Specialization Pros:

Mo' Ca$h - You're well known for one specific genre of photography. Odds are you can charge more and feel good doing so knowing that's your specialty. 

Ideal Clients - When someone inquires for a specific job, they are expecting someone who has enough experience and is the best at whatever it is they're looking for. 

Passion - The logic behind this pro is that some photographers lack passion about photographing certain things and it can come across in images. When you specialize in something you're passionate about, the argument is that the images will turn out better.  Although this applies to some artists, I don't necessarily feel that it applies to all. 

Rise of the Empire - When you specialize in one certain area and are great at it, you rise in your field of expertise.  You can grow and build relationships within your industry and have room for exploration within your market. 

Generalization Pros:

Diversification - Having an understanding of a different forms of photography opens the door to a lot of different opportunities.  HOWEVER! Please note that saying yes to everything is not for the faint of heart. It's extremely time consuming and takes a lot of effort. 

'Tis the season - Quiet season? What's that!? One benefit to being a generalized photographer is that there is always something else to photograph so the chances of your workflow decreasing during a slow time is less likely. 

Ability to Adapt - Pretty self explanatory..adapting to the ever-changing trends is much easier for generalization photographers. 

Specialization Cons:

Fall of the Empire - During your prime and or busy season you rose to the top and had clients coming out of your ears.  Now things are slower and you have a lot more time on your hands.  Due to being a specialized photographer, you're at the mercy of ever-changing trends and may find yourself struggling to enter new markets. 

Generalization Cons:

Jack of All Trades; Master of None - Each genre of photography is different and therefore requires a different strategy.  What works for one genre might not work really well for another. Thus, making photographers who focus on multiple forms to create a different style for each genre and or work twice as hard to attempt making their work cohesive throughout. 

I'm not saying that specialized photographers should stop shooting different types of photography because let's be real; how else would you grow and learn what you want to specialize in?  Not to mention, what's the fun in that? I'm a photographer who chose to generalize my skills because there are a variety of things I like to photograph and I want to share those with the world.  Check out my different Photos of the Day on my instagram!