MAIN REASONS YOU SHOULD EXPAND YOUR ENTREPRENEURIAL NICHE

Hi guys, today i want to talk about entrepreneurs and their niche. it’s common practice for aspiring entrepreneurs to find their niche. in Africa, we call it ‘your calling’. I don’t intend to talk about that. I want to talk about why you cannot just sit back and go to sleep once your business is established.

The business you specialize in as an entrepreneur might be profitable at the moment, but do you think about few years from now? In the end, you do not want to lose your financial platform because you are naive.

I have compiled 3 reasons why you should either expand your horizon or move to a different one entirely.

1. THERE IS A PEAK TO EVERY BUSINESS

The moment you start  a business and you are making profit, the business begins to expire. i mean the business begins to end. The first reason why it will end is that others will start too and break your probable monopoly. If you sit back to look at certain businesses that thrived in the past and don’t exist anymore, you will realize that they stopped functioning because they seized to be relevant. There is a point you will get to in your business that you will realize you cannot move farther. There is always the threat of products and services continuity. Sometimes the only option might be to move to something else, something related and relevant. You might decide to stay at that peak but the problem with that is no one stays at a point. It s either you move up or down.
Recognize your peak and move to the next.

2. YOU NEED TO MOVE WITH THE TREND

if you want to stay relevant, you need to move with the trend. you need to make sure that as the world of the business or product you deal in progresses, you progress with it. Some entrepreneurs find it hard to move with the trend. Therefore they try to impose their now archaic products or services on their loyal clients. In the end, those loyal ones start to see them as liability and would move without notification.
Always be on the look out. Make sure that at every point in time you know what your competition is up to. Find out who is starting your kind of business in a different model.

The best way to move with the trend is to create the trend. Be the first to move and everyone will be behind you.

3. IT IS A WAY TO  GROW THE BUSINESS
Moving from a niche to another, creating new niche, is a pro method of growing businesses and staying relevant. All you do is create more than one business, fund them then watch them grow. Whenever one is not doing so well you fund it with money from the other ones. The major advantage is that every of those businesses cannot go out of vogue at the same time. You will easily become a serial entrepreneur if you can manage more than one business. It gives you an edge.
The lesson is : You have to move, not necessarily from one business to another. You must expand your niche. Make sure you have new products, make sure to know when that product will stop being relevant before hand, if you re producing, if you are servicing, predict when users will stop requesting for that service, then plan for it.

Entrepreneurs are little people doing unimaginable things so make sure you always do the unimaginable.

Share your thoughts below.