Could A Specialty Be Your Next Profit Center?
Timing is key. Shop owners that claim a specialty early on can fill a market gap, jumping on a lucrative move before the potential competition.
As more and more shops begin to diversify their services with a specialty expertise, getting in on the ground floor can ensure a shop not only avoids missing the boat, but can help shore up credibility in a shop’s core market.
For Chris Christensen, a community reputation for quality, specialized work was established decades ago when the shop’s original owner opened the location and continues to draw clients today.
“He originally opened the shop nearly 30 years ago out of his garage and incrementally built up the business through word of mouth and quality work,” Christensen says. “With that early stake he set and that history in the community, he’d cornered the market and it’s helped set the shop apart.”
To stay ahead, shop owners are tracking the progress of emerging trends in their market, helping to hone in on specialties poised for future profit potential.
For Crowley, an EV focus was top of mind as soon as he saw the first few on the road in his community. “We dove in on hybrid vehicles and we knew that as soon as the fully electric options started to come out, we wanted to be the first ones in,” he says.
Hitting the ground running on electric vehicles early on, Crowley has begun to leverage that early adoption into brand recognition.
“We want to corner that part of the market as a resource, so that down the line as the volume of these vehicles on the road in our area has multiplied, customers will already be familiar with our work and know we’ve been doing it for years and are the local experts,” he says. “We’re getting to build that up by starting now.”