Erik did not expect it but not having a niche has worked out to our advantage.
We are in the middle of the Coronavirus crisis and it has impacted everyone. Many businesses have been forced to shut down, and others have slowed down significantly. Some industries are taking a hard hit, like travel, restaurants, bars, entertainment venues, and retailers. Others are doing really well, like accountants, lawyers, and medical offices.
For a long time Erik considered not having a niche one of our downfalls. Everyone everywhere told him that we should have a niche. “Niches are where the riches are”, he was told. He believed this, but not having a strong background in any particular niche put him and Kevin in a position where they never knew what niche to settle on. They segmented on types of industries, like retailers, home services, medical offices, and lawyers, but not one specific industry.
Today they are thankful they didn’t. Had they picked a niche that isn’t doing well during this crisis we would be in big trouble. Looking back Erik feels he should have known this all along since he lost money in the stock market years ago when his investments weren’t diversified.
Erik now believes diversification is important – whether it’s the stock market or client base.