Episode 370 – Finding Your Company's Niche
Today we are chatting with Marisa Readus from Absolute Touch Cleaning & Organizing.
Marisa started out with just a cleaning company, but has since expanded and now also runs packing and organizing departments as well. Her cleaning business is doing well but her other departments are struggling. Her question today is: How do you get the ball rolling on new ventures? Well we’re going to look at things from a different perspective. Many people tend to think that expanding into new markets is a great way to start gaining capital, New Market = More People = More money, Right? Well actually expanding into new territory will, most times, be detrimental.
Think about it. With most markets comes a lot of people who are trying to pursue what you’re doing as a career. They may have decades in the business and dozens of employees committed to growing their company. How are you supposed to run a business to compete with that in your spare time?
Marisa’s company sometimes deals with cleaning houses of hoarders, and one of the reasons she got into the organizing business was to help the people that may have had substandard living conditions grow into a healthier lifestyle, which is a great thing to do, however… it is important when running a business to set clear goals, and be able to decipher your business goals and your personal lives’ goals. Helping people is great, but is expanding into a whole new market the best way to do that?
A better way would simply be referring the client to someone more suited to help them, and then focusing more on your base business. The more successful your business is the more spare money, and more importantly, time, you’ll have to dedicate to helping others.
Now let’s get down to business. Why is expanding such a bad idea?
Well throughout many podcast, blogs, and speeches, Mike has talked about niching. By focusing on one, smaller, group of people and making sure you’re the best at serving them, you can make sure you dominate one market, rather than scrape by across multiple.
One last piece of advice before we hit the lightning round is to make sure to focus on refining your high-level skills. A lot of cleaners want to focus on being the best at cleaning, and think that being great at cleaning is going to be the best way to grow their business. However, the more important skills you’re going to want to refine are client and market attraction. Because cleaning is something everyone can do, it is a low-level skill, and therefore is less valuable. Having systems in place to deal with the cleaning and day-to-day, so you can focus on higher level skills is essential for growth.
Best advice you’ve received either personally or professionally?
Don’t be afraid of failure. You have a choice to get up. The failure is the opportunity to grow and learn.
What’s the biggest mistake you’ve made in the cleaning business we can all learn from?
Not realizing the importance of surrounding myself with good employees sooner.