- Specialization within a profession
- Specialization of professions
- Diversification within a profession
- Diversification of professions
Specialization within a profession
This essentially boils down to focusing on 1 single item or market, or a small group of items within an individual profession. An example of this would be a scribe who only sells glyphs, or to take it even further – one who only sells specific glyphs. Now, let’s talk about why, and how you would do this. Usually, you would only narrow your focus to this extent for two reasons: you have a short amount of time, or to take advantage of a unique and often limited opportunity.
If you don’t have much time, small-scale specialization can definitely be a profitable venture. It allows you to really get familiar with that specific market, to get a feel for the trends and nuances – which is knowledge that will be 100% transferable should you have the opportunity to expand and diversify later.
The other reason for specialization within a small market or individual profession is because of a limited opportunity. The limiting factor here is usually time, such as a holiday event, the darkmoon faire, or the release of a new expansion or patch. What most often happens with these opportunities is that there is a small window where you can make big profits until either everyone else catches on and the supply/competition increases or the demand dries up. These opportunities can often be quite lucrative and there are many people out there who simply “jump” from one event to the next. I’m more of a “routine” kinda guy, myself, but I suppose that’s another post for another day.
Now that we’ve established why you might choose to specialize like this, let’s take a look at how to do it effectively. The most important thing about specialization within a profession is choosing the right market – you really want to ensure that you are getting the most “bang for your buck”, and that there isn’t something more worthwhile you should be doing instead. This is where the Goblin Index Rating can really come in handy. (It isn’t a shameless plug if the post is still on my site, carnival or no carnival). For anyone that is a first-time visitor, you can get more information by visiting the page dedicated to it, or by checking out previous posts I have written about it and my plans for where I would like to go with it. Allow me to summarize for you – essentially, the Goblin Index Rating works like a PAWN scale does for evaluating your gear. It uses predetermined weightings in key areas to compare individual markets or gold-making opportunities against one another. So, in a situation like this, when you might be thinking about narrowing your time and effort into a single market, the Goblin Index Rating will basically tell you whether it’s a good idea or not. If you have limited time or resources available, it will help you determine where your time will be best served. If you are trying to cash in on a limited opportunity, it can help you to see just how worthwhile it might be.
The bottom line is that there is a time and a place for specialization within a profession, just like there is a time and a place for diversification, you just need to learn the right timing.
Well, this post is plenty long already, so I’ll leave the rest of the discussion for later and turn this into a series. Part 2 will cover specialization of your professions, and then we’ll talk about diversification in part 3 and part 4. If you haven’t done so already, be sure to check out the subscription options that are all over the site so you won’t miss the rest of the series.