Question

Topic: Strategy

Should My Business Focus On 1 Specific Area Only?

Posted by Anonymous on 5/23/2008 at 12:38 PM ET 50 Points
I posted a forum a few days ago asked for names for my new business & now I'm wondering if anyone has any suggestions on my business focus. I've been working on opening an Event Planning Business which would plan family-type parties, i.e. showers, anniversary, kids bday etc. I'm adding the word wedding to the list of services I offer but prefer for that to not be my focus. I also dont plan to get involved with corporate.

Under this same company name I plan to host networking/singles/social gathering type events at local venues. This is really what I plan to focus most of my attention on once my company is established. But I felt that I needed to broaded the scope of my company so not to pigeon-hole myself & open it up to also being an event planner since I have the experience.

I have been creating my website to look to observers as a regular event planning site with a link to an area of all my social/single event parties. I figured someone looking for an event planner might be turned off if they go to my website & it shows event planning isnt my primary focus but a single person looking to attend a singles event I am having, wont care that by trade, I am also an event planner.

Does the way I am building the business make sense or should I focus on one particular area & will I regret making my focus too broad or too narrow? Thank you for your feedback on this!!! Very appreciated!
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RESPONSES

  • Posted by CarolBlaha on 5/23/2008 at 7:55 PM Member
    well think of it this way-- you hook up singles-- handle their wedding and then the events after -- which will probably include babies.

    You are on the right track
  • Posted on 5/24/2008 at 8:27 AM Member
    Yes!!! Focus on ONE thing. As you said, a company looking for an event planner will be turned off (or at least, very confused) if they come to your site and see singles events.

    Plus, as you are discovering, it will be messy (and expensive) to try to market five entirely different kinds of businesses at once. You'll need five sets of brochures, mailing lists, keywords, five sections on your web site (more to maintain), etc.

    Focusing on one thing will make you stick out in people's minds, make you more credible, and make you more money (There's a nail salon near me that also transfers video tapes to different country formats -- would you trust your family memories to a nail salon?).

    Here are two real-life examples of the value of specializing:

    Example One

    A small moving company in the northeast US was struggling to compete against the big guys. They had less money for advertising, fewer trucks, and a tiny profit margin. So, they switched to shipping emergency medical supplies overnight. Now, they can charge more money, focus on pharmaceutical and medical equipment companies, and stand out instead of being overwhelmed by larger rivals. They're now thriving instead of struggling.

    Example Two

    A French woman came to the US and had to learn a whole new system, try to get credit with no record here, and fill out unfamiliar paperwork. She then wanted to help other new small business owners do the same thing. At first, she offered her services for $99 (and struggled to find customers).

    Then, she decided to focus on other French (and French-speaking) people who wanted to come to the US and start businesses. She helps them with the paperwork, gets them lawyers, accountants, tells them about the US system, etc. She now charges $1,000 for the same service.

    So, yes, specialize! :-)



  • Posted on 5/25/2008 at 9:09 PM Author
    This is really good advice & gives me something to think about.

    Thanks JKaplan for the 2 stories...great examples of how focusing can really change the business.

    Now I guess I need to decide which is going to bring me more business.

    I'm going to keep this open a bit longer to see what others have to say.

    Thanks so far for the suggestions!
  • Posted by CarolBlaha on 5/27/2008 at 8:39 AM Accepted
    Corporate events will give you more business. If you plan a wedding, its a one time event. Corporate events can happen multiple times each year. In fact you have an opportunity to help them create events-- great fodder for consultative relationship building.
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