Don't Put All Your Eggs in One Basket
It's Easter and Eggs are topical.
This week we're thinking not just about the edible ones, but the business "eggs".
The ones business owners and operators sometimes keep in the one basket. A risky approach!
It's easy to build a business on just one product or one service, but it's not wise. Any fall in the market can threaten your survival.
Here are 5 ways to widen your net through diversification:
Consider opening in a second location.
This might depend on budget, but it can be a very wise move. It's a way of capturing a different market.
You could even set yourself up to look like a "competitor" with a different fitout style, a different looking brand, selling a mix of the same and some different products or services.
Offer more services.
If you are providing a service, search for a related service to introduce.
For instance, a physiotherapist, besides providing the usual treatments to patients, could introduce exercise or yoga classes.
Some of our medical fitouts have introduced acupuncture and wellness programmes as an addition. A great idea!
If you are selling a product, then value-add to it so that it might open up a new market.
A retail cupcake shop added cake decorating equipment and recipe books to their range.
It hasn't affected sales at all. Quite the opposite. Now more customers come into the store to buy merchandise and often walk out with a box of cupcakes!
Offer Service + Product:
Why not partner up a service with your product or a product with your service?
If you are running a boutique selling fashion, then consider offering colour consultations and personal style shopping.
Customers will love the personalised attention. It's a simple thing to adapt your shop fitout to accommodate this.
Add an Online Presence:
Consider adding an e-commerce face to your bricks and mortar business.
Offer some products in a new marketplace with an active online shopping cart. It's a way of reaching a customer base you normally wouldn't have access to.
Be a smart business owner by placing a priority on diversification.
Start taking some eggs out of that one basket and spreading them around.
Happy Easter. Stay Safe.