Grow from 0 to $1.5 Million with the Power of Niching Down!
What’s the value of a niche market? Let me tell you my story of how I use the power of niching down to grow from 0 to $1.5 million!
I DON’T HAVE ANY PARTICULAR SKILLS
Back in 2012, when I was working in my business while also working as a consultant for some companies in the federal marketplace, I didn’t have a specialty or I was a general contractor.
I didn’t actually have any particular skills as a specialty trade contractor because I never actually got my hands dirty. I only came in as an engineer and all I did was focus on the paperwork and oversee people and projects of that nature.
However, I knew that if I planned to go into the federal marketplace and started working with larger contractors, they would keep asking me what I do and what particular services I provide. So, I made a decision to go after a niche market.
SOMEONE HELP ME GET INTO AN INDUSTRY
What I did was I went around and started asking people different questions like “Hey, let me ask you something. I’m looking for a niche market to get into and I’m not really sure what market I should go after or should (I) be painting or flooring or AC or roofing?”
While still looking for a particular niche that I can dwell into, I ran into an older gentleman who had been successful at doing steel buildings.
Again, I knew nothing about what a steel building was, but he said that he would be more happy to help me get into the industry and show me what he had been doing for over 30 years.
Well, long story short, he took me in and taught me everything about metal buildings. He also helped me get registered as a supplier or vendor for one of the major suppliers of metal building components in the country.
What we did was we used his experience as past performance and my company as the financial power in the backend.
WE WON THE $1.5 MILLION PROJECT
Six months later, a project came out on one of the military bases that we’re working for and we pursued that contract.
Because I was a vendor for one of the largest suppliers, I was able to get specialized pricing. That specialized pricing allowed us to pass it on a discount to the government and still have a nice estimated profit built in.
Fast forward a year later, we won that project. It was $1.5 million and my first contract as a vendor for the supplier. My first purchase was $766,000 and I paid within 30 days. From that, they gave me a $1 million line of credit.
THIS IS THE POWER OF NICHING DOWN
Immediately after that, I went and continued pursuing projects in the steel building industry. Three years later, I was number six for the company. Five years later, I was building airplane hangers and test facilities for the government.
That, to me, shows you the power of niching down. Don’t try to be the “do-all” type of guy. Find a particular market and be the best of that trade.
“Hire someone who’s got the expertise, put them on your team, and then use that person’s experience and your wherewithal in business as a combination to be unmatched.”
With this in mind, let me help you become an incumbent and achieve your goal and your lifetime dream of earning all that you can in the federal marketplace.
You can also check these resources below to learn more about the topic above:
Grow from 0 to $1.5 Million (Niching down)