services is a KEY part of constructing your Strategy and your Business Model. And in order to choose wisely you will (among other things) need a deep understanding of your market.

-What problem(s) does your product resolve? (or what desire does it fulfill?)

AND

-What stipulations does the solution need to consider?

In other words - What does your market WANT?

If you discover that your specific market (aka niche) wants a specialized product or to work with a specialist versus a generalist AND they're willing to pay more for that AND they want it from YOU... then specialize.

I hope you're starting to sense that all of this leads to the bigger picture question: "What are my Goals and what Business Model am I going to test in the marketplace?"

Your current level of success - the fact that you have clients and are making money - is a great sign that you have something the market values. To take things to the next level (to move beyond being self-employed) and GROW a business - you would be wise to proceed with a plan that dictates tactics (like choosing products and pricing).

Send me a message to set up a call to discuss YOUR specific situation and grow your business.

In any case - I wish you massive success!

Cheers,
David


Answered 6 years ago

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