Monday, December 22, 2008

When One Door Closes.....

....another opens.
I read an article today on how Hard Times Generate Entrepreneurs. Basically during an economic crunch we have to be more innovative and aggressive. Focus on a niche market within your customer base and serve them well.

"Small business have to adapt or die.So you have to look at your customer base, modify who you cater to if it's needed, and cater to that demand. . . . People will still need certain services, and the smaller the niche you serve, the more successful your business can be." Vance Gough, instructor of entrepreneurship at Mount Royal College's Bissett School of Business

In our case that would be helping people, who don't have the time to invest or to learn how, create wealth in Alberta oil sands real estate. It's pretty focused - it probably could be more focused like "... helping 30 - 50 year old professionals..." You get the idea - clarity is key.

If you aren't sure who you would be best serving look at your business and see where most of your revenue comes from. Pareto`s Principle (commonly known as the 80/20 rule) applied here would state that 80% of your revenue comes from 20% of your clientele or actions. Pinpointing that 20% would greatly increase the money you earn and decrease the time you spend trying to earn it.

1 comment:

pjeary said...

Great stuff. I can’t stand it when we see real estate again with only 1 generic picture in MLS and they wonder why their property isn’t being showed

Click Here For:- Homes North Miami for Sale