A common question I get from experienced consulting business owners:
“I have 5 different services and 3 target markets. I’m stretched too thin so I’d like to specialize in one of them and go deeper. But I’m worried about giving up the other services as I’ll lose revenue. What should I do?”
If this is you, here’s what to do:
Don’t give up services that are generating revenue. Keep working on ongoing engagements no matter how varied they are.
At the same time, decide on a service offering you wish to specialize in. You’ve got to bet on ONE horse for now.
Focus your marketing efforts on actively generating sales opportunities for your chosen offering.
There’s no need for major changes to your website or other collateral.
If you land new projects related to your other services, don’t turn them down. Keep your cash flow healthy.
Once you start filling your pipeline with new engagements in your chosen specialty/offering, you can decide to scale back on your other offerings.
The bottom line:
Specialization can free up your time, help raise your fees and be a more sought-after consultant, but it doesn’t happen over night.
You’ve got to carefully manage the transition without jeopardizing your cash flow and current client deliveries.
Ready to Land $100k+ clients consistently without burning out? Schedule a call and let me show you how.
Image credit: Fine Art America