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.