MBA1840 Q&A Wednesday: How do I niche down a business I bought?

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By Omar Zenhom. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Controlling the direction of a business you built is one thing. But what if you didn’t build it?

It’s Q&A Wednesday, and we’ve got a listener in a special kind of pickle. They purchased a business, but it needs to shift gears. The business isn’t doing as well as it could, because it’s trying to please everyone instead of a targeted audience.

Can you buy a business and change it without alienating existing customers?

As it turns out, we have an example that can shed some light on this one. Many businesses make the mistake of casting a wide net instead of finding their niche. And this isn’t the first time a new owner has recognized that problem and tried to fix it.

We’ll share the story of how this other business faced the exact same situation, and how they addressed its challenges. Learn why niching down is so important, and get our best tips on pulling off a big shift like this.

Click Play!

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