One Stop Shop or Niche Down?

Are you at the start of your business and trying to decide whether to niche down or be a one stop shop? Host May Yeo Silvers suggests not making a decision right away, but instead, trying everything first to figure out what your passion is. Unless you already know what you do or do not like doing for event planning, you may want to consider being open to doing different type of events and decorations (for event designer and decorator) to have an idea what your REAL passion is after doing these events.   You may be very passionate and want to do it all, but consider that this may not be a sustainable path. If you are creating everything from flower arrangements to balloon arches and have a lot of hands-on activities, it may be difficult to maintain everything. Even if you enjoy doing it all, it will make your business harder to scale and cause you to risk burnout. You don’t have to do it all to still be a one stop shop. Decide what you will keep your hands on and then hire vendors to provide auxiliary services.   To determine your niche, you may have to experience planning and executing different events at least a few times before you say YES or NEVER AGAIN. If you find yourself enjoying lots of different niches, really consider whether it is a sustainable path for you to be involved in everything.  Quotes • “When you're first starting the business, I would say don't be so quick to want to niche down until you have tried it all to know what your passion is.” (5:36-5:48 | May) • “You may not agree that you want to niche down to only doing one thing, because you have interest in every single thing. So I would suggest that if that's the path that you want to take, considering that it may not be sustainable.” (13:07-13:28 | May) • “If you go through the process of elimination and you still can't eliminate anything, just try it.” (16:40-16:46 | May)  • “You can still be a production house or a one stop shop, but you don't have to do every single part yourself.” (22:58-23:04 | May)   Links Connect with me at: [email protected] Website: events4anyone.com LinkedIn: www.linkedin.com/in/mayyeosilvers Facebook: www.facebook.com/mayyeosilvers IG: www.instagram.com/mayyeosilvers TikTok: https://www.tiktok.com/@mayyeosilvers  FB private group: https://www.facebook.com/groups/events4anyone   Podcast production and show notes provided by HiveCast.fm