Woot announced last week that they had sold the company to Amazon. I have always applauded Woot since they have always focused their business model on one thing: Selling one item a day at a cheap price. They were an irreverant and quirky community. They were even the predecessors to the Deal-A-Day websites.
Woot was successful because they focused their business model. This is very difficult for most small business owners especially in the beginning as we try to be all things to all people.
When honing your business model, ask the question: what is the one thing your company is going to be great at? This should be tied into your elevator pitch when people ask, “What does your company do?”
What if the one thing you are focusing on fails? Find the pain that your customer is willing to pay to fix and focus on that!
How do you keep your focus?
