You Should Start Small in Business
Summary
- Start your business by focusing on a niche, because specializing allows you to excel with a specific avatar, product, and channel.
- Although it's important to concentrate on a niche initially, recognize when it's time to expand your market reach to continue growing.
- Facebook serves as a prime example, having begun with a focus on college students before broadening its audience significantly.
- Transitioning from a niche-focused strategy to a broader market should be a calculated move as your business matures.
- It's crucial to periodically re-evaluate your business approach and be willing to evolve by expanding your target avatar if that's what growth requires.
- Watching peers who were no more intelligent or hardworking achieve greater success triggered a realization that expanding my target audience was necessary.
- Understand that scaling up and going wide with your business is a natural progression that comes after mastering your initial niche market.
Video
How To Take Action
I would suggest starting small and choosing one niche to focus on. This will help you become really good at serving one type of customer with one product through one channel. It's like being the best at making chocolate chip cookies instead of trying all kinds of recipes at once.
When you feel like you've nailed that, it's time to think bigger. Just like Facebook did, you can slowly open up to more people. It's like starting with a lemonade stand in your front yard and then setting up more stands around town.
To make sure you're ready to grow, keep checking in on your business. Ask yourself if you can help more people by expanding what you offer. If your business is strong with your niche, you might be ready to go wide.
Here are some steps you can take:
- Write down what you're best at and who loves what you offer. This is your starting point.
- Make a plan for how you can reach similar people. This could mean new products or new ways to talk to customers.
- Watch what others are doing. If they are not smarter or harder working than you but are doing better, look at how they reach more people.
- Take small steps. Try adding one new thing at a time and see if it helps you grow.
- Always listen to your customers. They will tell you if you're on the right track.
Remember, going wide doesn't mean you forget about your first customers. Keep them happy while you find new ones!
Quotes by Alex Hormozi
"The riches are in the niches to a degree but at a certain point you do need to open up the aperture"
– Alex Hormozi
"Facebook started with college right that was the niche and then slowly they expanded over time"
– Alex Hormozi
"It's easy to do one thing really well for one Avatar"
– Alex Hormozi
"One Avatar one product one channel that's how you start"
– Alex Hormozi
"Maybe I can expand my avatar maybe I can go broader in some way"
– Alex Hormozi
Full Transcript
whatever business you have eventually you need to go wide so you start small so the riches are in the niches to a degree but at a certain point you do need to open up the aperture so like Facebook started with college right that was the niche and then slowly they expanded over time because it's easy to do one thing really well for one Avatar which is why I always say one Avatar one product one channel that's how you start but at some point I had been so committed to that that I had to open up my eyes and say you know what maybe I can expand my avatar maybe I can go broader in some way seeing all these people that I thought were you know equally intelligent and hardworking as me doing significantly better like that was the unlock for me
