Are you a Generalist or Specialist?
A General Surgeon makes $194,254/yr
A Specialized Surgeon makes $316,164/yr (almost double)
A Handyman makes $36,768/yr
A Specialized Tradesmen $71,546/yr (almost double)
When starting my first business I wanted to offer everything. I had the belief that getting a client was the hardest part and that once I got them I could offer them as many services as possible, in fact in the first year of my business I planned to offer all of these:
-interior painting
-window-cleaning
-carpentry repairs
-deck staining
-varnishing
-exterior painting
-front door refinishing
-landscaping
-lawncare
-snow-shoveling
-bird nest removal
-driveway sealing
That year my business failed to bring in the profits that I desired. IN fact it was very stressful.
The year that I doubled my business and tripled my income, the services I offered were:
-interior painting
-exterior painting
-deck staining
Thats it...
What I realized was that by specializing, three things happened:
1. My brand was now easily recognizable and not confusing
2. I was able to establish myself as an expert in my trade and in the neighborhood
3. My ability to scale was much more achievable due to my ability to systematize the training and hiring of my workforce.
Then it hit me. The reason I was able to get more clients than another business that offered all my services and more was due to my focus and expertise in that one topic.
Would you rather get a haircut by an accountant that cuts hair on the side? Or a barber that spend the past 4 years only cutting hair?
The same thing reasoning occurred in my clients head when they chose me over Jerry Jack-of-all-trades.
This is not exclusive to this industry, it is a fact across all industries. That is why a specialized surgeon like a brain or heart surgeon makes nearly DOUBLE a general surgeon.
Its the same reason why an electrician makes DOUBLE the salary of a handy man.
Its the same reason my specialized business made TRIPLE the revenue of another competitors 'do-it-all' business.
"Jack of all trades, master of none."
Less is more.
The question now is:-
What trade would you like to be an expert at?