If you are launching a service business, you have choices: Be everything to everyone, or be very targeted with a niche service to a small subset, or be somewhere in the middle.
There are benefits to being a generalist, but in our experiences, building a business as a specialist allows you to focus and enjoy higher rewards.
The benefits of providing “general” services include the ability to adapt to new opportunities in the streamlined way. There is less bureaucracy and process. Your target market is huge and endless.
However, the benefits of providing a “specialized” service is most apparent in business development. If you are solving a problem with a service that no one else is and targeting a market that no one else is, you will have potential customers knocking on your door inquiring about your services. Since the services are focused, it is very easy to say “no” to business that doesn’t fit your mold, and very easy to scale.
Is your business providing general services or specialized services? Let us know in the comments below.