Know your niche

Let's try a little exercise... Select a topic you are very knowledgeable on. Think about how much you know about that topic. Now think about how much you don't know. Most people believe they're an "expert" or highly-skilled/knowledgeable on at least one topic. That's all well and good, but there is always something more you can learn.

Let's really think about this, and let's say you're an expert on jeans. You know where to buy them at a discounted price (ie: reputable supplier), you know the marketing techniques behind selling them, your target market, price points, when to enact sales, seasonal peaks and valleys, etc. So you're an expert, right? Not so fast.

You may know a lot about those jeans, prices, marketing techniques, target market, price points, etc... but do you know where the jeans originated from? Do you know from who your supplier purchased them? What materials they're made from? The cost to make them? I can keep going here, but you get the idea.

When you think you know all there is to know about a certain product or niche, you need to ensure you find out even more. The more you know about your niche, the better off your company will be. I strongly believe that you can never know enough about what it is you're selling, because knowledge truly is power.

You may say, "I don't need to know the background behind my product... I just need to know enough to push them out the door and put money in my pocket." Sure, you can take that approach, but your competitor did a little more research than you, and the knowledge he's gained has enabled him to outsell and outperform you. Now it's only a matter of time before he researches your business and puts you out on the streets... all because you were too close-minded to do your homework.

Business is do-or-die, life-or-death. It's the difference between being independent and working to make someone else richer. The more you know, the higher you'll fly. The less you know, the deeper you'll sink.