If the size of your market can't support your business then focusing on a specific industry may be too restrictive. But I hate to answer a question with a question, but are you focused on local businesses?
If so and the size of your market can't support your business then focusing on a specific industry may be too restrictive.
For more on exploring your market and the industry head on over to read, listen and explore the Step By Step Guide to Specialization
On the flipside, if you can have a handful of outstanding, recurring, residual clients in a specific industry that support your business, you can charge a premium for those services.
Specialize and Find your niche
More episodes in this topic:
What's the best way to pivot if you are serving a new niche?
How did you specialize your business?
Why should I niche or specialize?
How do I choose the niche?
How to say “no”?
How do I find out if the niche has value?
How to do research and land that first client?
How to you manage your existing clients when you start specializing?
Should I niche down to a specific industry in my local area?
Is my niche too narrow?
Aren’t I leaving money on the table?
What sort of freelance work is available for an individual web developer?
How to start out as a freelance translator?
What do I need to do to ramp up my freelance business after having been in the game for a few years?
How do I go from one-off projects to retainers for all future projects? And is it a good idea?
Can I do web, software development and digital marketing as a freelancer at the same time?
When niching down, should I target the type of work or the type of customer?
How to get over the fear of niching down?
How to stay being a generalist but test the waters to specialize your business?
What is a Niche?
How do you go about breaking into a niche (Part 1)?
How do you go about breaking into a niche (Part 2)?
Best of Season 3 - Get out of the comfort zone
Best of Season 3 - Building Relationships
S06 E12 - Undercharging, Targeting the Wrong Audience, and What You Should Do About It with Alex McClafferty
S03 Bonus - Tom McFarlin on Blogging, Balancing Work and Family, and Building a Business that Lasts
S09 E11 - Differentiation, Reputation, and Pivoting From the Top-Down with Peep Laja
S01 E11 - Kai Davis helping freelancers get more clients with outreach