10 Nov Small Business Diversification: Is it Time for a Change?
As you start getting your business out there, you will soon realise what works and what doesn’t. Being able to quickly adapt and diversify to meet the needs of your customers and the market is a HUGE benefit of running a small business. Don’t look at changing your business plan as a sign of failure….in fact I think it’s the total opposite.
Diversification can help you to explore new markets and reach out to more customers, but you need to do a bit of research before you jump in. Here are a few steps to think about:
Analyse: Your gut may be telling you that certain products and services work better than others but make sure you analyse your facts and figures thoroughly so you know if your gut feeling is pointing you in the right direction.
Research: What are your main competitors doing? Is anyone else offering the same services you want to add to your portfolio and are they successful? Is there a demand for what you want to do? Carrying out market research is really important so you don’t waste time and money on an idea which won’t get off the ground as there’s no demand.
Get Advice: Asking for help is not a sign of weakness. Most small business owners are more than happy to answer questions to help one another, so why not put your questions out there on social media groups which are set up to do just this. Another option is to speak to a business coach who can help you to make sense of your ideas and research and to create a clear action plan. I highly recommend Tracey Tait at Transcend You who I had the pleasure of working with a few years ago. A coffee and a chat to talk through your ideas and plans can work wonders.
Update Your Marketing Material: Once you have carried out your research and decided to diversify, tell the world! You will need to update your website and social media pages as soon as possible to make sure that your new products/services are visible online. Again – don’t be afraid to ask for help with your marketing and online presence if you need to.
If you follow these simple steps, diversifying your business shouldn’t seem like an impossible task. Remember to keep analysing your sales figures as you go though…..the markets change so frequently and you need to make sure you stay ahead of the game.