Should You Diversify Your Products or Own a Niche?

By Nellie Akalp When it comes to the products or services you sell, it can be hard to find the perfect balance. If you offer too wide a spread of items for sale, you can dilute your market. In other words, you can offer a lot, but not be a specialist in any one thing, and therefore become a generalist. Not a great selling strategy. On the other hand, if you narrow your focus too tightly, you can miss out on other opportunities for revenue. A small market only has so much market potential, so how can you grow from here? Whether to diversify products or own a niche is a decision you ll have to make based on your answers to the following questions. How Big is My Existing Market? If you have a market big enough to support you in buying a small range of products, stick with it. Having a niche market can keep you knee-deep in sales … but only if there are enough people in your market to support your business. If you sell bedazzled dog collars customized for female Chihuahuas under one pou
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