Relying On One Customer Or Business - BIG Newbie Mistake! @TenTonOnline

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Transcription:

relying on one customer or business

One thing we need to be careful of is over-specialization. For your online business, this can mean two things.

First, it can mean specializing, or focusing in on, or really...becoming dependent on, a specific technology. And this includes specific web platforms too. If your entire online business is dependent on a platform that someone else owns and controls...

...or if your business is completely reliant on someone else's business...that's a recipe for disaster. And yes, I'm speaking from experience! If your ability to keep your business running depends on another business keeping themselves running, then that really puts you in a bad position in a number of ways.

Obviously the biggest risk here for you is if they go out of business. If the business you rely on gives your the vast majority of your sales revenue, or if you depend on them for a key service that your business depends on...

...or there's a technology they own that you depend on, or if you need them in any other way as a critical component to keep your business running...and they go away...then what happens to your business? Toast, right?

Or, what happens if they make a change to how their business functions? What if their terms change? What if it's a social media platform that suddenly and unexpectedly changes their rules?

Or, what if there's a technology they own that suddenly becomes obsolete or falls out of favour? What if you were a hardcore Adobe Flash and ActionScript developer, for example? What if you'd based your entire business around, say, Blackberry?

A second way that over-specialization can be dangerous for your online business is if you narrow down and zero in on a market that's far, far too niche and specific. Admittedly, it's a delicate balance -- we need to zero in on a target audience...

...that is, a specific group of people who share a special interest who we want to serve and work with. But, we have to be careful that we don't overspecialize and narrow in too much.

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