I was talking yesterday with a woman I recently started mentoring. Like many of us, she has numerous
skills and areas of expertise, which appeal to a variety of different potential clients. She told me that she has been trying to keep all of her doors open because she’s just getting started and really needs business for cash flow.
What came to mind as she spoke was hunting. This woman hadn’t decided if she was hunting birds, deer or rabbits. She was just shooting haphazardly in all directions.
She should pick one, especially because she is cash constrained. If you have limited bullets, you want to know as much as you can about your target, make sure you have the right hunting dog (Is it a terrier—bred for rodent hunting, or a lion-chasing Rhodesian Ridgeback? Makes a difference!).
Collect all the data you have about each of the potential target markets you are considering, and prioritize by likelihood of success. Consider your resources as well as the market size and fit. And dedicate a defined amount of time and resources to testing that market. If it doesn't pan out, move to the next option—but give the first one a chance to be successful.
With corporations, it’s possible to pursue multiple markets and introduce multiple products concurrently—but each of these opportunities requires dedicated time and money. It’s the same with consulting. The more markets, the more money you need to pursue them. If you spread your limited resources too thin, you’re simply firing scattershot.
