Should You Niche Down or Expand Out
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41m
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You’ve heard it before: the riches are in the niches.
But, is that really always true?
Today, we're talking to Ryan Lee, founder of Landscape Lighting Secrets and host of the Landscape Lighting Secrets podcast.
Before selling in 2019, Ryan grew his business to $200K a month. His service offering? Landscape lighting. Just landscape lighting.
Now, he coaches home service entrepreneurs who either want to run their own landscape lighting business or add landscape lighting to their service offerings.
This conversation is all about niche services:
Should you niche your business down further?
Should you expand into another niche to cover your off season?
What are the honest pros and cons of niche services?
Ryan’s got a wealth of experience that is gonna help us answer these questions.
Episode Highlights:
Understand the power of niche service offerings from a contractor who grew a landscape lighting business to $200K per month.
Learn what to consider before niching down or adding a niche to your existing services.
Get tips on how to manage the impacts adding a new revenue stream has on your operations, branding, and org chart.
00:00 - Intro
01:16 - About Ryan
10:12 - Why add a service?
13:22 - Biggest operational impacts of adding a service
16:45 - Why specialize?
21:10 - Impact of specializing on profit margins
25:15 - 3 key focuses of niching: raise prices, close deals on the spot and generate high quality leads
32:04 - When is a contractor ready to build out sub-brands/niches?
37:11 - Wrap-Up & Final Advice
40:15 - Connect with Ryan
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