I’ve just read a Shopify blog post that encourages new entrepreneurs to narrow their focus. There’s much to be said for this concept in certain circumstances such as the subject of the post, a three-year-old men’s jeans company that has grown into a million-dollar business. The business focuses only on “jeans for men that are as comfortable as sweat pants.” On the other hand, I’ve also just read about a company that started out as a sign shop and is now diversified into posters, t-shirts and vehicle graphics. This owner credits diversification to 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 decision rather than just stumble along blindfolded and not knowing where you’re going.