Starting a business is hard enough already, without limiting yourself still further and turning down work, right? Surely, as a new business you should cast the net wide and take everything that comes?
Lots of people are running businesses that are competing with yours. They have been around longer than you. They may even be better at what they do. Why would anyone choose to do business with you and not the other guy?
Specialise to make your business stand out
The key to promoting your business more effectively than the rest is to make sure you are different. In some tangible way, a potential customer must see in your start-up something they don’t see in your competitors. This is your company’s unique selling point; your differentiating factor.
Specialising can be counter-intuitive for small businesses but it is a great way to differentiate yourself.
Specialise to deepen experience
Another value of specialisation is depth of experience. If you really want to become better than the competition quicker then you can’t just sleep less. By focusing on a narrower area than your competition you can more quickly build a depth of expertise that make you stand out.
Once you have developed a specialism, there is nothing to stop you branching out and try other things. But resist the generalist trap as it may sentence you to mediocrity.