I’m sure you’ve heard it before – the arguments for defining a narrow niche for your business. And yet, you don’t quite believe it. It seems to go against common sense. Why narrow your potential market? Don’t you want to attract as many customers as possible?
Once you know who your Top Clients are, you can make them so happy that they will never leave you, and they will help you bring in more clients like them.
One of the most controversial, and most powerful, elements of The Pumpkin Plan is to let your bad clients go.
This is the step that gets the most resistance from business owners. It’s also the step that we get the most positive emails and feedback about. Go figure!
Defining and declaring your Immutable Laws can make your business, and not knowing them can break your business. According to Mike Michalowicz, author of The Pumpkin Plan, “Immutable Laws (are) the unbreakable rules you follow that serve as the spine of your business.” Why are they so important, you ask? Because they will guide you to make the choices that are in line with who you are, and as a result, to grow your business in a way that is in line with your deepest held convictions.
Here are a few ways that Immutable Laws can play a crucial role in your business growth.
In my last post I talked about the importance of Finding Your Sweet Spot for Business Growth. Today I’m going to take a deeper dive into two elements of your Sweet Spot: Your Top Clients and Your Unique Offering, and how identifying them can generate explosive growth.
“The main difference between you and an aspiring giant pumpkin farmer is that you already have your best seed, you just have to find it.” Mike Michalowicz, The Pumpkin Plan.
If you want to grow a giant pumpkin, you need to start with a special seed. An ordinary seed won’t cut it. If you want to grow an extraordinary business, you also need a special seed. We call that seed your Sweet Spot.
There are so many good reasons why small businesses should focus their offering on a clearly defined niche. One of the most compelling is that niche strategy not only helps you attract more clients like a magnet, but it does so more profitably, boosting your profits and putting more dollars in your pocket!
If you want to grow your small business, your concept must be scalable. In other words, you have to be able to produce your product or service over and over again without dependence on any one person. Yes –that even means you.