I recently read an article that encourages new entrepreneurs to narrow their focus. This is nothing new of course, over the years I’ve read entire books on the topic.
There’s much to be said for this concept in certain circumstances such as in the story about a men’s jeans company that has grew into a million-dollar business in just three years by focussing only on manufacturing mens’ jeans. They focus on “jeans for men that are as comfortable as sweat pants.”
On the other hand, I’ve also recently read about company that started out as a sign shop and is now diversified into posters, t-shirts and vehicle graphics. This owner credits diversification for the success of his shop.
So, focus or diversification? I guess it depends upon variables such as your industry, resources, location, and market. The important thing to know is that your shop’s success could depend upon one or the other of these two options. You therefore need to study both and make an informed strategic decision.
Not having a well-reasoned strategy is like stumbling around blindfolded.