When a company launches its business, many professional advisors suggest the entrepreneur find a need and focus on that one niche, offering a solution to fill that demand. They are sought after when they are considered specialists in that one vertical*. This strategy works out well, especially when there aren’t that many competitors and they are able to grab a larger market share.

This mindset of being a specialist can work for many, but even if they are subject matter experts, their clients will inevitably ask them to provide services outside their comfort zone. At this point, they could:

• Attempt to learn how to perform these services quickly. With this choice, unless it’s a simple task, it would be challenging to quickly provide a complex service or product to fulfill the client’s need on time. And you want to avoid underperforming by making false promises that can undermine your overall reputation and relationship with the client.
• Partner with a company that can provide these services.  Going this route can be a great option as they can work under your guidance to complete the task. The negative is that you’re trusting in the value they can provide; if something goes wrong, your reputation will still be at stake. And you do lose some of your revenue since you are outsourcing.
• You tell the client they need to find a company to fulfill that need. For this last option, the client may have someone in mind, and you need to hope they are team players since your work may overlap. And there’s also the chance that the company they choose also does what you do, which means they may eventually turn to that contractor to manage it all.

If this request for other services comes in frequently, consider expanding to additional verticals. They would then look at you as a generalist, where you go outside of your comfort zone and provide more products or services.

The world needs specialists, but generalists often choose additional paths after they’ve been in business performing solely as a specialist. There are many reasons this happens:

• The reason as described above where you have an increase in requests for other types of products or services.
• The initial vertical you focused on has significantly reduced demand because it’s no longer needed, or something took its place. The latter happens a lot with technology as it continues to evolve daily.
• Your industry has become overcrowded with competitors who provide the same products or services.
• The required upfront investment or restrictive government regulations make the barrier to entry higher.
• And finally, you may have decided that your initial vertical isn’t what you want to do any longer. Your vision may have changed as you gained more experience. There’s nothing wrong with change. After all, if you’re not passionate about what you do, you will likely not do it well.

Many times, generalists are created through failure. When you are not successful at first and continue to learn and try again, you will find yourself flourishing, allowing you to learn more about what works and what doesn’t.

Generalists are often more innovative and flexible, enabling them to look at the bigger picture and access their troubleshooting skills.

When you are a generalist and have gained experience and expertise in more than one vertical, you will also become a resource, as you will be better able to connect the dots when services overlap.

Ready to consider working your way to becoming a generalist?

• Do your research. Just because something sounds good, you must perform the due diligence needed to ensure there is room in that space, that it’s profitable, and that you’re equipped to scale.
• Take baby steps in different areas. Don’t spread yourself so thin that you are just “OK” at everything but not an expert.
• Learn the jargon. You may have experience in different areas but understanding the lingo will help you to express your capabilities.
• Continue to learn. Soak up all the knowledge you can and consider tapping into others by hiring experienced staff to help get you there.
• Say yes to new possibilities. When you’re open to something new, you may find yourself in unchartered territory that can be exciting and profitable.

Are you ready to give it a try? Start small in one new area outside your comfort zone and see where the adventure takes you.

*BUSINESS VERTICAL: Business niches where vendors serve a specific audience and their set of needs.

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