You make more money when you become the specialist in your market.
The general practitioner in every market is always broke. And the general practitioner is also the average practitioner. They’re a catchall, and so they have to sell a generic lower-priced item. Lower-priced item. Okay?
So what separates the expert from the general practitioner?
At the end of the day, the general practitioner in the market and the expert in the market often have the same experience and skill set. Most of the time, one really hasn’t done more than the other.
The expert is also called a specialist because they specialize in something specific. That allows them to sell a higher-priced item. It’s one thing for me to catch everyone, but really and truly, picking a niche lets you dig a deeper hole.
And there’s self-fulfilling feedback. As you pick a niche and dig a deeper and deeper hole, you gain more knowledge and experience in that niche. Which allows you to dig deeper. Experts start out as general practitioners who picked a niche and sold it.
General practitioners sell a catchall for a lower price. Experts find a niche and dig deep—and make a lot more money doing it.