The Hidden Value of Specializing in Unique Projects as an Entrepreneur

2 Mins read

You know the businesses that you see always getting the limelight, they’re the type that have built themselves into an octopus. At first, they all started out as businesses that provide one type of service or product. They focused on making it as good as possible but they soon realized it was time to expand. Expanding their products and services helped them to physically expand as well as get their name out there. Take General Electric for example. At first, they just made aviation products such as engines and avionics, but they soon moved to household products like vacuums. This helps them expand in different industries and crucially pay for their main ventures into aviation. They took on special and unique projects to gradually expand their depth of skills and knowledge before they finally released their own products. This is why your business should also look to take on unique projects.

Skills and industry relatable

Expanding by diversification enters you into different sectors of your industry. For example, the tech industry has a smartphone sector and a household sector. They might have some similarities and skills can be transferred over but on the whole they are different. This is where you should start. If you have a marketing business and you’re purely an online service provider you could enter into real-world marketing. For your next client, offer to make them billboard posters, roller advertising such as those you see on electronic billboards in sports events. You could also offer them a service of real-world demonstration presentations whereby your team go out in the public and showcase their business for them. These options allow your skills to be transferred in a relatable manner for your employees. They can take small steps and use their abilities in different ways.

Answer the call

Small businesses often need to outsource their tasks because they simply lack the knowledge and skills inside their own employees. This gives you the perfect opportunity to take on a special project and answer their calls. There are plenty of business opportunities whereby you allow the customer to find you and offer job details. If the project is to your liking you only need to answer back to that particular lead. Upon paying a charge for the lead, you get their name, phone number and their email address so you can establish full contact. You only need to give them a quote first based on their job description. This is great for businesses trying to expand their capabilities and experience because you set the parameters of what you’re prepared to do and the offer is then taken up by other businesses or customers. In other words, you are in full control of how far you expand.

Every large corporation has expanded their capabilities over time. You cannot stick to just one kind of sector. Samsung makes brilliant smartphones but it also makes televisions. They started with one product and expanded into many others by taking on unique projects first. Your business can do this either testing yourself by accepting unique projects or merely slowly expanding your services into a relatable field.

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About author
Ryan Kh is a big data and analytic expert, marketing digital products on Amazon's Envato. He is not just passionate about latest buzz and tech stuff but in fact he's totally into it. Follow Ryan’s daily posts on Catalyst For Business.
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