Threat of Closing this year...

[Gino]

I wasn't advocating participating in the race, but the reality is that if you develop a niche or there is a lucrative market segment, others will jump in and try to gain market share by undercutting pricing and driving the market value down. Developing strong relationships is the key to earning and keeping customers and maintaining sustaining profit margins.

Top notch craftsmanship at a fair price seems to be key for most professional shops. People don't tend to be loyal..... or if someone quits or is removed, you lose your strong relationship overnight.

 

[Notarealsignguy]

I wasn't advocating participating in the race, but the reality is that if you develop a niche or there is a lucrative market segment, others will jump in and try to gain market share by undercutting pricing and driving the market value down. Developing strong relationships is the key to earning and keeping customers and maintaining sustaining profit margins.

I disagree. Been in a lucrative niche my whole life. Cheap people come and cheap people go. Getting in a segment early gives you time to develop your processes to where new entrants, short of a huge corporation, can't survive competing against you. Big corps tend to stay away from the niches, their advantage is volume

 

[Notarealsignguy]

Top notch craftsmanship at a fair price seems to be key for most professional shops. People don't tend to be loyal..... or if someone quits or is removed, you lose your strong relationship overnight.

Yup. Rule #1, don't sell on price. That's what hacks do.