What should you consider when trying to determine whether you should pursue a generalist approach, catering to a wide range of customers, or become a specialist in a niche area of the industry? In this blog post, we will explore the advantages of being a specialist over a generalist and how it can lead to greater financial benefits in the long term.

Let’s look at the medical field. When you have a general health concern, you tend to visit a general practitioner. They provide care to various patients with diverse ailments, and generally, they are overworked and possibly underpaid for their dedication and efforts. On the other hand, you have specialists who undergo extra training for a few years and education in a niche area. They are known for their expertise and experience; and they are often booked out months in advance, commanding higher fees for their services.

As a specialist, you have taken some time to look at a niche area of your industry and specializes in a particular aspect of delivery. You can maximize your earning potential without working excessively while enjoying better lifestyle. As a generalist, you may want to be all things to everyone, which means, you become nothing to no one.

Advantages of Being a Specialist:

1. Building a Strong Brand: By becoming a specialist, you can position yourself as the go-to expert in your industry. You can charge for people to get quotes or proposals.
2. Higher Charging Potential: Depending on the industry, specialists can charge premium rates for their services. That means, you don’t have to work as much to generate the income and profit for what you’re looking to do.
3. Attracting Higher-Quality People: It could be a bit more challenging, but by focusing on a niche market, you will attract better quality people to your business.
4. Retaining Skilled Team Members: As a specialist, you’ll be able to hire and retain skilled employees who appreciate and align with your niche expertise for a longer period.

Becoming a specialist doesn’t happen overnight. You need to let go of generalist work gradually and focus on developing your niche. As a specialist you can specify the type of customers that you want to work with and determine how much you want to charge. The process may take 1 to 2 years to let go of the work that you have been doing, which is trying to fish all sorts of work. But the long-term benefits are well worth the effort.

Generalist or specialist, what would you prefer? If you’re up for being a specialist, we would love to support you. So please reach out and be in touch with the team at PROTRADE United. We will be in touch with you as quickly as possible.